INDONESIA: The Financial Services Authority of Indonesia or Otoritas Jasa Keuangan (OJK) has revoked Investree’s business license due to a violation of minimum equity requirements and other regulations as stipulated in OJK Regulation No. 10/POJK.05/2022 concerning P2P Lending Services Based on Information Technology, as well as deteriorating performance affecting operations and public service.
The Jakarta Post reported the P2P firm failed to fulfill the IDR7.5 billion (US$480,000) minimum equity requirement. OJK also reportedly said co-founder and former CEO Adrian Asharyanto Gunadi could face criminal allegations related to his management tenure.
