The Financial Services Authority (OJK) has noted that fintech peer-to-peer (P2P) lending platforms have not yet fully implemented the use of the Financial Information Service System (SLIK).

Nailul Huda, Director of the Digital Economy Center at Celios, emphasizes the need for full adoption of SLIK in fintech lending.

He explains, “The use of SLIK enables the fintech lending industry to avoid unqualified borrowers, which can reduce loan defaults.”

Preventing Loan Defaults Through Better Borrower Screening

Nailul also highlights SLIK’s potential to screen out borrowers who have defaulted in traditional banking sectors.

“It is common for delinquent credit card users to attempt to cover their debts by borrowing from fintech lenders,” he said.

This filtering capability helps protect fintech platforms from high-risk clients.

Challenges of SLIK Implementation in Fintech Lending

While advocating for SLIK use, Nailul points out a practical challenge: fintech lending requires rapid loan application processing.

“The speed of access to SLIK data could be a bottleneck since thousands of loan applications need analysis within minutes,” he warns.

Regulatory Timeline and Benefits of SLIK Integration

Agusman, Executive Head of Supervision for Financing Institutions at OJK, explains that fintech lenders have until July 31, 2025, to comply with mandatory SLIK reporting as per OJK Regulation No. 11/2024.

He adds that integrating SLIK with the upgraded Fintech Lending Data Center (Pusdafil 2.0) is expected to improve transaction data quality, strengthen credit scoring systems, and reduce non-performing loans (TWP90), while enhancing consumer protection.

Starting July 1, 2024, OJK has implemented Pusdafil 2.0, designed to integrate fintech lending data with SLIK.

This system aims to advance fintech lending oversight by providing comprehensive data integration, supporting better credit risk assessment and regulatory compliance.

PHOTO: FREEPIK

This article was created with AI assistance.