23 Multifinance Companies Face Sanctions for New Capital Regulation
The Financial Services Authority (OJK) will raise the minimum capital requirements for multifinance companies to Rp 250 billion from previously Rp 100 billion. This policy is still being processed, and its value has the potential to change according to the industry's capability.
OJK's Deputy Director of Financing Institution Supervision Indra said the plan to increase multifinance companies' capital would be included in the revision of OJK Regulation (POJK) No. 28/POJK.05/2014 concerning Business Licenses and Institutional Financing Companies.