On June 29, 2022, this POJK was ratified, and on July 4, 2022, it was promulgated. According to investors or capital owners, a few key factors that influence the P2P lending industry sector include:
(Other legal aspects of operational activities, such as contracts with third parties, terminations of operations, internal audits, and so on, are not covered by this material.)
Foreign-owned shareholding transactions
Share purchase transactions, regardless of whether the controller is changed or not, are forbidden since every transaction on shares in a fintech company by a foreign person or company must be made through the stock exchange.
Capital in Fintech Company Establishment
Previously, IDR 2,500,000,000 was the required minimum paid-up capital at the time of incorporation. The minimum capital was raised by the new POJK to IDR 25,000,000,000.
Every Fintech Company must be registered as an Electronic System Operator (PSE)
Every P2P must register its platform with the Ministry of Communication and Information before it can start operating, no later than 30 days after receiving approval from the OJK.
Maximum Limit of Funding by Lender
The maximum funding limit for each borrower is IDR 2,000,000,000
The maximum limit for funding by lenders is as follows:
the maximum limit by lenders is 80% on January 4, 2023
the maximum limit by lenders is 50% on July 4, 2023
the maximum limit by lenders is 25% on January 4, 2024
All of the aforementioned clauses are calculated based on the financial position at the end of the month; the effects of this clause may result in funding restrictions.
If the lender is a business that holds an OJK license, such as a bank, then none of these restrictions apply.
Minimum Equity
Minimum equity requirements include:
Minimum IDR 2.500.000.000 on July 4, 2023
Minimum IDR 7.500.000.000 on July 4, 2024
Minimum IDR 12.500.000.000 on July 4, 2025