FinVolution Group , one of the leading fintech platform in China, announced that its subsidiary with an application named “Adakami” in Indonesia, has received a license for Technology and Information Based Financial Lending Institution (peer-to-peer lending license) from the Financial Services Authority of Indonesia (Otoritas Jasa Keuangan, or OJK).
Mr. Feng Zhang, Co-Chief Executive Officer of FinVolution Group, commented, “The approval of this license by Indonesia’s OJK boosts our confidence in our international expansion. With this license in place, we believe we are able to achieve further success in Indonesia’s rapidly growing consumer finance market by cooperating with our local partners. We will continue to advance our efforts in enhancing our presence in the region by leveraging our extensive expertise in the consumer finance sector.”
OJK is an Indonesian government agency. This agency was established in 2011 to replace the role of Bapepam-LK in regulating and supervising the capital market and financial institutions, as well as that of Bank Indonesia in regulating and supervising banks, and to protect consumers of the financial services industry.
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OJK’s duties include regulating, supervising, inspecting and investigating the financial sector and ensuring that the following objectives can be achieved in the financial sector:
- promotion of sustainable and stable financial system growth;
- protection of the interests of customers and members of the public; and
- implementation of all activities in a well-organized, fair, transparent and accountable manner.