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Illegal foreign fintech firms come to Indonesia from China, Russia, S Korea

Chief of the Investment Alert Task Force Tongam L. Tobing. (ANTARA News/Indra Arief Pribadi)

Pan Pacific Agency | COMMUICATION AGENCY FOR PACIFICA REGIONS

JAKARTA, Feb 14, 2019, ANTARA News. Illegal foreign financial technology (fintech) services operating in Indonesia are mostly from China, Russia, and South Korea, according to the Investment Alert Task Force, reported the ANTARA.

Chief of the task force Tongam L. Tobing said here on Wednesday that 23 companies out of 231 foreign and domestic illegal fintech which were forced to stop their activities during January-February were Chinese firms.

“Some 10 percent are (from China). Others are companies from Russia and South Korea,” he stated.

Tobing admitted the difficulties to eliminate foreign illegal fintech firms as they work virtually and could easily change their names.

The task force could only trace their location and identity with the help of the police cyber crime unit.

“Most of them are virtually operated and we do not know the server’s location. We can only trace them after the police investigate the case,” he remarked.

He called on the public to report to the police when they found alleged activities of illegal fintech.

“We call on the public to file a report if they were being fooled,” he added, saying that people could visit the Financial Service Authority (OJK) official site to see the list of 99 authorized fintech companies.

Authorized fintech firms would not intimidate customers, nor will they ask for access to all contact and pictures in their cellular phone, Tobing asserted.

The companies should also be transparent on fee and interest rate before they offer the services to customers.

“The Association of Indonesian Fintech (Aftech) has a code of conduct for its members,” he pointed out.

Reporting by Indra Arief Pribadi, Sri Haryati

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