Indonesian Musketeer, the online lending platform, has been registered with the country’s Financial Services Authority (OJK).
Chinese Hexindai, the peer-to-peer lending platform, reportedly bought a 20 per cent of Musketeer’s equity. Now, Hexindai has stated that the registration makes Musketeer one of the first lending companies to have registered with the OJK.
Indonesia has recently been in the news after shutting down 826 FinTech startups as part of its push to rid the country of non-licenced enterprises in the sector. Since it began its crackdown in 2018, it had closed 1,230 companies as of August 2019.
Part of the reason is that many of these companies have relied on unethical and even criminal methods to squeeze money out of people.
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