1. Startups

OJK Revokes TaniFund Fintech Lending Business License

Revocation of license due to TaniFund failing to fulfill minimum equity requirements and not implementing supervisory recommendations from the authorities

Official Financial Services Authority (OJK). revoke the business license of PT TaniFund Madani Indonesia as a result of failing to meet minimum equity requirements and not implementing supervisory recommendations from the authority. This decision was taken based on the Decree of the OJK Board of Commissioners Number KEP-19/D.06/2024 dated 3 May 2024.

Head of the OJK Financial Inclusion and Communication Literacy Department, Aman Santosa, stated that the revocation of this permit was OJK's firm step in ensuring regulatory compliance in the industry. fintech

"This revocation was carried out after various monitoring efforts and administrative sanctions that we provided, but TaniFund was still unable to resolve the problem," said Aman.

TaniFund, which previously operated in the lending sector online for agriculture, experiencing a significant increase in non-performing loans. According to data from the OJK, the level of non-performing loans at TaniFund reached 63,93%, far above the tolerable threshold.

Other than that, TaniFund is also involved in several legal cases related to failure to pay investors, which adds to the complexity of the problems faced.

"TaniFund must immediately stop its business activities and carry out liquidation to fulfill its obligations to related parties," added Aman.

In order to provide protection to investors and users, OJK has also transferred criminal cases related to TaniFund to law enforcement officials for further processing. It is hoped that this decision will be a lesson for the industry fintech others to pay more attention to compliance and risk management in their operations.

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By revoking TaniFund's permit, OJK hopes to restore public trust in the industry in Indonesia and promote healthy and responsible growth in the digital financial sector.

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Disclosure: This article was produced with AI technology and supervision of the content writer
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