OJK Revokes OVO Finance's Business License

jpnn.com, JAKARTA - The Financial Services Authority (OJK) has revoked the business license of PT OVO Finance Indonesia (OFI).

This was decided by OJK's board of commissioners on October 19, 2021.

"With the revocation of the said business license, the company is prohibited from conducting business activities as a financing company," reads an official statement from the OJK.

According to the OJK, OFI is required to complete rights and obligations in accordance with the provisions of the applicable laws.

In addition, the company is prohibited from using the words finance, financing, and/or words that characterize sharia financing activities or institutions in the name of the company.

The rights and obligations of OFI under the OJK include:

1. Settle the rights and obligations of the relevant debtors, creditors and/or funders.

2. Provide clear information to relevant debtors, creditors and/or funders regarding the mechanism for the settlement of rights and obligations.