P2P Lending

OJK said Crowde was under special supervision due to unresolved operational and financial problems, including not meeting the minimum requirement.

The move will primarily affect employees in the research and development, product, and engineering teams, a source said.

Firms like Investree and KoinWorks are dealing with default and fraud cases, respectively, but users are still borrowing.

In February, Bank Jago announced it would offer direct lending to customers. Other digital banks are following suit.

In The Top Up this week, we look at Singapore’s digital banking progress and dive into Indonesia’s P2P lending data.

The Indonesian agri-lending platform has failed to meet minimum equity requirements and implement its supervisory recommendations, the regulator said.

The Indonesia-based firm plans to bring its lending services to grassroots communities across the region, CEO Andi Taufan Garuda Putra said.

Between 2021 and 2023, the payments, lending, brokerage, and insurtech segments attracted the most money for the country’s fintech industry.

In The Top Up this week, we look at KoinWorks’ latest financials and dive into Tokopedia’s tie-up with insurtech firm Igloo.

The Jakarta-based fintech firm says its P2P lending and KoinWorks Bank units hit profitability in January 2024 and for the full year 2023, respectively.