There has been interest from fintech P2P lenders to acquire banks, as part of their efforts to increase share of MSME lending in Indonesia. Most recently, P2P fintech, Amarta, was reportedly in talks to acquire Bank Victoria Syariah by taking
Kredivo expanded its market presence in Vietnam via a joint venture with Phoenix Holding, Vietnam’s pioneering family office with a diversified portfolio in consumer, financial services, retail and technology. Vietnam has a low credit card penetration, at 4.1% of the
P2P actors have been focused on financing MSMEs in Indonesia. Modalku has disbursed +US$1.68 billion (IDR24.5 trillion) to 4.6 million MSME across Indonesia, Singapore, Malaysia and Thailand. Similarly, Koinworks stated that it had disbursed US$70 million (IDR1 trillion) in 2021
Modal Rakyat, a peer-to-peer lending company, announced the partnership with Bank Jago to channel US$3.5 million (IDR50 billion) to MSMEs. Bank Jago, with a minority stake owned by Gojek, is one of the digital banks in Indonesia. Modal Rakyat also
Most domestic fintech lending capital comes from the financial services industry, such as banking, non-bank financial institutions, and cooperatives. The banking sector has continued to be the main capital-provider for fintech lenders since the beginning of 2021, up to US$165
Kredivo, a fintech peer-to-peer company (P2P), acquired 24% of PT Bank Bisnis Internasional Tbk (BBSI) shares valued at US$38.5 million (IDR 551.31 billion). The management of BBSI shared that the change in share ownership had no impact on business operations.
Digital wallet companies are seeking growth through lending, with some acquiring peer-to-peer companies as part of their growth strategy. Most recently, LinkAja, a digital payment company, acquired iGrow, a peer-to-peer fintech company. Similarly, OVO also partnered with Taralite since 2019
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
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
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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