The Fintech Lenders Association of Indonesia (AFPI) has allegedly come forward to disburse the budget allocated to the country’s National Economic Recovery Program (PEN).
As first reported through the Jakarta Post, the Indonesian government has had trouble downloading the knowledge needed to provide investment in the right places. Adrian Gunadi, president of AFPI, said on September 3, 2020, that the country’s financial technology lending sector aims to serve others who are not bankrupt or financially disadvantaged.
He added that these lenders can simply have the government satisfy the wishes of micro, small and medium-sized enterprises (SMEs). He also commented that the credit sector already has a central knowledge center and analytical functions that can resolve loan disbursement-like disorders. The knowledge center would involve vital data on more than 25 million Indonesian companies, which financial technology service providers use to create credit profiles.
Gunadi, who is the leader of Investree, a P2P lending platform, said:
“The presence of fintech lending platforms, whether in the client or production sector and especially for SMEs, [can play] a vital role in supporting the national economic recovery effort. Knowledge is one of the central themes of the P2P lending sector. “
AFPI members contributed 113. 46 trillion rupees (about $7. 7 billion) in loans this year (June 2020), representing a significant increase of 153% year after year. ecosystem of loans, including virtual trading platforms.
According to Gunadi, Indonesia wants more regulatory assistance from the government, as this can potentially help access reliable financing options.
The Indonesian government has earmarked 123 trillion rupees (about $8. 3 billion) from its budget of 695. 2 trillion rupees (about $47. 1 billion) earmarked for COVID-19 for local SMEs, which, like other countries, are part of the base or spin-off of the country’s $1 trillion economy. Many fintechs and other service providers in the country have been greatly affected by the pandemic and the resulting socio-economic challenges.
But the government is said to have spent about 25% of its budget for the coronavirus, raising considerations as to whether and when Indonesia’s economy will recover.
Rosan Roeslani, president of the country’s Chamber of Commerce and Industry (Kadin), said local financial technology lenders had helped many SMEs become a component of the virtual economy, but notes that only about 14% of the country’s 60 million SMEs have switched to a virtual ecosystem (meaning managing the maximum of their online operations).
There are at least 158 fintech platforms officially registered with the Financial Services Authority (OJK) as of August 5, 2020. As shown through Jakarta Post, 33 of those service providers have been authorized to operate in the country.
Contact us Crowdfund Insider Fintech Insider® Disclosure Quest Digital Assets Insider® C/ O Crowded Media Group, LLC PO Box 221196 Beachwood OH 44122 USA Information: [email protected] Support: [email protected] Advertising: [email protected] CI on Twitter CI on Facebook CI on LinkedIn CI on Instagram on Instagram
Categories To General News Crowdfunding Portals Policy Strategy Global Fintech Real Estate Offers Asia Women Change Finance
Services Send a suggestion announcement on Crowdfund Insider