Peer to Peer Lending Can Be an Alternative Safe Funding
Financial technology (fintech) based on peer to peer lending offers loan and loan services and funding/investment to advance and help the community’s economy.
The development of fintech has continued to increase, although there is some speculation that the service is detrimental to consumers. However, along with the socialization and education carried out by many parties such as the media and YLBHI, the public or especially those who use these services also increasingly understand how to choose safer and more appropriate finteches. The method is to choose a fintech company that is already in the OJK.
The Financial Services Authority or often called OJK requires the public to access P2P Lending fintech services that have been registered with OJK so that the loan and funding activities can be carried out smoothly and safely. For P2P lending fintech companies registered with OJK, strict terms and conditions will be given. The company must be willing to be monitored and regularly audited. This is done as an effort to maintain security.
In peer to peer lending itself has two types of online funding providers namely P2P Multipurpose Funding and P2P Productive Funding.
Fintech P2P Lending Data Registered at OJK
OJK has added the latest Lending peer to peer (P2P) fintech platform that has won permission and is included in the list of authorities. On OJK itself since April 5, 2019, there have been 106 peer to peer lending platforms that have been officially established under the auspices of the OJK. This means, that number has increased by 7 fintechs from the previous platform in February 2019, which has reached 99 fintechs.
According to OJK data as of February 2019 outstanding lending loans at a growth of 605% year on year (yoy) has now become Rp.7.05 trillion. While the same position in February 2018 last year was only around Rp 1 trillion. The OJk data also noted the non-performing loan (NPL) ratio of 99 registered fintech lending was in the range of 3%, where in February 2019 the loan ratio traffic more than 90 days with a range of 3.18%. As for the loan ratio there are problems that are substandard from 30 days to 90 days in the range of 3.17%.
The Indonesian Joint Funding Fintech Association (AFPI) has appreciated the four newest members who received business licenses as fintech lending providers from the Financial Services Authority (OJK). The registration of business licenses from the four AFPI members indicates the trust of regulators in implementing fintech peer to peer lending in running their businesses. They have obtained official business licenses since May 15, 2019.
As of May 15, 2019, the total number of licensed and registered fintech operators had reached 113 companies. There are eight additional fintech organizers on the list including Digilend, Asakita, Duha Syariah, Alamisharia, Kaching, Bocil and FinPlus. The latest P2P Lending fintechs that have received official permits are PT Investree Radhika Jaya (Investree), PT Amartha Mikro FIntek (Amartha), PT Indo Fint Tek (Quick Wallet), PT Creative Mobile Adventure (KIMO).