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Indonesian regulator revokes Crowde’s license over financial issues
Indonesia’s Financial Services Authority (OJK) has revoked the business license of PT Crowde Membangun Bangsa (Crowde), a P2P lending platform, after the company failed to address its financial health issues.
OJK said Crowde was under special supervision due to unresolved operational and financial problems, including not meeting the minimum equity requirement of 12.5 billion rupiah (US$748,000).
The regulator noted that Crowde had not made progress on resolving these issues, leading to the license cancellation.
Prior to the revocation, Crowde faced payment failures, and OJK conducted an investigation into alleged misappropriation of funds from a facility provided by J Trust Bank, including suspected fraudulent recipients and document falsification.
OJK said it has taken enforcement actions following its investigation into the alleged violations.
🔗 Source: Kontan
🧠 Food for thought
Implications, context, and why it matters.
- Crowde allegedly diverted Rp 800 billion from Rp 1.3 trillion disbursed in 2021-2024, with Rp 500 billion funding farm activity, which means about 62% of disbursements were fictitious without clear assets 1.
- Bank Mandiri (Indonesia’s largest state-owned bank) extended Rp 300-400 billion, Bank BJB (a regional development bank) gave Rp 200 billion, plus J Trust Bank and local BPRs (Bank Perkreditan Rakyat, community/rural banks) 1. The case raised questions about verification at the P2P platform and at partners offering channeling facilities (banks that fund platform-originated loans) 1.
- Indonesia’s Financial Services Authority (OJK) put Crowde under special supervision for unresolved operational and financial problems, then revoked its license 1. Issues included failure to meet minimum equity and other governance requirements 1. J Trust Bank found fictitious borrowers through internal findings that led to a police report in February 2025 1.
- For fintech compliance vendors, the 96 OJK-licensed peer-to-peer (P2P) platforms need to set themselves apart after revocations 2. These platforms require stronger Know Your Customer/Anti-Money Laundering (KYC/AML) and borrower verification tools 2. Escrow reconciliation that matches inflows with outflows can flag anomalies and block alleged fictitious loans at Crowde 1.
- Agricultural tech providers can help as 30.91% of P2P lending went to productive sectors as of November 2024 3. OJK wants this to reach 40-50% by 2026 4. Field verification tools and supply chain tracking validate farm activity, reducing risk seen in the Crowde case 4.
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