Indonesia regulator considering licence requirements for influencers promoting financial products
Indonesia regulator considering licence requirements for influencers promoting financial products | Insurance Business New Zealand
Insurance News
Indonesia regulator considering licence requirements for influencers promoting financial products
Social media content creators should have a licence for the services they promote, the chief executive said
Insurance News
By
Kenneth Araullo
The Financial Services Authority (OJK) of Indonesia is mulling over regulations mandating celebrities, influencers, and other social media content creators to obtain an appropriate licence for the financial products they promote.
OJK chief executive of supervision of financial services business behaviour Friderica Widyasari Dewi said that these influencers should have a licence if they want to continue promoting or marketing financial services or products.
Dewi cited an insurance licence as an example, according to a report from Tempo, during a discussion on digital financial crimes at the Kominfo Ministry. She added that the agency will investigate the possibility of implementing the regulation in Indonesia.
“So, it (the requirement) is not just the blue ticks. Right now, a lot of people have already had blue ticks,” Dewi said.
The regulator has also discussed this matter with other regulators in different countries during a previous meeting. Dewi also said that it is already in effect in some countries as the marketing or endorsement of financial products can be a very serious matter.
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