OJK, Indonesia’s Financial Services Authority, has just issued 15 new P2P registrations, bringing the total number of registered P2P platforms to 127.
At the same time, the number of official licence holders remains at 7.
We predicted in 2017 that the Chinese payday loan bubble would burst. Many of the early players were indeed wiped out – especially startups and those which did illegal lending.
Many of the major players in China, who are more interested in the long term rather than quick profit, are just starting to explore the market of Indonesia. This is evident through the interest in China Indonesia Fintech Summit Momentum Works organised in Shanghai this June.
The main challenge for many of them is to get clarity of regulatory direction – and this objective can certainly be achieved through more dialogue and frank conversations between the regulators, industry associations, the players and other stakeholders.
Over the last 2 years, we certainly see the regulations being adapted to changing dynamics in the market, and now it is reaching equilibrium.
Full list below (Source: OJK web site).