JAKARTA - Modalku officially obtained a business license for Information Technology Based Lending and Borrowing Company Services from OJK on September 30, 2019 with a letter of permission KEP-81 / D.05 / 2019. OJK's business license for Modalku in Indonesia has completed business licenses from financial regulators which are pocketed by companies in their respective operating countries. Besides Indonesia, Modalku also operates in Singapore and Malaysia under the name of Funding Societies.
At the same time, the Modalku Group has managed to channel lending of Rp 9.2 trillion, with Indonesia's contribution with nearly Rp 6 trillion or around 60%. The number of MSME loan disbursements in the Indonesian market has increased by almost Rp 2 trillion compared to the total funding of Modalku until July 2019.
Reynold Wijaya, Co-Founder & CEO of Modalku, said, "We are very grateful for this achievement. Our appreciation goes to the OJK who has trusted Modalku with this business license. During the application process, the OJK is very proactive in supporting so that all licensing needs can be met. I am also proud of the Modalku team who have worked hard for this business license. Of course, business licenses are a new motivation for Modalku to serve MSMEs who want to develop their businesses. We believe that every regulation made has positive goals for users and the stability of the financial ecosystem in Indonesia, especially the lending peer-to-peer (P2P) industry."
Going forward, Modalku plans to emphasize education related to the benefits of P2P lending for local MSMEs and the importance of choosing a platform that has been licensed or registered with the OJK to avoid practices that can be harmful. Modalku will continue to innovate to improve the quality of technology and product penetration for users. (LM)