JAKARTA. The Indonesian Joint Funding Fintech Association (APFI) asked the government not to limit the maximum amount of loan can be given by lending fintech, in order to improve efficiency.
Kuseryansyah, Chairman of AFPI, said that his party made the request after taking a look at regulations outside Indonesia, which tended to be more lenient. "In Singapore, fintech can distribute loans up to Rp 50 billion, "Kuseryansyah said as quoted by Kontan on Tuesday (1/10) today.
In Indonesia, Financial Services Authority (OJK) regulates the maximum value of loans that can be provided by peer to peer lending fintech is Rp 2 billion. Without a limit on lending, said Kuseryansyah, fintech owners can take competitive interest.
During the period of January-July 2019, total online loans disbursed by fintech reached Rp.49.79 trillion. Its growth reached 119.96% year-to-date. (KR/AR)