Indonesia’s Financial Service Authority (OJK) has introduced a new framework governing financial influencers, requiring them to disclose economic interests, provide risk warnings, and refrain from promoting unlicensed financial products as authorities seek to curb misleading financial content online.
Under the regulation, individuals or entities that disseminate information about financial products and services—commonly referred to as financial influencers, or finfluencers—must provide information that is clear, accurate, honest, easily accessible, and not misleading. They are also prohibited from guaranteeing returns, promoting unlicensed products, or collaborating with illegal financial operators.
“OJK issued this regulation to encourage the delivery of financial sector information that is clear, accurate, honest, easily accessible, and not potentially misleading, thereby supporting consumer and public protection,” the regulator said in a statement on Wednesday.
The move comes as social media personalities and online content creators increasingly influence retail investors and consumers across a broad range of financial products, from stocks and mutual funds to crypto assets, lending platforms, and buy-now-pay-later services.
The regulation classifies financial-information activities into three categories: financial education, marketing, and recommendations. While educational content is expected to focus on improving financial literacy without promoting specific products, marketing activities can only be conducted through cooperation agreements with licensed financial institutions. Recommendations, meanwhile, are subject to stricter requirements depending on the type of product being discussed.
For sponsored content, influencers must clearly disclose any economic interest, including commissions, remuneration, referral fees, or other benefits received from financial institutions or related parties. Such disclosures must be presented in a way that is easy for consumers to understand.
The regulation also imposes additional disclosure requirements for high-risk products such as digital financial assets, stocks, complex investment products, peer-to-peer lending for lenders, and BNPL services. Influencers must explicitly state the risks involved and remind audiences to conduct their own analysis before making financial decisions.
In the case of investment recommendations, influencers must hold relevant licences where required by law. Those providing recommendations on digital financial assets, including crypto assets, are required to possess competency certifications if no licensing regime yet applies.
OJK said the regulation is intended to serve as a guideline for information providers “who are known and influential among the public” to help maintain the quality and integrity of financial information in Indonesia. The regulator added that the framework is expected to support a more trusted financial ecosystem and improve public financial literacy.
The rules also grant OJK authority to issue written orders against violators and request the Ministry of Communication and Digital Affairs to remove content, block accounts, or restrict access to online materials that breach the regulation. In urgent cases that pose significant risks to consumers, OJK may seek a takedown without first issuing guidance or warnings.
Financial institutions working with influencers will also face greater accountability. They are required to ensure that influencers disclose their relationship with the institution, market only authorised products, and possess adequate competence. Financial institutions remain responsible for information disseminated on their behalf and may face administrative sanctions for non-compliance, including fines of up to 15 billion rupiah (around $835,000).
Notably, the regulation exempts journalists carrying out journalistic activities and educators delivering financial content within academic settings, provided they operate under applicable professional codes of ethics and regulations.
Existing marketing partnerships between financial institutions and influencers must be aligned with the new requirements within six months of the regulation taking effect.
