JAKARTA - The Financial Services Authority (OJK) imposed administrative sanctions on 108 non-bank financial institutions throughout January 2025. The 108 institutions consist of 27 finance companies, 6 venture capital companies, 62 P2P lending providers, 7 microfinance institutions (MFIs), and 6 pawnshop companies.

‘OJK hopes that the efforts to enforce compliance and impose sanctions can encourage industry players in the PVML sector to improve aspects of good governance, prudence, and compliance with applicable regulations so that in the end they can perform better and contribute optimally,’ said Agusman, Chief Executive Officer of OJK's Financing Institutions, Venture Capital Companies, Microfinance Institutions, and Other Financial Services Institutions (PVML) as quoted on Wednesday (12/2).

In order to enforce provisions in the PVML sector, OJK revoked the business licences of PT Sarana Riau Ventura, Pekanbaru, Riau and PT Sarana Sulut Ventura, Manado, North Sulawesi. These two companies were unable to fulfil the provisions regarding minimum equity until the due date of the Sanction for Suspension of Business Activities.

In addition, there are 4 ot of 146 Financing Companies that have not met the minimum equity requirement of IDR 100 billion and 10 out of 97 P2P Lending Providers that have not met the minimum equity requirement of IDR 7.5 billion. Of the 11 P2P lending providers, 4 providers are in the process of analysing applications to increase paid-up capital.

‘OJK continues to take the necessary steps based on the progress action plan to fulfil the minimum equity obligation in the form of capital injection from shareholders, as well as from credible local/foreign strategic investors, including the return of business licences,’ he said. (LK/LM)