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The wave of predominantly Chinese fintech lenders, who often do not register and employ aggressive debt collection practices, is now alarming regulators.
More than 300,000 people have borrowed from these firms, with total loan distribution reaching 3 trillion rupiah ($218 million) as of January.
The emergence of these peer-to-peer (P2P) lending platforms has so far been welcomed by Indonesia’s financial regulators.
Last month, Bank Indonesia issued a regulation banning the use of cryptocurrencies by fintech companies involved in payment systems and said it is examining whether there’s a need to regulate trading on virtual currency exchanges.