OJK Gives Loans for P2P Lending Service Registration Until the End of the Year

The Financial Services Authority (OJK) provides leniency registration process to players p2p loans until the end of this year, from the beginning of the specified deadline until June 29, 2017.

In fact, when referring to the contents of POJK Number 77, it is stated that the deadline given for pocketing a registered certificate is six months from the date the regulation is enforced or June 29, 2017. After that, they are required to increase their paid-in capital to IDR 2,5 billion to apply for a permit for a maximum of one year. after the company is registered with the OJK.

"Considering the p2p lending fintech business, most of which are startup companies, which incidentally have a high failure rate. Therefore, we have relaxed the registration process until the end of this year," explained the Director of Supervision of the OJK Financing Institution Tuahta Aloysius Saragih, Tuesday (23 /5).

Aloysius explained that the relaxation would apply to all fintech companies p2p loans which is currently in the process of applying for registration. If, by the end of this year, there are still companies that have not obtained a certificate of registration, the regulator will re-examine the company.

"When the [registration] time is up, but there are still companies that haven't received a proof letter, we will examine them and check again."

For your information, of the 28 companies that submitted the registration process, there were only three companies that had already pocketed a certificate of registration. They are PT Pasar Dana Loan (Danamas), PT Danakita Data Prima, and PT Lunaria Annua Teknologi (KoinWorks).

Don't make it difficult

In addition, the Indonesian Fintech Association (AFTECH Indonesia) asked the Financial Services Authority (OJK) not to complicate the p2p lending registration process which was considered too technical.

Director of Public Policy AFTECH Indonesia Ajisatria Sulaeiman said that his party regretted that the requirements that the OJK had to fulfill were too technical because they had to attach various evidences.

He gave an example, one of the conditions that must be met is proof of paid-up capital of Rp1 billion. The perpetrator must attach proof of transfer, even though it can actually be checked in the checking account.

"Because they have to attach various proofs, many companies are stuck in submitting the registration process. Even though we feel that such requirements are very technical and not substantial. We ask regulators not to make it difficult," concluded Aji.