The Financial Services Authority (OJK) of Indonesia has imposed restrictions on Indonesian fintech Akulaku‘s buy now, pay later (BNPL) business.
The restrictions are due to the company’s failure to carry out supervisory actions requested by the OJK, namely restrictions on the distribution of financing using the buy now pay later (BNPL) scheme.
This means that Akulaku is prohibited from conducting any new BNPL business activities, or from providing BNPL financing to existing customers. The company is also prohibited from distributing financing through channeling or joint financing schemes.
The OJK has ordered Akulaku to implement corrective action plan that it had submitted to the regulator on 5 October 2023.
