Indonesia Halts Permit for New Fintech Lending Companies
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President Joko Widodo ordered a moratorium on license issuance for fintech lending as the country seeks to eradicate the rampant illegal businesses that have trapped many people and small firms with high-interest loans.
The government will also work with the police to take firm action against current illegal online lending practices, Communications Minister Johnny G. Plate said in a statement after a meeting with the president late Friday.