Here is the language in OJK NUMBER 77 /POJK.01/2016:
This is from Chapter X (10) called "BAN" which probably translates to "prohibited"
Article 43, which starts on page 26
CHAPTER X
BAN
Article 43
In carrying out business activities, the Organizer
banned:
a. conduct business activities other than business activities
The organizers stipulated in this OJK regulation;
Page 27
-27-
b. acting as a Lender or Recipient
Loan;
c.
provide guarantees in all its forms above
fulfillment of obligations of other parties;
d. issue debt securities;
e.
provide recommendations to Users;
f.
publish fictitious information and / or
misleading;
g. make service offerings to Users
and / or the community through means of communication
personally without User consent; and
h. impose any fees on the User above
filing a complaint.
Now whether there is a grey area that KPAY can fund loans through KFUND, or this means you can't bolster your numbers with fake loans to yourself, I guess we'll find out. I'm confident that the people who are now involved in KFUND know what theyre doing.
There is this also :
CHAPTER III
USER OF LOAN SERVICE TO LOAN MONEY
BASED ON INFORMATION TECHNOLOGY
Part One
Borrower
Article 15
(1) Loan recipients must originate and domicile in
the jurisdiction of the Unitary Republic of Indonesia.
(2) Loan Recipients as referred to in paragraph
(1) consists of:
a. an individual Indonesian citizen; or
b. Indonesian legal entity.
The second part
Lender
Article 16
(1) Lenders may originate from within and / or
overseas.
(2) Lenders as referred to in paragraph (1)
consists of:
a. an individual Indonesian citizen;
b. foreign national;
c. Indonesian / foreign legal entity;
d. Indonesian / foreign business entities; and / or
e. international institutions.
So by this a lender can be an Indonesian or foreign business. Now whether that includes a business that the same owner of the p2p owns, we'll see if there is any conflict of interest or not. I'm betting whatever way theyre doing it, they already verified its acceptance with the OJK.
