Loans distributed through peer-to-peer (P2P) lending platforms reached Rp 20 trillion (US$1.42 billion) last year or 681.25 percent higher than the figure in 2017, which was recorded at Rp 2.56 trillion, according to the Financial Services Authority (OJK).

OJK financial technology (fintech) licensing, regulation and supervision director Munawar Kasan said the number of people, who sought loans from the fintech lending platforms, had increased significantly.

“The value of transactions reached Rp 20 trillion, while the number of debtors reached 4 million. It means people benefit from the existence of fintech lending platforms,” Munawar said in Jakarta on Tuesday as reported by kontan.co.id.

He believed the existence of the digital lending facilities would help players in small and medium enterprises, who previously had no access to financial resources, expand their businesses.

Munawar said up to December last year, 88 fintech platforms have registered with the OJK. These included 10 new platforms, namely AdaKami, Modal Usaha, Asetku, Danafix, Lumbung Dana, Lahansikam, Modal Nasional, Dana Bagus, ShopeeKredit and ikredo online. (bbn)