The Indonesian Financial Services Authority finds it difficult to spot unauthorised financial technology or FinTech firms that operate through websites, mobile apps and social media. This has not stopped it from closing down 826 of them this year, according to Bloomberg.

A police spokesman at a recent regulatory press conference in the capital of Jakarta told reporters that many of these outlawed FinTech companies charged exorbitant fees and went about 'recovery,' a term he presumably used to refer to chasing unpaid fees or loans, in an unethical and intimidatory manner.

Indonesia has been hailed as the "wild, wild West of the peer-to-peer lending scene." One of the most prominent of legitimate Indonesian FinTech start-ups is Ajaib, an online wealth management app which claims to run Indonesia’s first robo-advisor. It offers HNWs low minimums and no account fees. Ajaib's website states: "We were part of Y Combinator summer 2018 batch as the only startup from Southeast Asia. We are based in Jakarta." The firm goes on to describe itself as "a newly minted startup with the very bold ambition of becoming the 'Ant Financial' of wealth management for Indonesia."

Asia Business Law Journal says about OJK regulation in this area: "One of the first regulations issued by the OJK is Regulation POJK 77 on Information Technology-based Money Lending Services. This regulation sets the scope of P2P lending practice, from its business activities, registration and licensing procedures, the relationship between the P2P lending providers and users, risk mitigation, information technology system maintenance, to prohibitions in P2P lending and the minimum requirements regarding agreements between lender-borrower and lender-service provider.

"To supplement this regulation, the OJK issued Circular Letter SEOJK 18 regarding Governance and Management of Information Technology Risks in Information and Technology-Based Money Lending Services. SEOJK 18 regulates more technical aspects regarding the governance of a P2P company as well as the mitigation of risk, including security measures for the system of a P2P company."