DIGIVESTASI - The Financial Services Authority (OJK) has announced the revocation of the business license of PT Hewlett-Packard Finance Indonesia (PT HPFI), as stipulated in OJK Board of Commissioners Decree Number KEP-30/D.06/2023. starting December 18, 2023.

Aman Santosa, Head of Sponsorship, said: "This withdrawal was carried out because PT HPFI has undergone a compliance audit in accordance with applicable regulations, specifically the failure to implement the recommendations of the accounting audit results and not meeting the quality requirements of financial receivables". OJK's Financial Literacy, Socialization and Communication Department, as reported in its official release, Wednesday (December 20, 2023). 

Prior to the decision to revoke the business license, OJK imposed a business blockade sanction (PKU) related to the recommendations of the results of the direct inspection and due to PT HPFI's inability to comply with regulations that require financial companies to continue to run business operations. sponsor level. Accounts receivable balances (principal balances) by quality category at any time.

Non-Performing Financing (NPF) after deducting the allowance for the write-off of financial receivables made by the finance company to finance bad, doubtful and poor quality receivables compared to the total balance of financial receivables (unpaid principal), the maximum is 5%.

OJK provided sufficient time for PT HPFI to communicate compliance with NPF recommendations and regulations, but the issue was not resolved based on the recommendations of the direct inspection results and compliance with NPF regulations.  

The supervisory actions taken by OJK mentioned above, including the revocation of PT HPFI's business license, were carried out in the context of consistent and solid implementation of the provisions of laws and regulations aimed at creating a healthy and reliable financial industry. 

With the revocation of the business license, the Company is prohibited from conducting commercial activities in the field of financial companies and is obliged to adjust its rights and obligations in accordance with the provisions of the applicable laws and regulations, including: 

1. Regulate the rights and obligations of debtors, creditors and/or lenders; 

2. Provide clear information to debtors, creditors, and interested lenders regarding the mechanism for resolving rights and obligations; 

3. Provide a customer information and complaint center within the company. 
Furthermore, the Company is prohibited from using the words finance, financial and/or words that describe financial activities on behalf of the Company.