FasaPay Gets Included into FSA’s List of Problematic Companies (UPDATED)

Amir Karimuddin - 14 November 2014

This is about, again and again, the troublesome FasaPay. This time, the startup gets included into a list of total 262 problematic companies released by the Financial Services Authority (FSA). In response to the inclusion, FasaPay’s legal representatives have put numerous attempts to clarify the data by claiming that it is invalid, since FasaPay is not a foreign exchange investment provider.

As Kontan reported, FasaPay got included because the FSA thought that the startup is a provider of foreign exchange investment, while actually it is an e-money-based online payment services provider. As being cited from the same source, FasaPay’s legal officer Alfredo Sudrajat clarified, “We are not an investment company, but e-money-based one. So far, e-money isn’t something that the FSA administers, thus I said that the data is invalid.”

Ironically, FasaPay’s parent company, PT Fasa Centra Arthajaya, has yet obtained a license as an e-money services provider from the Bank of Indonesia (BI). In this regard, Sudrajat argued that the administration process of obtaining the license has already been 75%. Several other non-bank (and non-operator) e-money companies that have been awarded the license are Artajasa, Finnet, Doku, Skye Sab, MVCommerce, and Witami Tunai.

Ever since 2013, FasaPay has been partnering with a Bontang-based domestic ticket reservation provider Instan Ticket. During the announcement of the partnership last June, FasaPay’s Marketing Manager Prisantya Fridayana stated that the company had had 40 thousand registered users, 72% higher than last year.

According to our investigation towards the service, FasaPay indeed has numerous clients who work on online forex business. In fact, its list of clients is dominated by forex brokers and exchangers. Well, one of them might be a fraud, thus the FSA put FasaPay into its list of problematic companies. Who knows.

Update: FasaPay is no longer included in FSA’s list of problematic companies.

Update 2: According to FSA’s official list, FasaPay is STILL included as one of problematic companies. As being stated on FSA’s official page, companies which get included in the list are those with no FSA’s license or supervision.

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