As of September 2024, the Financial Services Authority (OJK) of Indonesia reported that outstanding peer-to-peer (P2P) lending loans reached IDR 74.48 trillion, marking a substantial increase of 33.73% compared to IDR 55.70 trillion during the same period last year. However, when compared to August 2024, the growth was more modest at 14.28% year-over-year.

Despite the robust growth in the P2P lending sector, the OJK highlighted that the rate of non-performing loans, measured by the TWP90 ratio, remains under control, sitting at a stable 2.38%. This figure shows a notable improvement from the previous year, when the TWP90 ratio was recorded at 2.82% as of September 2023. Furthermore, the ratio has not fluctuated since August 2024, maintaining the same level.

Agusman, the Executive Head of the OJK's Supervision of Financing Institutions, Venture Capital, Microfinance Institutions, and Other Financial Services, addressed these figures during a press conference regarding the assessment of the financial services sector and OJK policies on October 1, 2024. He emphasized the importance of maintaining healthy credit quality as the sector grows.

In addition to these figures, OJK noted that as of October 2024, there are 14 out of 97 P2P lending firms that have yet to meet the minimum equity requirement of IDR 7.5 billion. Among these, five companies are currently undergoing assessments regarding their capital contributions. The OJK is actively pushing for compliance with these equity requirements through various measures, including capital injections from shareholders and strategic investors.

In 2024 alone, the OJK has revoked the licenses of four P2P lending providers, including PT Tani Fund Madani Indonesia, PT Akur Dana Abadi, PT Semangat Gotong Royong, and PT Investree Radika Jaya. These actions were taken due to the companies' failure to comply with minimum capital and regulatory requirements, signaling OJK's commitment to enforcing compliance and safeguarding the financial ecosystem.

The regulator continues to promote sustainable growth in the P2P lending sector while ensuring that companies adhere to established standards. This dual approach aims to foster an environment conducive to innovation and consumer trust in digital financial services.

As the P2P lending landscape evolves, the OJK is expected to maintain close oversight, ensuring that firms meet the necessary capital and operational requirements while providing essential financing solutions to a diverse range of borrowers, particularly micro, small, and medium enterprises (MSMEs).

The ongoing adjustments and regulatory actions reflect the dynamic nature of Indonesia's fintech industry, which, while showing strong growth, must navigate compliance challenges and market demands to sustain its trajectory.

BISNIS.COM