China’s Tongdun Technology offshoot in Indonesia granted license to work with local fintech startups

Tongdun will be working with fintech operators registered with the OJK.

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Tongdun Technology Indonesia has obtained a license from Indonesian financial services authority (OJK) as a tech solutions provider for financial digital innovation, reported local media outlet Investor Daily.

With the license, Hangzhou-headquartered Tongdun Technology is now able to work with fintech operators registered with the OJK. According to the report, Tongdun will provide solutions for credit scoring fintech companies.

The firm is also admitted to the OJK’s sandbox regulatory process. This process is an instrument and formal accreditation process used by the OJK to test the business model, products, services, and technology of fintech companies in Indonesia.

Tongdun entered the country in January 2019 and its new license shows the company’s seriousness in tapping into the Indonesian market.

Technology solutions from Tongdun help fintech platforms carry out precise and accurate risk assessments during the loan review process and protect them from fraud threats.