Indonesia Digest: Go-Jek partners 3 P2P lenders; OJK revokes permit of 5 online lenders

Photo: GoJek

In a couple of the latest news in the peer-to-peer sector in Indonesia, ride-hailing giant and online payment startup Go-Jek has formed a collaboration with three local peer-to-peer lenders, while the Indonesian Financial Services Authority (OJK) has recently revoked the operating permits of five online lending companies.

Go-Jek collaborates with 3 peer-to-peer lenders

Ride-hailing giant and online payment startup Go-Jek has formed a strategic partnership with three Indonesian peer-to-peer lenders Findaya, Dana Cita and Aktivaku, according to local media reports.

The collaboration comes less than a month after Go-Jek announced an investment and strategic partnership with insurance tech company PasarPolis.

These collaborations are part of Go-Jek’s efforts to work with tech startups to provide financial services to its consumers and partner drivers, particularly those with limited access to formal financial services.

Prior to this, Go-Jek had already formed collaborations with conventional financial services companies such as banks like BTN, BNI and Bank Permata Syariah and insurance companies like Allianz dan BPJS Ketenagakerjaan.

Last year, Go-Jek had made clear its intention to strengthen its position in the online payment sector by acquiring three local local startups: offline payments processing company Kartuku, online payment gateway Midtrans, and local community-based saving and lending network Mapan.

OJK revokes permit of 5 peer-to-peer startups

The Indonesian Financial Services Authority (OJK) has recently revoked the operating permits of five peer-to-peer companies for changing their shareholder compositions without first seeking its approval.

The five companies are PT Relasi Perdana Indonesia (Relasi), PT Tunaiku Fintech Indonesia (Tunaiku), PT Dynamic Credit Asia (Dynamic Credit), PT Progo Puncak Group (Pinjamwinwin) and PT Karapoto Technologi Financial (Karapoto).

Following the revocation of their permit, the five companies will have to stop all their tech-based lending activities.

The tight monitoring of the P2P sector follows the recent discovery by the OJK of a total of 227 unlicensed P2P lenders, half of which originated from China.

According to OJK data, credit disbursement through fintech in Indonesia this year reached around $534 million, up to the end of July 2018. These funds originate from the 66 licensed local fintech companies in the country.

Also Read:

Go-Jek said to be in talks to buy JD Indonesia’s finance, e-commerce ops

Indonesia: Local VCs deployed $463.5m in first quarter, says OJK report

Indonesia identifies 227 illegal P2P lending startups, mostly from China

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.