Indonesia's Financial Services Authority sets transaction reporting and data-use rules for online lenders

Indonesia's Financial Services Authority issued rules requiring information technology-based co-funding service providers, or online lenders, to submit complete, accurate, current and timely financing transaction data through the authority's reporting system. While that system is being developed into a two-way platform, providers must also report transaction data to their industry association through the Fintech Data Center. The rules allow providers to request borrower information for financing, risk management and regulatory compliance purposes, subject to statutory limits and data protection requirements. Providers must appoint a director responsible for reporting, maintain written policies and procedures, conduct periodic internal audits and establish internal controls, including segregated reporting-system functions. Providers and their association may not disclose or sell user information except as permitted by law, and administrative sanctions apply to breaches of reporting, information-use and governance requirements.