Indonesia’s peer-to-peer (P2P) lending industry is facing testing times as non-performing loans continue to rise amid uncertain macroeconomic conditions, raising questions about its sustainability.
Of the 102 platforms registered and licensed by the Indonesian Financial Services Authority, or OJK, at least 21 currently have TKB90 rates lower than the national average of 97.22%. These include prominent names such as Modalku with a TKB90 rate of 92.87% as of February 2023; Findaya-powered GoTo’s GoPayLater and GoModal at 89.39%; and Oriente- and Sinar Mas-backed Finmas at 90.1%.