OJK: 20 Online Loan Providers Have Not Met Minimum Equity Requirement

TEMPO.CO, Jakarta - The Financial Services Authority (OJK) said that as of December 29 last year, 20 P2P lending organizers or online loan companies have not met the minimum capital requirement of at least Rp2.5 billion.

Agusman, the OJK's executive director for the Supervision of Microfinance Institutions and Other Financial Services Institutions, said that there are also seven multipurpose financing companies and nine venture capital firms that have not met the required capital.

"The companies have delivered their action plans, which consist of their strategic steps to reach the minimum equity,” he said on January 9 during a press conference for the result of the OJK's monthly Board of Commissioners' Meeting for December 2023.

The regulator, he said, continues to monitor the progress of these action plans which the OJK had approved; whether it is a capital injection from controlling shareholders or from new strategic investors. "There is also an option to return the business license to OJK."

The OJK, he said, has given written warnings to the companies that have not met the minimum equity requirements.

He added that P2P lending companies' outstanding financing grew 18.05 percent year-on-year (yoy) to a nominal value of IDR 59.38 trillion as of November 2023. This was an increase from the previous month's annual growth of 17.66 percent.

Also in November, the 90-day loan default rate stood at 2.81 percent, an improvement from October's 2.89 percent.

TEMPO.CO

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