Banking - OJK records outstanding Pinjol financing of IDR 58.05 tn

Banking - OJK records outstanding Pinjol financing of IDR 58.05 tn The Financial Services Authority (OJK) announced that the performance of fintech peer to peer (P2P) lending, aka online loans (pinjol), experienced positive growth, this can be seen from the growth in outstanding financing until October 2023. According to OJK Outstanding Pinjol Financing of IDR 58.05 tn as of October 2023, while as of Septr 2023 outstanding loan financing at IDR 55.70 trillion, grew 14.28% yoy. The aggregate level of fintech P2P lending bad credit or the 90-day default rate (TWP90) in a condition that was still maintained. (Source: Kontan). Comment: We believe online loan, Pinjol, demand will continue to increase as it usually easier to get approval rather than other forms of financing. Yet, government has set and will continue to strict the regulation to underpin the growth and at the same time managing the bad debt from Pinjol. Thus, will overall support the growth and make non-performing loan become healthier.