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Jakarta Post

Four new fintechs receive long-awaited permits

  • Norman Harsono

    The Jakarta Post

Jakarta   /   Wed, May 22 2019   /  02:46 am

Two years after registering for a permit with the Financial Services Authority (OJK), four homegrown peer-to-peer (P2P) lending platforms finally received their business permits from the regulatory body this month.The four lenders, Investree, Amartha, Dompet Kilat and Kimo, now make four out of five lenders to have completed the licensing process after lender Danamas, which received its permit in 2017. Excluding these five, there remain 108 registered but unlicensed lenders with the OJK. Investree specializes in financing small and medium enterprises, Amartha in microentrepreneurs, Dompet Kilat in consumer loans and Kimo in prepaid phone credit retailers.Tumbur Pardede, spokesman for the Indonesian Fintech Lenders Association (AFPI), said in a statement that the new permits signaled growing regulatory maturity in Indonesia’s fintech industry. Licensed lenders had to meet more stringent...