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Sharing Economy

Indonesia tightens screws on peer-to-peer lenders

Online financing boom draws scrutiny as abuses mount

A woman checks her phone while shopping at Senayan City Mall in Jakarta. The spread of smartphones has helped propel the growth of online lending in Indonesia.   © Reuters

JAKARTA -- Indonesia's flourishing peer-to-peer lending industry is under scrutiny as complaints surge over a market that meets a need for fast credit but attracts unscrupulous players.

The Financial Services Authority, or OJK, recently said it has enlisted the Communications Ministry to block more than 400 websites and smartphone applications offering illegal P2P lending services.

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