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Jakarta Post

Banks race for online lending, warned about nonperforming loans

  • Made Anthony Iswara

    The Jakarta Post

Jakarta   /   Thu, May 23 2019   /  02:46 am

Commercial banks are rapidly sinking their teeth into online lending platforms to compete with financial technology (fintech) startups that have attracted many customers thanks to their faster and more convenient services.Singapore-based lender PT Bank DBS Indonesia, for instance, launched earlier this week an online banking platform to offer non-collateral loans with affordable interest rates to its customers in Indonesia.DBS Indonesia consumer banking group head Wawan Salum said that people could get their initial loan approval in “less than a minute” after they submitted their request, followed by a biometric clearance and customer e-ID registration before receiving their cash.“We aim to ease our banking system so that our clients can go on with their daily activities without fussing about their financing needs,” he said in the feature’s public launch.Wawan estimated that wi...