The Indonesian Joint Funding Fintech Association (AFPI) forecasts that fintech lending in collaboration with BPRs (rural banks) can increase financing outside of Java to 20% in 2022, from the current 15%. This is in line with the recent guidelines issued
The Indonesian Joint Funding Fintech Association (AFPI) is expecting total loan disbursement of IDR86 trillion (US$5.9 billion) for 2021, a significant increase from IDR65 trillion (US$4.46 billion) in 2020. According to OJK, the non-performing loans (NPL) for outstanding credit past
The Chairman of OJK (Financial Services Authority), Wimbah Santoso, mentioned an improvement in credit growth, in line with the government’s strategy to promote a national economic recovery from the pandemic. The credit growth rate was at negative 1.92% as of
OJK released new regulations concerning the implementation of risk management in the use of information technology by non-bank financial institutions (NBFIs). The regulation requires NBFIs to have: 1) active supervision by the board of directors and the board of commissioners;
OJK has issued two schemes (technical guidance) for Indonesian rural banks (BPRs) and fintech P2P platforms to collaborate. The channeling scheme enables the P2P platform to be the channel or intermediary between the BPR as the institutional lender and the
Bank Jago, a digital bank, is actively engaging in fintech lending to reach consumers who are difficult to reach by banks. To date, the digital bank has committed to channeling schemes of IDR 100 billion (US$ 6.9 mil) with Akulaku
With the rise in digital transactions and fintech lenders, OJK is catching up to regulate this sector. In early 2021, OJK found as many as 68 illegal non-bank financial sector businesses, consisting of 51 unlicensed P2P lenders and 17 pawn
The policies address critical enablers of the financial services ecosystem. These policies cover regulatory sandboxes to enable business model innovation, expanding regulatory scope to include digital financial systems between different parties, e.g: API applications., strengthening human source and research capabilities.
While OJK encourages the productive growth of fintech lending, there are major concerns for misuse of the technology. With effect from 29 January 2021, the new regulation contains 108 pages concerning 9 important areas on anti-money laundering and terrorism financing
Financial Services Authority (OJK) shared that fintech P2P lending volume has reached IDR 155.9 trillion in 2020. OJK estimates that this will continue to grow and attract 8 million new borrowers this year. Unintended consequences of this success is the
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