OJK The TWP90 Value Of The P2P Lending Industry Is Still Maintained Below 5 Percent

Illustration (Photo: Doc. Antara)

JAKARTA - The Financial Services Authority (OJK) noted that the 90 (TWP90) default level industry peer to peer (P2P) lending is still maintained below five percent.

Based on the latest data from the OJK as of October 2023, the outstanding P2P lending financing grew 17.66 percent on an annual basis to Rp58.05 trillion with TWP90 which was considered still in a well-maintained condition, at 2.89 percent.

"Aggregately, the TWP90 P2P lending industry is still maintained below five percent, 2.89 percent," said OJK Chief Executive of Financing Institutions, Ventura Capital Companies, Micro Financial Institutions and Other Financial Services Institutions Agusman, quoted from ANTARA, Saturday, January 6.

However, Agusman said, there are several P2P lending fintechs that have TWP90 above five percent, so they still need to be monitored.

He appealed to these business actors to immediately make improvements to their financial administration system and submit an action plan.

"For those who exceed five percent, to immediately submit an action plan for improvement steps," he said.

Furthermore, there are several P2P lending fintechs that have TWP90 above five percent, such as TaniFund which reached 63.93 percent and Investree which amounted to 12.58 percent.

From the latest OJK data, the number of registered P2P lending fintechs is currently 101 companies.

Meanwhile, the OJK stipulates that the fulfillment of the minimum equity of P2P lending fintech is IDR 12.5 billion which is carried out in stages, namely IDR 2.5 billion in July 2023, IDR 7.5 billion in July 2024, and IDR 12.5 billion in July 2025.

In November 2023, OJK noted that there were 23 P2P lending organizers who had not met the minimum equity fulfillment provisions of IDR 2.5 billion.

The company has submitted an action plan that contains strategic steps to fulfill minimum equity.