Indonesia Financial Services Authority (OJK) has increased its supervision of PT Lunaria Annua Teknologi following reports of delayed payments to some lenders.
The company is a subsidiary of a peer-to-peer lending platform coin works It is operated as KoinP2P.
OJK called KoinP2P’s management team to explain the situation and outline steps to resolve the issues arising from the misuse of funds by the borrower.
KoinP2P’s management team has been committed to complying with all regulations by reaching resolutions with lenders through reasonable and fair mutual agreements consistent with regulatory compliance.
OJK also secured a commitment from KoinP2P’s controlling shareholder to increase capital to ensure smooth operations and maintenance of services.
On-site inspections of KoinP2P are ongoing and are looking into areas such as governance and risk management.
OJK will take further action if weaknesses or violations are found.
Regulators will continue to closely monitor KoinP2P’s progress in fulfilling its commitments.
