TaniFund License Threatened to Be Revoked This Year

The Financial Services Authority (OJK) stated that TaniFund's business license was in danger of being revoked if the company did not immediately settle all of its bad debt obligations. OJK has given TaniFund a maximum deadline of up to the middle of this year to resolve this bad credit problem.

OJK Director of Regulation, Licensing and Supervision of Financial Technology Tris Yulianta said that currently TaniFund is under special supervision. "We asked TaniFund to do it action plan. If by the time limit [the requirements] are not met, we will act even more strictly," Tris said when met at the AFPI-Taralite Halal Bihalal event, last week (5/5).

Tris said, almost every week or at least once every two weeks, OJK communicates with TaniFund regarding the progress of the settlement of these bad loans. He said that TaniFund had collected the bills, but the results were not significant. "So bad credit Actioncalendar which was busy yesterday, some have been successfully withdrawn. But not significant."

According to him, the problem of bad credit in companies is very complex, not only management, but also problems with borrowers. "Because this is the agricultural sector, it could be that the success rate of the harvest does not match expectations. However, it cannot be said that this is just that borrowers-his. This impact of two things, expectations borrowers the harvest level is not appropriate, and risk management is also not good."

Until now the TaniFund site (tanihubgroup.com) has disappeared, only TaniHub Food Solutions is available B2B solutions of the group as a supplier to the business.

Quote from CNBC Indonesia, TaniHub has been in the news a lot because of the PKPU lawsuit filed at the Central Jakarta District Court. The lawsuit arose because of the high level of bad credit. Reported in March 2023, TaniHub's TKB90 was only 36,07%.

The moratorium was immediately lifted

Not only that, OJK also intends to lift the temporary suspension (moratorium) of p2p permits lending soon. The reason is that licensing for the launch of new technology is already in the final evaluation stage. Once completed, the moratorium will be lifted immediately.

"We are working on it this year, maybe not even until the end of this year [to lift the moratorium]. In the near future it could be finished because the evaluation is already in the final stages," he added.

Tris explained that the technology that will be launched is called the Integrated Licensing System (SPRINT). This system will make company registration faster and more transparent. Applicants can find out how far the permit application has progressed at the OJK. Previously, registrants were unable to track document licensing progress using the old system.

He added that the moratorium was implemented in February 2020 because it aimed to strengthen the supervision system, as well as improve the quality of p2p companies lending registered with the OJK. As a result, it can be seen that from the number of companies registered at that time reaching 164, now there are only 102 companies that are able to survive.

Based on OJK statistics, from 2018 to February 2023, total funding distribution has reached IDR 564 trillion, distributed by 1 million lenders to 106 million loan recipients. As of April 3, 2023, this industry has posted profit amounting to IDR 98,25 billion in February 2023.