OJK Assessment Of The Impact Of Demo On Multifinance, Encourages Restructuring For Affected Debtors

Chief Executive of the Supervision of the Ventura Capital Company Financing Agency, Micro Financial Institutions and Other Financial Services Institutions OJK RI Agusman. (ANTARA)

JAKARTA - The Financial Services Authority (OJK) stated that it is conducting a thorough assessment of the impact of demonstrations in several cities on the financing sector, in particular the potential for increasing problematic financing or non-performing financing (NPF) for multifinance companies.

The Chief Executive of the Supervision of the Financing Institution, Ventura Capital Company, Micro Financial Institution, and Other Financial Services Institutions (KE PVML) OJK, Agusman, said that his party together with industry players and related associations continued to record potential risks, including losses to financing objects that were damaged or lost during demonstrations.

"Observing the current situation, OJK will continue to improve monitoring and communication with the PVML industry to believe that services to the community are still running well, including in providing easy access to financing for MSMEs," Agusman said in a written statement, Sunday, September 7.

Agusman said, for debtors who were materially affected and experienced a decrease in the ability to pay, the OJK encouraged finance companies to provide credit relaxation through a restructuring scheme.

This relaxation is still carried out by prioritizing the principles of prudence and protection of customers in accordance with applicable regulations.

As part of a strategy to maintain stability and expand access to financing, OJK also prepares deregulation steps. One of them is by providing ease of financing for potential customers of financing companies, infrastructure finance companies, and pawnshops based on historical data that have non-current non-material financing quality.

"As long as the prospective customer is still considered to have the ability to pay installments and is in line with the risk appetite of the financial services institution concerned, financing can still be given," said Agusman.

Regarding the direct impact on operations, OJK confirmed that several branches of finance companies were affected by demonstrations. However, the finance company has made adjustments to services and asset security so that disruptions can be controlled.

“Dampak kerusakan pun relatif terbatas, sehingga kinerja perusahaan pembiayaan secara keseluruhan diperkirakan tetap terjaga seiring membaiknya kondisi,” jelas Agusman.

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"The impact of the damage is relatively limited, so the performance of the financing company as a whole is expected to be maintained as conditions improve," explained Agusman.