This license for Santara is based on the Decision of the Board of Commissioners of the Financial Services Authority No: KEP-59/D.04/2019 about the Granting of an Equity Crowd-funding Business Permit. The permit was issued in early September 2019, marked a new regulation.
Regarding of the POJK 37/POJK.04/2018 about Funding Services through Technology-Based Shares Offering, PT. Santara officially has a business license as an Equity Crowd-funding Operator. The activities of the Fund Funding Service here would be regulated and supervised by the OJK.
In this case, the OJK would provide legal certainty and protection for any parties involved in the Fund Funding Service activities through Technology-based Stock Offering carried out by PT. Santara. Thus, every party can feel assured while doing the activities.
“With legal certainty and protection for the parties, we hoped that it can give some space for startup companies to grow. They can get access to funding in the Capital Market and improve financial inclusion in Indonesia, particularly in the Capital Market,” the OJK representative said last Tuesday.
The OJK added that as an authority that supervises activities in the financial sector, it applies a market conduct-based supervision approach to crowd-funding activities. With this approach, the OJK encourages the use of information disclosure by the Issuer and the establishment of secure and reliable information.
Moreover, the OJK also hopes that there would be the establishment of a credible operator in the activities of the crowd-funding. The offering of shares by each issuer through this Crowd-Funding Services doesn’t include public offering as referred to Law Number 8 of 2019 about Capital Market.
In this case, the stock offering should be made through an Operator who has obtained a license from the OJK and the stock offering is carried out for the longest period of 12 months. Meanwhile, the total funds raised through the offering of shares are at most IDR 10 billion.
PT. Santara Daya Inspiritama was established in 2012 in Yogyakarta. This startup is currently focused on offering Crowd-Funding Services for a variety of small businesses, such as sheep farming, duck farming, food selling, papaya and durian plantations, and so on.
In its activities, PT. Santara has 1,082 registered investors. Now, this startup is becoming the first fin-tech equity crowd-funding that has a legal permit from the Financial Services Authority. It was reported as the result of the Santara’s hard work over the past year.
Eventually, the Financial Services Authority hoped that the company can be more open up after its permit. It also hoped that in the mid-range term, financial inclusion in the capital market can be increased. Now, there are 127 fin-tech lending startups registered and eight of them have gained permission.