Indonesia’s Financial Services Authority (OJK) has increased its supervision of PT Lunaria Annua Teknologi following reports of payment delays to some lenders.

The company is a subsidiary of peer-to-peer lending platform KoinWorks operating as KoinP2P.

The OJK has summoned KoinP2P’s management team to explain the situation and outline steps to resolve the issue, which arose from the misuse of funds by a borrower.

KoinP2P management has committed to finding a resolution with lenders through rational and fair mutual agreements, in line with regulatory compliance, and to comply with all regulations.

The OJK has also secured a commitment from KoinP2P’s controlling shareholders to increase capital to ensure smooth operations and maintain services.

An on-site inspection of KoinP2P is underway, examining areas such as governance and risk management.

The OJK will take further action if any weaknesses or violations are found.

The regulator will continue to strictly monitor KoinP2P’s progress in fulfilling its commitments.