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Operation of Information Technology-Based Crowdfunding Services (LPBBTI)
Sector:
IKNB
Sub-Sector:
Other Regulations
Regulation Type:
OJK Circular Letter
Regulation Number:
19/SEOJK.06/2023
Effective Date:
11/8/2023
Attachment 1
SEOJK 19-SEOJK.06-2023 Operation of Information Technology-Based Crowdfunding Services (LPBBTI).pdf
ABSTRACT SEOJK 19-SEOJK.06-2023 Operation of Information Technology-Based Crowdfunding Services (LPBBTI).pdf
FAQ SEOJK 19-SEOJK.06-2023 Operation of Information Technology-Based Crowdfunding Services (LPBBTI).pdf
Page Content
OJK Circular Letter of the Republic of Indonesia Number 19/SEOJK.06/2023 regarding the Operation of Information Technology-Based Crowdfunding Services.
Abstract:
To further regulate the operation of Information Technology-Based Crowdfunding Services as mandated by Article 25 paragraph (3), Article 26 paragraph (8), Article 29 paragraph (2) and paragraph (3), Article 35 paragraph (6), Article 36 paragraph (9), Article 44 paragraph (2), Article 51 paragraph (3), Article 101 paragraph (6), and Article 104 paragraph (2) of Financial Services Authority Regulation Number 10/POJK.05/2022 regarding Information Technology-Based Crowdfunding Services.
The legal basis for this OJK Circular Letter is POJK Number 10/POJK.05/2023 regarding Information Technology-Based Crowdfunding Services.
Note:
This OJK Circular Letter takes effect on the date of issuance, 8 November 2023.
In conducting Financing, the Operator must ensure that the User understands the matters to be noted on the Operator's electronic system. Furthermore, the Operator must conduct scoring assessments on financing applications.
The Operator is required to comply with the maximum limit provisions for financing economic benefits when facilitating Financing.
The economic benefits charged by the Operator are the rate of return, including:
interest/margin/profit-sharing;
administrative fees/commission fees/platform fees/ujrah equivalent to the aforementioned fees; and
other fees, excluding late payment penalties, stamp duties, and taxes.
In conducting business activities, the Operator may only access the camera, location, and microphone on the User's device.
The Operator must publish financing performance on the main page of its website, application, and/or Electronic System, containing at least the following information:
the value of financing disbursed;
the number of Fund Providers;
the number of Fund Recipients; and
the repayment success rate.
The use of emergency contacts is solely intended to confirm the whereabouts of the Fund Recipient and must not be used to conduct financing collection against emergency contacts.
In conducting Collection, the Operator must ensure that:
collection personnel have received adequate training regarding collection duties and collection ethics in accordance with applicable regulations;
in the event the Operator outsources collection to a third party for the Fund Recipient, such third party must have human resources that have obtained certification in the field of collection from a professional certification body registered with the Financial Services Authority;
the identity of each collection personnel is properly documented by the Operator;
collection personnel adhere to the core principles of collection ethics when conducting collections; and
third parties providing collection services that cooperate with the Operator also adhere to the collection ethics established by the Operator's association.
Transition Provisions:
Financing agreements signed before this OJK Circular Letter takes effect are declared to remain valid until the expiration of the Financing agreement.
In the event that Financing agreements signed before this OJK Circular Letter takes effect require amendments after the Circular Letter takes effect, such amendments must comply with the provisions set forth in this OJK Circular Letter.
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