Implementation of Information Technology-Based Crowdfunding Services

To:
The Board of Directors of Information Technology-Based Crowdfunding Service Providers, At your office.

COPY
CIRCULAR LETTER OF THE FINANCIAL SERVICES AUTHORITY REPUBLIC OF INDONESIA NUMBER 19/SEOJK.06/2025 CONCERNING THE IMPLEMENTATION OF INFORMATION TECHNOLOGY-BASED CROWD FUNDING SERVICES

In accordance with the mandate of Article 136 paragraph (3), Article 139 paragraph (3), Article 140 paragraph (3), Article 142 paragraph (12), Article 148 paragraph (8), Article 149 paragraph (3), Article 152 paragraph (5), Article 153 paragraph (9), Article 161 paragraph (2), and Article 171 paragraph (3) of Financial Services Authority Regulation Number 40 of 2024 concerning Information Technology-Based Crowdfunding Services (State Gazette of the Republic of Indonesia Year 2024 Number 53/OJK, Supplement to the State Gazette of the Republic of Indonesia Number 121/OJK), it is necessary to further regulate the implementation of information technology-based crowdfunding services in this Financial Services Authority Circular as follows:

I. GENERAL PROVISIONS

In this Financial Services Authority Circular, the following definitions apply:

Information Technology-Based Crowdfunding Services, hereinafter abbreviated as ITBC, are financial service activities that connect fund providers with fund recipients to conduct funding, either conventionally or based on Sharia principles, directly through an electronic system using the internet.
ITBC Provider, hereinafter referred to as the Provider, is an Indonesian legal entity that provides, manages, and operates ITBC.
Sharia Principles are Islamic legal principles based on fatwas and/or Sharia compliance statements issued by institutions having authority to issue fatwas in the Sharia field.
Electronic System is a series of electronic devices and procedures that function to prepare, collect, process, analyze, store, display, announce, transmit, and/or disseminate electronic information in the field of financial services.
Information Technology is a technique to collect, prepare, store, process, announce, analyze, and/or disseminate information in the field of financial services.
Funding is the disbursement of funds from fund providers to fund recipients with a promise to be paid or returned according to a specific time frame in ITBC transactions.
Sharia Supervisory Board, hereinafter abbreviated as SSBS, is a party having the duty and function of supervising the implementation of the Provider's activities to ensure compliance with Sharia Principles.
Fund Recipient is an individual, legal entity, and/or business entity that receives Funding.
Fund Provider is an individual, legal entity, and/or business entity that provides Funding.
ITBC User, hereinafter referred to as the User, is the Fund Provider and Fund Recipient.
Personal Data is data concerning an identifiable or identifiable individual, either alone or combined with other information, directly or indirectly through an Electronic System or non-electronic means.
General Meeting of Fund Providers is a general meeting held at the initiative of the Provider, Fund Providers, and/or Fund Recipients in the interest of transparency, supervision, and specific decision-making.
Escrow Account is a current account at a bank under the name of the Provider, which holds deposits and is used for specific purposes, namely the receipt and disbursement of funds from and to Users.
Virtual Account is a User identification number included in or part of the Escrow Account, created by the bank, with the purpose of identifying a specific account.

II. BUSINESS ACTIVITIES OF ITBC PROVIDERS

The Provider's business activities consist of:
a. provision; b. management; and
c. operation,
of ITBC.
In addition to conducting business activities as referred to in item 1, the Provider may conduct other activities, including:
a. distribution partners for government bonds to support government programs; b. informative service cooperation; and/or
c. other activities after obtaining approval from the Financial Services Authority.
The provision business activity as referred to in item 1 letter a means the Provider provides an Electronic System that connects Fund Providers and Fund Recipients to conduct Funding transactions directly, and provides other facilities in the interest of conducting business activities, including:
a. provision of:
Escrow Account; and
Virtual Account or payment gateway;
b. provision of risk analysis for Funding submitted by Fund Recipients;
c. provision of User identity verification and document authenticity;
d. provision of risk transfer facilities for Funding; e. provision of risk transfer facilities for collateral objects, if any collateral objects exist; f. provision of complaint facilities; and g. provision of information related to Funding for Users.
The management business activity as referred to in item 1 letter b means the Provider conducts:
a. User identity verification; b. processing of User data and other Personal Data in accordance with business implementation activities;
c. disbursement of funds from Fund Providers to Fund Recipients;
d. payment of Funding from Fund Recipients to Fund Providers; and e. collection from Fund Recipients.
The operation business activity as referred to in item 1 letter c means the Provider fully operates the Electronic System it owns.
Other activities after obtaining approval from the Financial Services Authority as referred to in item 2 letter c include:
a. activities carried out in the context of government assignments; b. development of Funding services that increase the Provider's risk; and/or
c. cooperation with other parties in the context of business acquisition.
Other activities as referred to in item 6 are activities that are still related to ITBC business activities and do not contradict other laws and regulations.
Cooperation with other parties in the context of business acquisition as referred to in item 6 letter c is conducted by meeting the following requirements:
a. stipulated in a written cooperation agreement; b. not aimed at market domination; and
c. does not have conflicts of interest with parties cooperating with the Provider.
Requests for approval of other activities with cooperation criteria for business acquisition as referred to in item 6 letter c are submitted once, provided that the scheme and product of cooperation do not differ, even if the parties cooperating are different.

III. BUSINESS ACTIVITIES BASED ON SHARIA PRINCIPLES

Providers based on Sharia Principles must fulfill Sharia Principles in carrying out business activities.
Business activities based on Sharia Principles must use contracts:
a. al-bai'; b. ijarah;
c. mudharabah;
d. musyarakah; e. wakalah; f. wakalah bi al ujrah; and g. qardh.
Fulfillment of Sharia Principles in the use of contracts as referred to in item 1 must be supported by:
a. fatwas and/or Sharia compliance statements issued by institutions having authority to issue fatwas in the Sharia field; and b. opinions from the SSBS regarding the use of specific contracts for business implementation in cases where fatwas and/or Sharia compliance statements as referred to in letter a have not yet been issued.
The SSBS conducts analysis and evaluation of the fulfillment and application of Sharia Principles, at minimum covering:
a. Funding disbursement activities; b. standard operating procedures;
c. Sharia Funding marketing practices; and
d. accounting application.
Evaluation of the fulfillment and application of Sharia Principles as referred to in item 4 is conducted periodically every month in the form of written reports and reported to the Board of Directors.

IV. USE OF OUTSOURCED WORKFORCE

The Provider may entrust part of the work execution to third parties through an outsourcing agreement.
The form of outsourcing agreement as referred to in item 1 is conducted by the Provider through agreements for:
a. work contracting; and/or b. labor service provision.
The Provider is prohibited from outsourcing work that executes the functions of:
a. Funding feasibility assessment; and/or b. Information Technology operations.
Work regarding Funding feasibility assessment as referred to in item 3 letter a is part of the Provider's organizational structure that executes the function of conducting Funding feasibility assessments.
In executing the functions as referred to in item 3 letter a, the Provider may cooperate with credit information management institutions to add data references in conducting Funding feasibility assessments.
The nature of cooperation as referred to in item 5 is only related to the provision of Funding assessment data and is not related to the provision of final Funding feasibility assessments on the Provider's Electronic System.
Information Technology operations as referred to in item 3 letter b include:
a. User access management activities; and b. database management.
The Provider may conduct outsourcing activities for Information Technology development.
In the event that the Provider conducts outsourcing activities for Information Technology development as referred to in item 8, the Provider must meet the following requirements:
a. application source code and production server access are owned by the Provider; b. Information Technology development is carried out in the name of the Provider; and
c. Information Technology development is not carried out in the deployment and maintenance production stages.
The Provider is prohibited from entrusting part of the work to third parties as referred to in item 1, except to third parties that meet the following requirements:
a. the third party is a legal entity in Indonesia; b. the third party is registered in an association of similar third-party companies;
c. it does not affect the Provider's reputation; and
d. it is implemented in accordance with labor laws and regulations.
The Provider is responsible for the execution of activities entrusted to third parties.

V. GENERAL MEETING OF FUND PROVIDERS

The General Meeting of Fund Providers as referred to in Chapter I item 12 is held when deemed necessary by the Provider, Fund Providers, and/or Fund Recipients.
The Provider must compile guidelines for the implementation of the General Meeting of Fund Providers.
The guidelines for the implementation of the General Meeting of Fund Providers as referred to in item 2 must at least contain:
a. implementation procedures, at minimum including:

Fund Providers have the right to attend the General Meeting of Fund Providers and exercise their voting rights;
Fund Recipients may attend the General Meeting of Fund Providers when necessary;
The General Meeting of Fund Providers may be held through direct face-to-face meetings or electronic face-to-face meetings;
prior notification and summons with adequate time frames to Fund Providers and/or Fund Recipients regarding the planned implementation of the General Meeting of Fund Providers; and
submission of agenda information for the General Meeting of Fund Providers to participants;
b. mechanisms, at minimum including:
The General Meeting of Fund Providers is led by the meeting chair;
Implementation stages of the General Meeting of Fund Providers; and
Determination of fair decision-making at the General Meeting of Fund Providers;
c. General Meeting of Fund Providers guidelines, at minimum including:
Procedures for submitting requests for the General Meeting of Fund Providers by the Provider, Fund Recipients, and/or Fund Providers;
Documentation of implementation and decision results of the General Meeting of Fund Providers;
Implementation costs of the General Meeting of Fund Providers, which are the responsibility of the Provider; and
Selection and determination of the leadership of the General Meeting of Fund Providers.

The guidelines for the implementation of the General Meeting of Fund Providers as referred to in item 2 are compiled considering the complexity and capabilities of the Provider.
The Provider must hold the General Meeting of Fund Providers based on the established guidelines for the implementation of the General Meeting of Fund Providers.

VI. INFORMATION AND WARNINGS ON THE PROVIDER'S ELECTRONIC SYSTEM

The Electronic System used by the Provider must at minimum contain:
a. the Provider's name; b. logo;
c. Electronic System name;
d. profiles of all Directors, Board of Commissioners, SSBS, and shareholders of the Provider; e. Funding performance; and f. information that the Provider is licensed and supervised by the Financial Services Authority.
The Provider must include warnings regarding the risks of ITBC business activities in the Provider's Electronic System.
Warnings regarding the risks of ITBC business activities as referred to in item 2 must be displayed on the Provider's website interface or application pages, clearly visible to Users.
The Provider must ensure that Fund Providers understand all risks before providing Funding.
In addition to Fund Providers, the Provider must also ensure that Fund Recipients understand all risks before receiving Funding.
To ensure that Fund Providers understand all risks before disbursing Funding as referred to in item 4, the Provider requests Fund Providers to fill out the Fund Provider's understanding statement as contained in the Appendix, which is an integral part of this Financial Services Authority Circular.
In addition to Fund Providers, the Provider must request Fund Recipients to fill out the Fund Recipient's understanding statement as contained in the Appendix, which is an integral part of this Financial Services Authority Circular, in order to ensure that Fund Recipients understand all risks before receiving Funding.

VII. DATA AND INFORMATION MANAGEMENT

In conducting business activities, the Provider may only access the camera, location, and microphone on the User's device.
The Provider is not permitted to disseminate all User data and personal information to other parties.
The provisions as referred to in item 2 are excepted in cases where:
a. there is written consent from the User; and/or b. there are exceptions stipulated by laws and regulations.
In the event that the User provides written consent as referred to in item 3 letter a, the Provider may provide User data and/or personal information and ensure that the other parties concerned do not provide and/or use User data and/or personal information for purposes other than those agreed upon between the Provider and the other parties.
The Provider ensures that Users know the purpose of data and information usage and the risks associated with the written consent provided by the User.
The written consent from the User as referred to in item 5 is expressed in the form of a statement and consent and is documented by the Provider.
User personal data and information as referred to in item 2 must be secured through methods that ensure that data and information reading processes are conducted by authorized parties.
User personal data and information obtained and utilized by the Provider must meet the following criteria:
a. submission of data and information usage limitations to Users; b. submission of any changes in the purpose of data and information usage to Users, if any; and
c. the media and methods used in obtaining and utilizing data and information are guaranteed to be confidential, secure, and intact.
The Provider must maintain the confidentiality, security, integrity, and availability of:
a. User personal data and information; b. transaction data; and
c. financial data,
which it manages from the time the data is obtained until the data is deleted and/or destroyed.
User personal data and information deleted and/or destroyed by the Provider must meet the following criteria:
a. meeting retention aspects based on laws and regulations and audit interests as well as examinations from supervisory and regulatory authorities; and b. ensuring that no data and information remain that can be utilized again.
The Provider must notify Users of the deletion and/or destruction of Personal Data, referring to laws and regulations.
The Provider must prevent unauthorized access to data and information.

VIII. CONFIRMATION OF EMERGENCY CONTACT USE

The use of emergency contacts is only intended to confirm the existence of Fund Recipients and is not used to collect Funding from the owners of emergency contact data.
The Provider must conduct confirmation and obtain consent from the owner of the emergency contact data for the use of emergency contacts.
Confirmation as referred to in item 2 is conducted by explaining:
a. confirming the emergency contact data submitted by the Fund Recipient; b. confirming the relationship between the owner of the emergency contact data and the Fund Recipient who submitted the emergency contact;
c. explaining what is meant by emergency contacts to the owner of the emergency contact data; and
d. explaining the risks that will be incurred when agreeing to become an emergency contact.
The Provider documents the confirmation and consent provided by the owner of the emergency contact data.

IX. FUND PROVIDERS AND FUND RECIPIENTS

Fund Providers may come from within and/or outside the country.
Fund Providers consist of:
a. Professional Fund Providers, including:

Indonesian citizens who meet the following criteria:
a) are at least 18 (eighteen) years old or married; and b) have a gross income greater than IDR 500,000,000.00 (five hundred million rupiah) per year, with Funding at most 20% (twenty percent) of the income per year at 1 (one) Provider;
foreign citizens;
Indonesian legal entities;
foreign legal entities;
Indonesian business entities; and/or
foreign business entities; and/or
international institutions.
b. Non-professional Fund Providers, namely Indonesian citizens who meet the following criteria:
are at least 18 (eighteen) years old or married; and
have a gross income of less than or equal to IDR 500,000,000.00 (five hundred million rupiah) per year, with Funding at most 10% (ten percent) of the income per year at 1 (one) Provider.

The ratio of outstanding Funding from non-professional Fund Providers as referred to in item 2 letter b to the outstanding Funding from all Fund Providers is at most 20% (twenty percent).

The following is a simulation of the ratio calculation:
On May 31, 2025, the Provider had a total final position (outstanding) of Funding from all Fund Providers amounting to IDR 50,000,000,000.00 (fifty billion rupiah) and total Funding by non-professional Fund Providers amounting to IDR 8,000,000,000.00 (eight billion rupiah). Therefore, the ratio of outstanding Funding from non-professional Fund Providers = total Funding by non-professional Fund Providers / total final position (outstanding) Funding x 100% = IDR 8,000,000,000.00 (eight billion rupiah) / IDR 50,000,000,000.00 (fifty billion rupiah) x 100% (one hundred percent) = 16% (sixteen percent). Based on the calculation above, the outstanding ratio of 16% meets the limit of 20% (twenty percent).

The Provider is prohibited from conducting Funding other than to Fund Recipients domiciled within the legal territory of the Unitary State of the Republic of Indonesia.
Fund Recipients as referred to in item 4 consist of:
a. Indonesian citizens; b. Indonesian legal entities; and/or
c. Indonesian business entities.
Indonesian citizen Fund Recipients as referred to in item 5 letter a must meet the following criteria:
a. are at least 18 (eighteen) years old or married; b. have an average gross income of at least IDR 3,000,000.00 (three million rupiah) per month, supported by valid evidence supporting income information, such as pay slips or Fund Recipient account statements; and
c. use their own devices in the Funding process.
The Provider ensures the validity of income evidence as referred to in item 6.

X. MAXIMUM FUNDING LIMITS TO FUND RECIPIENTS

The maximum limit for consumptive and productive Funding to each Fund Recipient is IDR 2,000,000,000.00 (two billion rupiah).
The Provider may provide productive Funding exceeding the maximum limit as referred to in item 1 up to IDR 5,000,000,000.00 (five billion rupiah), provided that the following requirements are met:
a. having a maximum non-performing Funding quality of 5% (five percent) within the last 6 (six) months; and b. not currently subject to sanctions restricting business activities or suspending business activities, in whole or in part, by the Financial Services Authority.
In the event that the Provider provides Funding to multiple Fund Recipients who have:
a. 1 (one) source of income or cash flow (cash flow) that is the same for paying the obtained Funding facilities; or b. affiliation relationships, the total amount of Funding to all such Fund Recipients must meet the maximum Funding limit provisions as referred to in item 1 or item 2.
The term affiliation relationship as referred to in item 3 letter b means:
a. when Fund Recipients are business entities or legal entities that have:

family relationships due to marriage or lineage up to the second degree, both horizontally and vertically, with employees, members of the Board of Directors, members of the Board of Commissioners,

commissioners, members of the DPS, and/or shareholders of legal entities;
2) family relationships due to marriage or descent up to the second degree, both horizontally and vertically, with employees, members of the board of directors, members of the board of commissioners, and/or members of the DPS of business entities;
3) relationships with business entities or legal entities due to the existence of one or more common members of the board of directors or board of commissioners;
4) control relationships with business entities or legal entities, both directly and indirectly;
5) share ownership relationships in legal entities amounting to 20% (twenty percent) or more;
6) ownership relationships in business entities amounting to 20% (twenty percent) or more; and/or
7) relationships between 2 (two) business entities or legal entities that are controlled, both directly and indirectly, by the same party.
b. when the Fund Recipient is an individual:

having a family relationship due to marriage or descent up to the second degree, both horizontally and vertically;
employees employed directly by the Fund Recipient; and/or
c. parties other than those in letters a and b who act on behalf of other Fund Recipients.

XI. FUNDING DISBURSAL AND REPAYMENT MECHANISM

Before a prospective User registers with the Organizer, the Organizer must display on the Organizer's Electronic System at least the following points that need attention:
a. LPBBTI is a financial service provision to match Fund Providers with Fund Recipients to conduct Funding, both conventionally and based on Sharia Principles, directly through an Electronic System using the internet; b. LPBBTI business activities are subject to all relevant regulations concerning LPBBTI;
c. The Organizer is an Indonesian legal entity that provides, manages, and operates LPBBTI;
d. The Organizer may only access, obtain, store, manage, process, and/or use User Personal Data after obtaining consent from the User; e. The Organizer may only access the camera, location, and microphone on the User's device; f. Users must understand the transaction and the contents of the LPBBTI agreement, including that the maximum funding facility limit is adjusted to the User's ability to conduct transactions; g. Fund Providers must do the following, among others:

consider all Funding risks in LPBBTI transactions;
take necessary risk mitigation steps; and
sign a statement confirming understanding of the Fund Recipient's performance and risks, as stated in the Appendix which is an integral part of this Otoritas Jasa Keuangan Circular;
h. The Organizer must ensure that no errors occur that cause losses to Users;
i. Users guarantee the authenticity of all documents submitted. For any document forgery or other criminal acts committed by Users, the Organizer may take legal action, including processing such actions with the competent authorities;
j. The Organizer does not charge any fees to Users for complaint services; k. The Organizer submits dispute resolution and collection procedures to Fund Providers and Fund Recipients in the event of Funding default by the Fund Recipient; and
l. other matters that need attention related to the product characteristics owned by the Organizer.

In conducting Funding, the Organizer must ensure that Users understand the points that need attention as referred to in number 1.
The mechanism for submitting funding disbursement requests and receiving Funding is as follows:
a. prospective Users must first be registered with the Organizer; b. prospective Users registered with the Organizer submit:

a request for funding disbursement, if the User is a prospective Fund Provider; or
a request for receiving Funding, if the User is a prospective Fund Recipient,
through the Organizer's Electronic System;
c. The Organizer conducts an analysis of the funding disbursement request as referred to in letter b number 1), carried out by at least:
verifying the authenticity of submitted documents according to the Organizer's standard operating procedures;
conducting clarification and confirmation, either through direct face-to-face meetings, electronic face-to-face meetings, and/or non-face-to-face electronic meetings with prospective Fund Providers, as regulated in the Otoritas Jasa Keuangan Regulation regarding the implementation of anti-money laundering, counter-terrorism financing, and counter-proliferation financing programs in the financial services sector; and
analyzing prospective Fund Providers;
d. documents submitted by prospective Fund Providers as referred to in letter c number 1) consist of at least:
for prospective Fund Providers who are Indonesian citizens and foreign citizens, at least:
a) ID card for Indonesian citizens or passport number for foreign citizens; b) tax identification number, if available; c) selfie; and d) documents containing information related to account numbers and account owner names;
for prospective Fund Providers who are legal entities, business entities, and international institutions, at least consisting of:
a) ID card of the owner/board of directors who are Indonesian citizens or passport number of the owner/board of directors who are foreign citizens; b) business registration number or equivalent; c) tax identification number, except for international institutions; d) special documents for:
(1) legal entities;
(a) deed of establishment;
(b) latest amendment to the articles of association; and (c) letter:
i. approval or receipt of notification from the competent authority; or
ii. ratification letter from the competent authority for individual corporate legal entities;
(2) non-legal business entities:
(a) establishment documents and latest amendments; and (b) documents showing registration or ratification of the business entity from the relevant authority; or (3) international institutions:
(a) establishment documents; and
(b) documents showing the articles of association or equivalent; e) reports showing operational transactions and the latest profit and loss; and f) other supporting documents; e. analysis of prospective Fund Providers as referred to in letter c number 3) is identity analysis; f. identity analysis as referred to in letter e consists of at least:
type of Fund Provider;
a) Indonesian citizens and foreign citizens; or b) legal entities, business entities, and international institutions;
individual data;
a) full name of the Fund Provider, including alias, if any; b) population registration number for Indonesian citizens or passport number for foreign citizens; c) tax identification number, if available; d) phone number; e) nationality; f) place of birth; g) date of birth; h) gender; i) marital status; j) mother's maiden name; k) occupation; l) address and phone number of workplace, if available; m) income; n) source of income; o) residential address according to identity documents; and p) full domicile address;
business entity data (including legal entities and international institutions):
a) business registration number or similar; b) tax identification number, except for international institutions; c) business field; d) phone number; e) full domicile address; f) place and date of establishment; g) form of business entity; h) income; i) source of funds; and j) owner/director identity:
(1) full name, including alias, if any;
(2) population registration number for Indonesian citizens or passport number for foreign citizens; (3) tax identification number, if available; (4) phone number; (5) residential address according to identity documents; and (6) full domicile address. g. The Organizer conducts credit scoring analysis in disbursing Funding, carried out by at least:
verifying the accuracy of documents submitted by prospective Fund Recipients according to credit scoring guidelines;
conducting clarification and confirmation, either through direct face-to-face meetings, electronic face-to-face meetings, and/or non-face-to-face electronic meetings with prospective Fund Recipients, as regulated in the Otoritas Jasa Keuangan Regulation regarding the implementation of anti-money laundering, counter-terrorism financing, and counter-proliferation financing programs in the financial services sector;
processing data from other parties relevant to the needs of credit scoring; and
analyzing prospective Fund Recipients;
h. documents submitted by prospective Fund Recipients as referred to in letter g number 1) consist of at least:
for prospective Fund Recipients who are Indonesian citizens, at least:
a) ID card for Indonesian citizens; b) tax identification number, if available; c) selfie; d) documents containing information related to account numbers and account owner names (if required); and e) supporting proof of Fund Recipient's income information, such as payslips or bank statements; or
for prospective Fund Recipients who are business entities (including legal entities), at least:
a) population registration number or equivalent of the owner/board of directors; b) business registration number or equivalent; c) tax identification number; d) special documents for:
(1) legal entities:
(a) deed of establishment;
(b) latest amendment to the articles of association; and (c) letter:
i. approval or receipt of notification from the competent authority; or
ii. ratification letter from the competent authority for individual corporate legal entities;
(2) non-legal business entities:
(a) establishment documents and latest amendments; and (b) documents showing registration or ratification of the business entity from the relevant authority; e) reports showing operational transactions and the latest profit and loss; and f) other supporting documents;
i. analysis of prospective Fund Recipients as referred to in letter g number 4) includes identity analysis as well as feasibility and ability;
j. identity analysis as referred to in letter i consists of at least:
full name of the Fund Recipient, including alias, if any;
type of Fund Recipient;
a) individual; or b) business entity (including legal entities);
individual data at least:
a) population registration number or equivalent; b) tax identification number (if required); c) phone number; d) place of birth; e) date of birth; f) gender; g) marital status; h) mother's maiden name; i) highest education; j) occupation; k) address and phone number of workplace, if available; l) income; m) source of income; and n) residential address according to identity documents and other residential addresses, if any;
business entity data (including legal entities) at least:
a) business registration number or similar; b) tax identification number; c) business field; d) phone number; e) full domicile address; f) business entity income; and g) owner/director identity:
(1) full name, including alias, if any;
(2) population registration number or equivalent; (3) tax identification number; (4) phone number; and (5) residential address according to identity documents and other residential addresses, if any; and
emergency contact, if any; and
k. The Organizer must ensure that Fund Recipients do not receive Funding through more than 3 (three) Organizers, including the Organizer in question.

After the Organizer conducts an analysis of the prospective Fund Recipient, the Organizer determines the feasibility of the prospective Fund Recipient and informs the prospective Fund Recipient that:
a. if the prospective Fund Recipient is deemed feasible, the Organizer submits the assessment results along with the tenor and economic benefits of the submitted Funding; or b. if the prospective Fund Recipient is deemed unfeasible, the Organizer informs the prospective Fund Recipient of the unfeasibility and provides reasons for the rejection.
The request for receiving Funding as referred to in number 3 letter b number 2) and the assessment results of prospective Fund Recipients deemed feasible as referred to in number 4 letter a are displayed on the Organizer's Electronic System.
The implementation of Funding activities is carried out by:
a. Prospective Fund Providers select prospective Fund Recipients on the Organizer's Electronic System. b. Prospective Users sign the LPBBTI agreement using electronic signatures.
c. Fund Providers disburse Funding through a Virtual Account or payment gateway to the Organizer's Escrow Account to be forwarded to the Fund Recipient.
d. In the event that Fund Providers use a special fund account, all funds must still be sent using a Virtual Account or payment gateway to then be forwarded to the Organizer's Escrow Account. e. The Organizer provides notification of funding disbursement and receipt to Users through the Electronic System and/or other electronic media. f. In the implementation of Funding activities, the Organizer must pay attention to the following:

for the sake of consumer and public protection, each Organizer is not permitted to conduct unhealthy Funding.
Unhealthy Funding as referred to in number 1) includes:
a) Funding that imposes terms, conditions, economic benefits, and/or late payment penalties containing elements of deceit; b) Funding that does not consider the repayment capacity of the Fund Recipient; c) Funding given with terms, conditions, economic benefits, and/or late payment penalties that are unreasonable; d) Funding received by the Fund Recipient from more than 3 (three) Organizers; or e) Funding intended for activities related to online gambling and other criminal acts. g. The Organizer pays attention to the existence of additional collateral objects for productive Funding exceeding IDR 2,000,000,000.00 (two billion rupiah). h. In the event that there is no additional collateral object as referred to in letter g, Fund Providers have the right to request information/data needed regarding prospective Fund Recipients from the Organizer.
i. The Organizer is obligated to ensure that Fund Providers understand all risks before providing Funding.
j. In addition to Fund Providers, the Organizer must also ensure that Fund Recipients understand all risks before receiving Funding. k. To ensure that Fund Providers understand all risks before providing Funding as referred to in letter j, the Organizer requests Fund Providers to fill out the Fund Provider's understanding statement as stated in the Appendix which is an integral part of this Otoritas Jasa Keuangan Circular.
l. In addition to Fund Providers, the Organizer must also request Fund Recipients to fill out the Fund Recipient's understanding statement as stated in the Appendix which is an integral part of this Otoritas Jasa Keuangan Circular, in order to ensure that Fund Recipients understand all risks before receiving Funding.

In the context of installment payments and/or Funding repayment, Fund Recipients make payments through a Virtual Account or payment gateway to be placed in the Organizer's Escrow Account and forwarded to the Fund Provider.
Repayment of installments and/or Funding through collection by third parties is carried out in accordance with the method as referred to in number 7.

XII. COOPERATION IN THE CONTEXT OF FUNDING DISBURSAL

In the context of funding disbursement, Organizers may cooperate with partners.
Partners are other parties who cooperate with Organizers to support the disbursement of Funding.
Funding disbursement cooperation through partners is carried out for the purpose of:
a. delivery of goods and/or services; and b. educating Fund Recipients.
In conducting cooperation as referred to in number 3, Organizers must at least:
a. conduct an assessment of partners before cooperating; b. explain to Fund Providers regarding the cooperation mechanism and potential risks of the said cooperation; and
c. provide a statement that partners are not allowed to manage funds. In the event that partners manage Funding, the Organizer is responsible for the risks and losses arising from the partner's management of Funding.
Funding disbursement is disbursed directly to Fund Recipients.
Fund Recipients make payments through a Virtual Account or payment gateway to be placed in the Organizer's Escrow Account and forwarded to the Fund Provider.
Partners cannot conduct activities representing or acting on behalf of Fund Recipients.
The Organizer submits monthly reports to the Otoritas Jasa Keuangan regarding cooperation conducted with partners, at least covering:
a. partner name; b. partner address;
c. cooperation scheme;
d. number of Fund Recipients; and e. amount of Funding disbursed.
Monthly reports as referred to in number 8 are submitted in electronic data format via email designated by the Otoritas Jasa Keuangan and addressed to the Department of Supervision of Micro Financial Institutions and Other Financial Service Institutions.

XIII. CREDIT SCORING

Credit scoring as referred to in Roman XI number 3 letter g must consider the feasibility and ability of prospective Fund Recipients to meet Funding payment obligations, namely character and repayment capacity. In addition, Organizers may also consider other aspects such as capital, economic condition, and/or collateral.
Assessment of repayment capacity as referred to in number 1 for consumer Funding is carried out, among others, by reviewing the comparison between the amount of principal payments and economic benefits paid by the Fund Recipient and the Fund Recipient's income, set at a maximum of:
a. 40% (forty percent) in 2025; and b. 30% (thirty percent) starting from 2026.
What is meant by the amount of principal payments and economic benefits is the total amount of principal payments and economic benefits paid by the Fund Recipient to all creditors, consisting of the Organizer, banks, financing companies, venture capital companies, pawnshop companies, and other financial service institutions. The Fund Recipient's income is known from valid proof supporting income information, such as the Fund Recipient's payslip or bank statement.
In the context of credit scoring, Organizers may utilize data from:
a. the Organizer's internal sources; b. information management service providers registered or licensed by the relevant authority;
c. government institutions or state-owned enterprises or local government-owned enterprises; and/or
d. other institutions registered or licensed by the relevant authority.
The utilization of data as referred to in number 3 is carried out in compliance with regulations concerning Personal Data Protection.
Credit scoring methods as referred to in number 1 use:
a. traditional methodology, which is a credit scoring method using historical individual or corporate credit data to determine credit feasibility. This process involves analyzing data such as payment history, loan amounts, loan duration, and various other factors related to past credit behavior; and/or b. machine learning methodology, which is a credit scoring method using machine learning algorithms to analyze data and predict the credit feasibility of prospective debtors.
Organizers may use the machine learning system as referred to in number 5 letter b independently or in cooperation with third parties.
Organizers must submit credit scoring guidelines at least 1 (one) time and whenever changes occur to the Otoritas Jasa Keuangan no later than 10 (ten) working days since the change was made.

XIV. MAXIMUM ECONOMIC BENEFIT LIMIT

Organizers are obligated to comply with the maximum economic benefit limits for Funding in facilitating Funding.
Economic benefits charged by the Organizer are the rate of return, including:
a. interest/margin/profit sharing; b. administrative fees/commission fees/platform fees/ujrah equivalent to the said fees; and
c. other costs, excluding late payment penalties, electronic signature costs secured with electronic certificates, and taxes.
The maximum economic benefit limit as referred to in number 2 is established based on the type of Funding, namely:
a. for productive Funding, namely:

Funding value up to IDR 50,000,000.00 (fifty million rupiah):
a) 0.275% (zero point two seven five percent) per calendar day of the Funding value stated in the Funding agreement for tenors up to and including 6 (six) months; and b) 0.1% (zero point one percent) per calendar day of the Funding value stated in the Funding agreement for tenors above 6 (six) months.
Funding value greater than IDR 50,000,000.00 (fifty million rupiah) is 0.1% (zero point one percent) per calendar day of the Funding value stated in the Funding agreement, both for tenors up to and including 6 (six) months and tenors above 6 (six) months.
b. for consumer Funding, namely:
0.3% (zero point three percent) per calendar day of the Funding value stated in the Funding agreement for tenors up to and including 6 (six) months; and
0.2% (zero point two percent) per calendar day of the Funding value stated in the Funding agreement for tenors above 6 (six) months.

Here is a simulation of the maximum economic benefit calculation:

Productive Funding
Fund Recipient A applies for Funding to Organizer Z on January 5, 2025, with the following details:
a) maximum economic benefit limit as per letter a number 1) is 0.275% (zero point two seven five percent) per calendar day of the Funding value stated in the Funding agreement for tenors up to and including 6 (six) months; b) Funding disbursed as per the Funding agreement is IDR 50,000,000.00 (fifty million rupiah); c) tenor 5 (five) months; d) interest/margin/profit sharing IDR 1,000,000.00 (one million rupiah); e) administrative fees/commission fees/platform fees/ujrah IDR 200,000.00 (two hundred thousand rupiah); f) other costs IDR 50,000.00 (fifty thousand rupiah); g) total economic benefit = interest/margin/profit sharing + administrative fees/commission fees/platform fees/ujrah + other costs = IDR 1,000,000.00 (one million rupiah) + IDR 200,000.00 (two hundred thousand rupiah) + IDR 50,000.00 (fifty thousand rupiah) = IDR 1,250,000.00 (one million two hundred fifty thousand rupiah); h) percentage of economic benefit = total economic benefit / (Funding disbursed as per the Funding agreement x tenor) = IDR 1,250,000.00 (one million two hundred fifty thousand rupiah) / [IDR 50,000,000.00

(fifty million rupiah) x 150 (one hundred fifty)] x 100% (one hundred percent) = 0.017% (zero point zero one seven percent).
Based on the calculation above, the economic benefit amount of 0.017% (zero point zero one seven percent) meets the maximum limit of economic benefit, which is 0.275% (zero point two seven five percent) per calendar day from the Financing value stated in the Financing agreement.

Consumer Financing
Funding Recipient B submits Financing to Operator Y on August 10, 2025, with the following details:
a) maximum economic benefit limit as per letter b number 2) is 0.2% (zero point two percent) per calendar day from the Financing value stated in the Financing agreement; b) Financing disbursed as per the Financing agreement IDR 150,000,000.00 (one hundred fifty million rupiah); c) tenor 7 (seven) months; d) interest/margin/profit sharing IDR 2,000,000.00 (two million rupiah); e) administrative costs/commission fees/platform fees/ujrah IDR 300,000.00 (three hundred thousand rupiah); f) other costs IDR 50,000.00 (fifty thousand rupiah); g) total economic benefit = interest/margin/profit sharing + administrative costs/commission fees/platform fees/ujrah + other costs = IDR 2,000,000.00 (two million rupiah) + IDR 300,000.00 (three hundred thousand rupiah) + IDR 50,000.00 (fifty thousand rupiah) = IDR 2,350,000.00 (two million three hundred fifty thousand rupiah); h) percentage of economic benefit = total economic benefit / (Financing disbursed as per the Financing agreement x tenor) = IDR 2,350,000.00 (two million three hundred fifty thousand rupiah) / [IDR 150,000,000.00 (one hundred fifty million rupiah) x 210 (two hundred ten)] x 100% (one hundred percent) = 0.007% (zero point zero zero seven percent). Based on the calculation above, the economic benefit amount of 0.007% (zero point zero zero seven percent) meets the maximum limit of economic benefit, which is 0.2% (zero point two percent) per calendar day from the Financing value stated in the Financing agreement.

The maximum limit for late payment penalties as referred to in number 2 letter c is determined based on the type of Financing, namely:
a. for Productive Financing, namely:

Financing value up to IDR 50,000,000.00 (fifty million rupiah):
a) 0.275% (zero point two seven five percent) per calendar day from the Financing value stated in the Financing agreement for a tenor up to and including 6 (six) months; and b) 0.1% (zero point one percent) per calendar day from the Financing value stated in the Financing agreement for a tenor above 6 (six) months.
Financing value greater than IDR 50,000,000.00 (fifty million rupiah) is 0.1% (zero point one percent) per calendar day from the Financing value stated in the Financing agreement, both for a tenor up to and including 6 (six) months and for a tenor above 6 (six) months.
b. for Consumer Financing, namely:
0.3% (zero point three percent) per calendar day from the Financing value stated in the Financing agreement for a tenor up to and including 6 (six) months; and
0.2% (zero point two percent) per calendar day from the Financing value stated in the Financing agreement for a tenor above 6 (six) months.

All economic benefits and late payment penalties that can be imposed on Users must not exceed 100% (one hundred percent) of the Financing value stated in the Financing agreement.
Late payment penalties for Financing based on Sharia Principles cannot be recognized as revenue (off balance sheet) and must be categorized as charitable funds in accordance with fatwas and/or Sharia compliance statements from institutions having authority in setting fatwas in the Sharia field.
The determination of maximum limits for economic benefits and late payment penalties as referred to in numbers 3 and 4 can be evaluated periodically in accordance with policies established by the Financial Services Authority, considering among other things economic conditions and the development of the IT-Based Crowdfunding industry.

XV. RISK MITIGATION FACILITIES FOR USERS

Operators must conduct risk mitigation at least consisting of:
a. risk analysis of Financing submitted by Funding Recipients; b. verification of User identity and document authenticity; and
c. optimal collection of disbursed Financing.
In addition to conducting risk mitigation as referred to in number 1, Operators may facilitate:
a. risk transfer of Financing in the event of a request from Fund Providers; b. risk transfer over collateral objects, if there are collateral objects; and/or
c. other risk mitigation for the protection of Fund Providers with the approval of the Financial Services Authority.
Other risk mitigation for the protection of Fund Providers as referred to in number 2 letter c must be submitted to the Financial Services Authority with a scope of at least:
a. description of other risk mitigation conducted; b. risk mitigation guidelines; and
c. mechanism for resolving the rights and obligations of the parties.
Risk analysis of Financing as referred to in number 1 letter a:
a. is conducted when the Funding Recipient submits a Financing application by processing data received when the Funding Recipient registers and/or based on other data owned by the Operator; and b. is used to assess the feasibility of the Funding Recipient to fulfill Financing obligations.
Risk transfer of Financing as referred to in number 2 letter a can be conducted through credit insurance or credit guarantee mechanisms.
In the event that the Operator facilitates Financing risk mitigation in the form of credit insurance and/or credit guarantees, the Operator must use insurance companies or guarantee institutions that meet the following provisions:
a. have obtained a business license from the Financial Services Authority; and b. are not subject to administrative sanctions in the form of business activity restrictions or business activity suspensions from the Financial Services Authority.
Operators cooperating with insurance companies or guarantee institutions must meet the following provisions:
a. cooperation is conducted with at least 2 (two) insurance companies and/or guarantee institutions or at least 1 (one) consortium of insurance companies or consortium of guarantee institutions; and b. the Operator acts only as a provider of cooperation facilities for Fund Providers.
Cooperation as referred to in number 7 must be stipulated in a written agreement.
The written agreement as referred to in number 8 must use the Indonesian language or Indonesian alongside a foreign language.
In the event that the Operator facilitates Financing risk mitigation in the form of credit insurance as referred to in number 5, the use of insurance mechanisms that limit the insurance claim value to a percentage of the premium value is prohibited.
The use of insurance or guarantees as referred to in number 5 is an agreement between the Fund Provider and the insurance company or guarantee institution.
In using credit insurance or credit guarantees as referred to in number 11, the Fund Provider acts as the insured or guarantee recipient.
In the event of claim payment, the insurance company or guarantee company directly pays the claim to the Fund Provider and/or beneficiary.
In the event that claim payment has been paid by the insurance company or guarantee institution as referred to in number 13, the Operator must ensure that claim payment information is communicated to the Fund Provider.
In the context of risk transfer over collateral objects as referred to in number 2 letter b, the Operator may:
a. insure the collateral object; and/or b. cooperate with other parties having authority to collect or store collateral objects in accordance with statutory provisions.

XVI. FINANCING QUALITY LEVELS

Operators conduct Financing quality assessments.
Financing quality as referred to in number 1 consists of:
a. performing; b. special attention;
c. doubtful;
d. questionable; and e. non-performing.
Financing quality as referred to in number 1 is categorized as follows:
a. performing if there is no delay in principal and/or economic benefit payment of Financing; b. special attention if there is a delay in principal and/or economic benefit payment of Financing that has exceeded the due date up to 30 (thirty) calendar days;
c. doubtful if there is a delay in principal and/or economic benefit payment of Financing that has exceeded the due date 30 (thirty) calendar days up to 60 (sixty) calendar days;
d. questionable if there is a delay in principal and/or economic benefit payment of Financing that has exceeded the due date 60 (sixty) calendar days up to 90 (ninety) calendar days; and e. non-performing if there is a delay in principal and/or economic benefit payment of Financing that has exceeded the due date 90 (ninety) calendar days.
In the event of a deviation in Financing disbursement by the Operator, the Operator must downgrade the Financing quality to non-performing. Deviations in Financing disbursement include, among others, Financing disbursed with fake identities or the identities of other parties who do not enjoy the Financing.
Operators must set the same Financing quality for 1 (one) Funding Recipient with more than 1 (one) Financing.
In setting the same Financing quality for 1 (one) Funding Recipient as referred to in number 5, the Operator must use the lowest Financing quality.
Operators may set different Financing qualities for more than 1 (one) Financing owned by 1 (one) Funding Recipient, in the event:
a. the Financing with the lowest quality has been written off; b. the total Financing value is less than IDR 2,000,000,000.00 (two billion rupiah); and/or
c. the source of repayment for the Financing facility comes from different income sources or cash flows.

XVII. PUBLICATION OF FINANCING PERFORMANCE

Operators must publish Financing performance on the main page of the Operator's website, application, and/or Electronic System containing information of at least:
a. disbursed Financing value; b. number of Fund Providers;
c. number of Funding Recipients; and
d. Financing quality levels.
Information as referred to in number 1 letters a to c is provided:
a. since commencing business activities; b. in the current year; and
c. at the end position.
Publication of Financing quality levels as referred to in number 1 letter d is conducted by displaying the entire repayment success rate for Financing facilitated by the Operator based on IT-Based Crowdfunding Financing quality levels.
Financing quality levels as referred to in number 3 are displayed with details as follows:
a. written using the format:

performing = xx.xx%;
special attention = xx.xx%;
doubtful = xx.xx%;
questionable = xx.xx%; and
non-performing = xx.xx%,
including explanations regarding Financing quality levels as follows:
a) performing is the Financing quality level if there is no delay in principal and/or economic benefit payment of Financing; b) special attention is the Financing quality level if there is a delay in principal and/or economic benefit payment of Financing that has exceeded the due date up to 30 (thirty) calendar days; c) doubtful is the Financing quality level if there is a delay in principal and/or economic benefit payment of Financing that has exceeded the due date 30 (thirty) calendar days up to 60 (sixty) calendar days; d) questionable is the Financing quality level if there is a delay in principal and/or economic benefit payment of Financing that has exceeded the due date 60 (sixty) calendar days up to 90 (ninety) calendar days; and e) non-performing is the Financing quality level if there is a delay in principal and/or economic benefit payment of Financing that has exceeded the due date 90 (ninety) calendar days. b. placed on the main screen in the upper right section of all Operator websites, applications, and/or Electronic Systems; and
c. placed in a position that is easy to see and clearly readable.

The calculation used to determine Financing quality levels is as follows:
a. performing
= End position of on-time payment / Total end position X 100 % b. special attention = End position of payment 1 - 30 calendar days / Total end position X 100 %
c. doubtful
= End position of payment 31 - 60 calendar days / Total end position X 100 % d. questionable = End position of payment 61 - 90 calendar days / Total end position X 100 % e. non-performing = End position of payment above 90 calendar days / Total end position X 100 %
Financing quality levels as referred to in number 4 can be improved in the event:
a. the Funding Recipient has made full payment for all Financing received and for payment obligations arising from such Financing; b. the Fund Provider has received payment from the insurance company or guarantee company for claim liabilities and/or guarantees submitted; or
c. the Fund Provider has written off the disbursed Financing.
Improvement of Financing quality levels as referred to in number 6 letter c is excluded in the event of a deviation in Financing disbursement by the Operator, until such Financing is successfully repaid to the Fund Provider.
Financing performance information as referred to in number 1 is updated at least 1 (one) time per week.
Nominal and percentage information of Financing that has been written off is communicated to Fund Providers via Electronic System, at least 1 (one) time per week.

XVIII. REPORTING ON THE RESOLUTION OF RIGHTS AND OBLIGATIONS

Operators compile reports on the resolution of rights and obligations in the event:
a. the Operator converts from a conventional Operator to a Sharia Principle-based Operator; b. closure of the Sharia business unit;
c. the Operator cannot continue its operational activities; or
d. the Operator is declared bankrupt.
The resolution of the Operator's rights and obligations to Users as referred to in number 1 is conducted by:
a. transfer of the total end position of Financing that has not been settled; b. portfolio transferred to an Operator with a similar business operation principle; and/or
c. other mechanisms agreed upon by Users.
The resolution of rights and obligations of the Operator conducting conversion as referred to in number 1 letter a and closing the Sharia business unit as referred to in number 1 letter b is conducted with User approval.
In the event that Users do not provide approval as referred to in number 3, the resolution of the Operator's rights and obligations to Users is still resolved through mechanisms agreed upon by Users.
Other mechanisms agreed upon by Users as referred to in number 2 letter c can be conducted by the Operator bringing together Fund Providers and Funding Recipients, who then can agree on the resolution of the Financing agreement, in accordance with statutory provisions.
The resolution of the Operator's rights and obligations to Users as referred to in number 3 is written in the IT-Based Crowdfunding agreement.
Reports on the resolution of rights and obligations as referred to in number 1 are conducted with reference to provisions regarding licensing applications, approval applications, and electronic reporting for Operators.

XIX. AGREEMENTS

Operators ensure balance, justice, and fairness in making written agreements.
Agreements as referred to in number 1 are implemented in accordance with statutory provisions regulating consumer and public protection in the financial services sector.

XX. OTHER PROVISIONS

In the context of protection for Users and the public, Operators that cannot meet the minimum equity requirement of at least IDR 12,500,000,000.00 (twelve billion five hundred million rupiah) as regulated in statutory provisions regarding IT-Based Crowdfunding are subject to administrative sanctions in accordance with regulations.
For Operators that still have business prospects (viable), in the context of rehabilitation and/or meeting the minimum equity requirement as referred to in number 1, merger or consolidation can be conducted.
Operators meeting the intensive supervision or special supervision status criteria may not be designated in intensive supervision status or special supervision status for a certain period by the Financial Services Authority in the event:
a. in the process of merger, consolidation, or takeover; and/or b. in the process of paid capital addition that has at least been recorded in the paid capital criteria, as regulated in statutory provisions governing supervision, determination of supervision status, and follow-up of supervision for financing institutions, venture capital companies, microfinance institutions, and other financial service institutions.
Operators subject to business activity restrictions and/or unable to be rehabilitated may transfer Financing portfolios to other Operators or institutions established specifically.
The mechanism for Financing portfolio transfer as referred to in number 4 must be stipulated in the agreement between the Funding Recipient and Fund Provider.
The mechanism for Financing portfolio transfer in the agreement between the Funding Recipient and Fund Provider as referred to in number 5 regulates at least:
a. notification to Users; and b. request for confirmation of approval/rejection by the Funding Recipient regarding the transfer of the Financing portfolio to another Operator or institution established specifically.
In the event that the Funding Recipient does not provide confirmation of approval or rejection regarding the choice of Financing portfolio transfer to another Operator or institution established specifically within the period set by the Operator, the Funding Recipient is deemed to agree to the Financing portfolio transfer conducted by the Operator.
Operators must conduct collection independently or by appointing other parties.
Collection as referred to in number 7 is implemented in accordance with statutory provisions regulating consumer and public protection in the financial services sector.
In the event that the Operator does not conduct collection as referred to in number 9, the Operator is subject to administrative sanctions in accordance with statutory provisions regulating consumer and public protection in the financial services sector, including dismissal of management.

XXI. TRANSITIONAL PROVISIONS

Fulfillment obligations:
a. minimum User age; b. minimum Funding Recipient income; and
c. User statement of understanding regarding all risks, as referred to in Roman numeral IX number 2 letters a, b and number 6 and Roman numeral XI number 6 letters k and l, will take effect no later than January 1, 2026, for:

Fund Providers and Funding Recipients conducting new Financing; or
Fund Providers and Funding Recipients conducting Financing extensions.

The ratio of outstanding non-professional Fund Providers as referred to in Roman numeral IX number 3 will take effect no later than January 1, 2027.
The existence of additional collateral objects as referred to in Roman numeral XI number 6 letter g will take effect no later than 1 (one) year since the issuance of this Financial Services Authority Circular.
Financing agreements signed before this Financial Services Authority Circular takes effect are declared to remain valid until the end of the Financing agreement.
In the event that Financing agreements signed before this Financial Services Authority Circular takes effect require changes after the Circular takes effect, changes to such Financing agreements must meet the provisions in this Financial Services Authority Circular.
Agreements between Funding Recipients and Fund Providers that have taken effect before this Financial Services Authority Circular takes effect must be adjusted to the provisions as referred to in Roman numeral XX numbers 5 and 6 no later than 6 (six) months since this Financial Services Authority Circular takes effect.

XXII. CLOSING

Upon the taking effect of this Financial Services Authority Circular, Financial Services Authority Circular Number 19/SEOJK.06/2023 regarding the Implementation of Information Technology-Based Crowdfunding Services is revoked and declared invalid.
Provisions in this Financial Services Authority Circular take effect on the date of establishment.

Established in Jakarta on July 31, 2025
EXECUTIVE HEAD OF SUPERVISOR FOR FINANCING INSTITUTIONS, VENTURE CAPITAL COMPANIES, MICROFINANCE INSTITUTIONS, AND OTHER FINANCIAL SERVICE INSTITUTIONS FINANCIAL SERVICES AUTHORITY REPUBLIC OF INDONESIA, signed AGUSMAN

APPENDIX
CIRCULAR OF THE FINANCIAL SERVICES AUTHORITY
REPUBLIC OF INDONESIA
NUMBER 19/SEOJK.06/2025
REGARDING
THE IMPLEMENTATION OF INFORMATION TECHNOLOGY-BASED CROWDFUNDING SERVICES

APPENDIX TABLE OF CONTENTS
No. Description Title Page

Example Format 1 Risk Warning in Pop-Up Window Format
Example Format 2 Statement of Understanding for Individual Funding Recipients
Example Format 3 Statement of Understanding for Individual Fund Providers

GUIDELINES FOR DRAFTING USER STATEMENTS OF UNDERSTANDING REGARDING ALL RISKS BEFORE FINANCING DISBURSEMENT FOR INDIVIDUAL USERS

Operators may adjust the format and/or language in accordance with Operator policies in the context of the customer journey in the Operator's Electronic System, provided that the core content of the statement of understanding is not altered or eliminated.
Operators must meet the minimum statements that must be communicated to Users.
Users must provide approval for each statement.
Statement approval is concluded with the affixing of the individual User's electronic signature.

A. Example Format 1
Risk Warning in Pop-Up Window Format
"BE CAREFUL, THIS TRANSACTION IS HIGH RISK. YOU MAY SUFFER LOSSES OR LOSE MONEY. CONSIDER CAREFULLY BEFORE TRANACTING."

B. Example Format 2
Individual Borrower Understanding Statement
UNDERSTANDING STATEMENT FOR INDIVIDUAL BORROWER INFORMATION TECHNOLOGY-BASED CROWD FUNDING SERVICES UNDERSTANDING STATEMENT INDIVIDUAL BORROWER [OPERATOR NAME] ATTENTION:
"BE CAREFUL, THIS TRANSACTION IS HIGH RISK. CONSIDER CAREFULLY BEFORE TRANSACTING."

Prospective Borrowers MUST read and understand all information related to receiving Funding through the Operator, including but not limited to the content of this Understanding Statement.
If the prospective Borrower does not understand the content of this Understanding Statement, the prospective Borrower is PROHIBITED from continuing the Funding receipt process through the Operator.
This Understanding Statement MUST be filled out by the prospective Borrower themselves.
The Borrower's Understanding Statement is an inseparable document from the Funding agreement.
To process this transaction further, you are required to use an electronic signature.
The undersigned below:
Full Name :
ID Number :
decides to receive the distribution of Funding from the Operator [Name of LPBBTI Operator].
I STATE THAT THE FUNDING APPLICATION I MADE HAS BEEN CONSISTENT WITH MY FINANCIAL CAPACITY.
OPERATOR NAME AND LOGO

Regarding the understanding of the Funding distribution conducted, the following is my level of understanding regarding the Funding received from the Lender through the Operator, including but not limited to:
STATEMENT
Consent
Yes No

I understand that the Operator is a provider of financial service services to match Lenders with Borrowers through an Electronic System.
I state that I am subject to and bound by applicable laws and regulations.
I do not receive Funding from more than 3 (three) Operators, including this Operator.
I have the ability to repay the Funding I receive from the Lender.
I state that all data and information I provide are true and accurate, and I am fully responsible, including for notifying the Operator if there are changes to such data and information.
I understand that economic benefit costs consisting of:
a. interest/margin/profit sharing; b. administrative costs/commission/platform fees/ujrah equivalent to the aforementioned costs; and
c. other costs, excluding late payment penalties, stamp duty, Electronic Signature costs secured with an Electronic Certificate, and taxes,
are my burden as the Borrower.
Thus, the Understanding Statement as outlined in the table above, I make according to the actual conditions without any element of coercion or pressure from any party and to be used as appropriate. [Prospective Borrower Consent] Date :
NOTE:
a. For each statement in the table above, the prospective Borrower must affix consent in the "Yes" column if they have understood the statement or in the "No" column if they have not understood the statement. b. The prospective Borrower may receive Funding if they have stated understanding of all the aforementioned statements, by giving consent in the "Yes" column.
c. If there is a statement affixed in the "No" column, the Operator cannot distribute Funding to the prospective Borrower. If the prospective Borrower still intends to apply for Funding, the Operator must explain again regarding the terms and conditions of Funding received by the Operator from the Lender and request the prospective Borrower to re-fill this Understanding Statement.
UNDERSTANDING STATEMENT
Consent
Borrower by affixing
Electronic Signature

C. Example Format 3
Individual Lender Understanding Statement
UNDERSTANDING STATEMENT FOR INDIVIDUAL LENDER
INFORMATION TECHNOLOGY-BASED CROWD FUNDING SERVICES UNDERSTANDING STATEMENT INDIVIDUAL LENDER [OPERATOR NAME] ATTENTION:
"BE CAREFUL, THIS TRANSACTION IS HIGH RISK. YOU MAY SUFFER LOSSES OR LOSS OF MONEY. CONSIDER CAREFULLY BEFORE TRANSACTING."

Prospective Lenders MUST read and understand all information related to the distribution of Funding through the Operator, including but not limited to the content of this Understanding Statement.
If the prospective Lender does not understand the content of this Understanding Statement, the prospective Lender is PROHIBITED from continuing the Funding distribution process through the Operator.
This Understanding Statement MUST be filled out by the prospective Lender themselves.
The Lender's Understanding Statement is an inseparable document from the Funding agreement.
To process this transaction further, you are required to use an electronic signature.
The undersigned below:
Full Name :
ID Number :
decides to distribute Funding from the Operator [Name of LPBBTI Operator].
I STATE THAT THE FUNDING I CONDUCT HAS BEEN CONSISTENT WITH MY FINANCIAL CAPACITY AND RISK PROFILE.
OPERATOR NAME AND LOGO

Regarding the understanding of the Funding distribution conducted, the following is my level of understanding regarding the Funding distributed by the Operator, including but not limited to:
STATEMENT
Consent
Yes No
A. GENERAL

I understand that the Operator is a provider of financial service services to match Lenders with Borrowers through an Electronic System.
I understand that the funds I distribute through the Operator ARE NOT GUARANTEED by the Operator and the Deposit Insurance Corporation.
I state that I am subject to and bound by applicable laws and regulations.
I state that all data and information I provide are true and accurate, and I am fully responsible, including for notifying the Operator if there are changes to such data and information.
B. FUNDING RISKS
I understand that Borrowers may be members of society who fall into the underserved and unbankable categories and have high risks.
I understand that the FUNDING FEASIBILITY ASSESSMENT INFORMATION (credit scoring) of Borrowers provided by the Operator is not a form of advice, recommendation, or invitation to conduct Funding, so I am responsible for the Funding decision to the Borrower.
I understand that each Borrower has a different risk profile and I am responsible for taking the required RISK MITIGATION steps.
I understand that the return on the Funding I distribute is influenced by various factors beyond the Operator's control, including but not limited to:
a. changes in economic and political conditions; b. changes in interest rates;
c. changes in laws and regulations;
d. pandemics; e. natural disasters; and f. terrorist acts, WHICH MAY RESULT IN LOSSES AND LOSS OF PARTIAL OR ENTIRE FUNDS DISTRIBUTED TO THE BORROWER.

Thus, the Understanding Statement as outlined in items A and B in the table above, I make according to the actual conditions without any element of coercion or pressure from any party and to be used as appropriate. [Prospective Lender Consent] Date :
NOTE:
a. For each statement in the table above, the prospective Lender must affix consent in the "Yes" column if they have understood the statement or in the "No" column if they have not understood the statement. b. The prospective Lender may distribute Funding if they have stated understanding of all the aforementioned statements, by giving consent in the "Yes" column.
c. If there is a statement affixed in the "No" column, the Operator cannot receive Funding from the prospective Lender. If the prospective Lender still intends to distribute Funding, the Operator must explain again regarding the terms and conditions of Funding received by the Operator from the prospective Lender and request the prospective Lender to re-fill this Understanding Statement.
UNDERSTANDING STATEMENT
Lender Consent by affixing
Electronic Signature

This copy is consistent with the original
Head of Legal Development Directorate
Legal Department signed
Aat Windradi
Established in Jakarta
On July 31, 2025
EXECUTIVE HEAD OF SUPERVISOR OF FINANCING INSTITUTIONS, VENTURE CAPITAL COMPANIES, MICRO FINANCE INSTITUTIONS, AND OTHER FINANCIAL SERVICE INSTITUTIONS FINANCIAL SERVICES AUTHORITY OF THE REPUBLIC OF INDONESIA, signed AGUSMAN

Implementation of Information Technology-Based Crowdfunding Services

Lineage: In force

Timeline