Indonesia's Financial Services Authority (OJK) has revoked the business licence of PT Crowde Membangun Bangsa (Crowde), an operator of information technology-based joint funding services (LPBBTI or online lending), under an OJK Board Member Decree dated 6 November 2025. The action follows breaches of minimum equity and other regulatory requirements, alongside a deterioration in the company’s performance that impacted operations and services. The revocation cites non-compliance with OJK Regulation No. 40 of 2024 on LPBBTI, including minimum equity rules. Prior to withdrawing the licence, OJK directed Crowde’s management and shareholders to remedy equity shortfalls, improve performance and meet applicable requirements, and applied escalating administrative sanctions from warnings through to a freeze of business activities and a designation as a provider that could not be rehabilitated. OJK also reported a re-assessment of a key party, Yohanes Sugihtononugroho, resulting in a “fail” outcome and a maximum sanction barring him from serving as a key party and or shareholder in financial services institutions, and it indicated it is pursuing enforcement processes with law enforcement authorities concerning suspected financial sector crimes related to Crowde’s failure. Following the licence withdrawal, Crowde must cease online lending activities except as required by law, preserve company assets (including prohibitions on transfers or encumbrances by shareholders, management, employees and related parties except to meet legal obligations), settle rights and obligations to lenders, borrowers and other parties, and fulfil employee entitlements. It must also convene a general meeting of shareholders within 30 working days of the revocation to form a liquidation team and dissolve the legal entity, submit a closing balance sheet to OJK, and appoint a responsible officer and staff as a task force and service centre for debtors and the public until the liquidation team is established, with that appointment to be reported to OJK within five working days of notification of the revocation.

Original source View in tracker