The Effectiveness of P2P Lending Regulation for Customer Protection in Indonesia
), Jennifer Jennifer(2), Moody Rizqy Syailendra Putra(3),
(1) Universitas Tarumanagara
(2) Universitas Tarumanagara
(3) Universitas Tarumanagara
Corresponding Author
Abstract
This research discusses Peer-to-Peer Lending in Indonesia, with a particular focus on the customer protection. With the rapid digitalization of financial technology in Indonesia, P2P lending platforms gain popularity among the society. However, this raises the concern on how effective Indonesia's regulation is on supervising the industry and protecting its users. A comprehensive analysis on the current regulatory framework established by the Financial Security Authority (OJK) and Indonesian Fintech Lending Association (AFPI). Identifying the gaps and issues that are risking the protection of the customers.
Keywords
References
“ Mengenal Fintech P2P Lending: Alternatif Investasi dan Pendanaan. (n.d.). OJK.” https://sikapiuangmu.ojk.go.id/FrontEnd/CMS/Article/20566
“APJII Jumlah Pengguna Internet Indonesia Tembus 221 Juta Orang.” (2024, February 7). Asosiasi Penyelenggara Jasa Internet Indonesia. https://apjii.or.id/berita/d/apjii-jumlah-pengguna-internet-indonesia-tembus-221-juta-orang
“Bahaya Fintech P2P Lending Illegal”. (n.d.). OJK. https://www.ojk.go.id/id/kanal/iknb/data-dan-statistik/direktori/fintech/Documents/P2PL%20legal%20vs%20ilegal.pdf
“Dharmastuti, C. F., & Laurentxius, J. (2021). “Factors and benefits that affect lender's interest in giving loans in peer to peer (P2P) lending platform”. Binus Business Review, 12(2), 121-130. https://doi.org/10.21512/bbr.v12i2.6359”
“FDIC: Federal Deposit Insurance Corporation”. https://www.fdic.gov/regulations/examinations/supervisory/insights/siwin15/siwinter15-article2.pdf
“P2P lending vs traditional lending”. (2024, June 18). Monexo - Switch to Higher Returns. https://monexo.co/p2p-lending-vs-traditional-lending/
“Satgas Pasti Blokir 824 Entitas Ilegal Di April-Mei 2024”. (2024, June 11). https://ojk.go.id/id/berita-dan-kegiatan/info-terkini/Pages/Satgas-Pasti-Blokir-824-Entitas-Ilegal-di-April-Mei-2024.aspx
“Survei: 35% Pekerja Indonesia Tidak Puas dengan Upah.” (2023, February 28). Warta Ekonomi. https://wartaekonomi.co.id/read483526/survei-35-pekerja-indonesia-tidak-puas-dengan-upah
“Unlocking financial inclusion in Indonesia: The unbanked dilemma and the promise of AI.” (2024, July 18). 1datapipe. https://1datapipe.com/blogs-en/unlocking-financial-inclusion-in-indonesia/
Admin. (2021, January 13). “A general perspective on peer-to-peer lending in Indonesia”. Schinder Law Firm. https://schinderlawfirm.com/blog/a-general-perspective-on-peer-to-peer-lending-in-indonesia/
Agustin, N. N., Syapsan, & Mayes, A. (2023). “Analysis of Factors Affecting Funding Decisions at Fintech Peer-to-Peer Lending in Indonesia”. https://doi.org/10.37385/ijedr.v4i3.2677
Ahdiat, A. (2024, January 25). “24,8 Juta Karyawan Terima Gaji Di Bawah UMP pada Agustus 2023.” Pusat Data Ekonomi dan Bisnis Indonesia | Databoks. https://databoks.katadata.co.id/ketenagakerjaan/statistik/edbfbca07b66ff7/248-juta-karyawan-terima-gaji-di-bawah-ump-pada-agustus-2023
Ali, S., Simboh, B., & Rahmawati, U. (2023). “Determining factors of peer-to-peer (P2P) lending avoidance: Empirical evidence from Indonesia”. Gadjah Mada International Journal of Business, 25(1), 1. https://doi.org/10.22146/gamaijb.68805
Amrillah, M. K., & Falianty, T. A. (n.d.). “Apakah P2P Lending Berpengaruh Terhadap Pertumbuhan Ekonomi Daerah? Bukti dari Provinsi-Provinsi di Pulau Jawa”. https://doi.org/10.21107/pamator.v17i1.24324
Annur, C. M. (2024, March 6). “OJK Blokir 2,4 Ribu Pinjol Ilegal dalam 14 Bulan Terakhir”. Pusat Data Ekonomi dan Bisnis Indonesia | Databoks. https://databoks.katadata.co.id/keuangan/statistik/dd692d85cbcd899/ojk-blokir-24-ribu-pinjol-ilegal-dalam-14-bulan-terakhir
Ardhana, A. S., & Kasim, N. M. (2022). “Illegal Fintech lending (Review of financial services authority regulation number: 77/Financial services Authority.01/2016)”. Damhil Law Journal, 1(1), 55. https://doi.org/10.56591/dlj.v1i1.1749
Badan Pusat Statistik Indonesia. (2024, June 28). “Jumlah Penduduk Pertengahan Tahun - Tabel Statistik.” https://www.bps.go.id/id/statistics-table/2/MTk3NSMy/jumlah-penduduk-pertengahan-tahun--ribu-jiwa-.html
Balyuk, T. (2016). “Financial innovation and borrowers: Evidence from peer-to-peer lending”. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.2802220
Dakopa, G. H. (2024, May 28). “Indonesia Negara Teratas Penduduk Tak Punya Rekening Bank.” Radio Republik Indonesia. https://www.rri.co.id/keuangan/715833/indonesia-negara-teratas-penduduk-tak-punya-rekening-bank
Financial Technology - P2P Lending. https://ojk.go.id/id/kanal/iknb/financial-technology/default.aspx
Fitriana, D., Rahman, N., & Wahid, A. (2021). “Analisa peraturan otoritas jasa keuangan (Pojk) nomor 77/Pojk.01/2016 tentang layanan pinjam meminjam uang berbasis teknologi informasi (Lpmubti) terhadap penggunaan financial technology (Fintech) pada industri jasa perbankan Di wilayah III cirebon”. Mahkamah : Jurnal Kajian Hukum Islam, 6(1), 1. https://doi.org/10.24235/mahkamah.v6i1.7722
Gladden, M., & Atalim, S. (2020). “Authority of Asosiasi Fintech Pendanaan Bersama Indonesia (AFPI) in determining the amount of loan interest rates limit in peer to peer lending (P2P Lending) business activities. Proceedings of the 2nd Tarumanagara International Conference on the Applications of Social Sciences and Humanities” (TICASH 2020). https://doi.org/10.2991/assehr.k.201209.117
Grandolini, G. M. (2015, October 15). “Five challenges prevent financial access for people in developing countries.” World Bank Blogs. https://blogs.worldbank.org/en/voices/five-challenges-prevent-financial-access-people-developing-countries
Hadiyati, N. (2022). “Illegal Fintech P2P Lending in Indonesia: Addressing the Problem of Over-Indebtedness During the COVID-19 Pandemic”. Jurnal Jurisprudence.
Imron, A. (2021). “Ojk's role and implementation in eradicating illegal FinTec practices”. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3961615
Kohardinata, C., & Widianingsih, L. P. (2023). “Pertumbuhan Pinjaman peer-to-peer (P2P) Terhadap Pertumbuhan Kredit modal Kerja, Investasi, Dan Konsumsi: Disruptif pada Perbankan Di Indonesia-kah?” Jurnal E-Bis, 7(1), 1-13. https://doi.org/10.37339/e-bis.v7i1.1139
Lenz, R. (2016). “Peer-to-peer lending: Opportunities and risks”. European Journal of Risk Regulation, 7(4), 688-700. https://doi.org/10.1017/s1867299x00010126
Meline Gerarita Sitompul. (2018). “Urgensi legalitas financial technology (Fintech): Peer to peer (P2p) lending Di Indonesia”. JURNAL YURIDIS UNAJA, 1(2). https://doi.org/10.35141/jyu.v1i2.155
Oktaviani, Y., & Dewi, M. K. (2023). “Is information transparency important for funders? A case study of sharia P2P lending companies in Indonesia”. Journal of Accounting and Investment, 24(2), 462-486. https://doi.org/10.18196/jai.v24i2.17220
Pratama, G. (2024, October 2). “Orang RI Makin Doyan Ngutang Di Pinjol, Jumlah Pinjaman Tembus Rp72,03 Triliun per Agustus 2024”. Infobanknews. https://infobanknews.com/orang-ri-makin-doyan-ngutang-di-pinjol-jumlah-pinjaman-tembus-rp7203-triliun-per-agustus-2024/#google_vignette
Pratiwi, R., Prabowo, M. S., Nugroho, M., & Wardhani, W. N. (2022). “Fraud risk in peer lending Fintech transactions: The role of consumer protection regulation in Indonesia”. International Journal of Social Science and Business, 6(4), 469-477. https://doi.org/10.23887/ijssb.v6i4.46511
Subiyanto, R. (2014, February 22). “60% Penduduk Indonesia 'Dijerat' Hutang. Bisnis.com.” https://ekonomi.bisnis.com/read/20140222/9/205268/60-penduduk-indonesia-dijerat-hutang
Sumitro, Permana, & Wibowo. (2023). “P2P Lending Customer Behavior Viewed from the Perspective of Security, Compatibility and Trust with Attitude as Variable Mediation”, 11(3), 1425-1435.
Sutalasc. (2022, August 9). “The price of goods increased how do people respond to this?” Global Loyalty Indonesia. https://gli.id/article-detail/the-price-of-goods-increased-how-do-people-respond-to-this
Tampubolon. (2019). “Seluk-Beluk Peer To Peer Lending Sebagai Wujud Baru Keuangan Di Indonesia”.10.23920/jbmh.v3n2.15
THE FINANCIAL SERVICES AUTHORITY REGULATION NUMBER 22/POJK.04/2014
Virgiany, M., & Tang, I. (n.d.). “OJK’s Revised Regulatory Framework on Peer-to-Peer Lendin”g. Hiswara Bunjamin & Tandjung. https://www.hbtlaw.com/latest-thinking/ojk%E2%80%99s-revised-regulatory-framework-peer-peer-lending
Yunus, U. (2019). “A comparison peer to peer lending platforms in Singapore and Indonesia. Journal of Physics: Conference Series,” 1235(1), 012008. https://doi.org/10.1088/1742-6596/1235/1/012008
Yusgiantoro, I., Tumbelaka, I., & Ashar, H. “What Can Big Data Tell Us About Loan Default, Lending Rate and Loan Amount in Financial Technology Peer-to-Peer Lending? Case of Indonesia”. OJK.
Article Metrics
Abstract View
: 19 times
Download : 14 times
DOI: 10.57235/aurelia.v4i1.4482
Refbacks
- There are currently no refbacks.
Copyright (c) 2024 Laureen Aurora Hummerson, Jennifer Jennifer, Moody Rizqy Syailendra Putra
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.
