The Financial Services Authority (OJK) found 26 online loans (occupy), also known as fintech peer-to-peer (P2P) lending, which does not meet the minimum equity requirement of IDR 2.5 billion. Even though these terms and conditions shall apply from July 4, 2023.
“With regard to the obligation to meet the minimum equity requirement for Fintech P2P lending of IDR 2.5 billion, which will come into force on July 4, 2023, there are still 26 Fintech P2P loans that have not met the specified requirement,” the statement said. OJK Chief Executive Officer Insurance, Underwriting and Supervision of Pension Funds Ogi Prastomiyono at a virtual press conference on Thursday (03/08/2023).
To the 26 borrowers who failed to meet these conditions, Augie said his party had requested an action plan to meet the minimum capital requirement and conduct ongoing monitoring.
“Some of them are also still in the process of capital change approval to secure a minimum equity capital of IDR 2.5 billion,” he added.
For loans that have submitted an action plan improvement plan but have not applied for additional capital, OJK has given time to implement implementation no later than October 4, 2023.
Meanwhile, for loans that have been licensed for 3 years from the business license date from OJK, it is hoped that they will immediately look for a strategic partner to support the equity increase.
“For P2P fintech lending providers that fail to meet the minimum equity requirements by the deadline set in POJK No. 10 of 2022, supervisory action will be taken in accordance with the provisions,” he said.
Based on the POJK regulation No. 10 of 2022, those who do not comply with the provisions are subject to administrative sanctions in the form of written warnings, restrictions on business activities and / or revocation of business licenses.