OJK Lifts Ban on Akulaku’s BNPL Service in Indonesia

OJK Lifts Ban on Akulaku’s BNPL Service in Indonesia

by March 5, 2024

Indonesia’s Financial Services Authority (OJK) has lifted restrictions on the buy now, pay later (BNPL) service offered by fintech firm Akulaku, according to a statement from the company to Tech in Asia.

This decision marks a major turnaround for Akulaku, enabling the company’s BNPL product, Akulaku PayLater, to resume its financing activities for users and customers as previously conducted.

The imposition of restrictions four months prior stemmed from alleged non-compliance with OJK’s supervisory obligations, which include stringent requirements on risk management and good corporate governance.

Following the enforcement of these limitations, Akulaku has reportedly committed to adhering closely to all regulations set forth by the OJK.

In addition to its BNPL offerings, Akulaku provides a broad range of financial services, such as virtual credit cards, wealth management products, and digital banking services in partnership with Bank Neo Commerce.

Established in 2014, Akulaku has a presence that extends beyond Indonesia to Malaysia, the Philippines, and Vietnam.


Featured image credit: Edited from Freepik