LendingClub has decided to retire its Notes platform, effective Dec. 31, 2020, explaining that under a prospective banking framework, it is not economically practical for LendingClub to continue to offer Notes. This means it will no longer allow retail investors to participate in its peer-to-peer lending platform. LendingClub is a pioneer in peer-to-peer lending and one of the largest platforms in the United States. It will be departing from the business model that was once key to its success. LendingClub is not the first and may not be the last. Is the business model not sustainable? Could this also be happening in Indonesia? There are several factors to observe. First, the regulation. Based on Financial Services Authority (OJK) Regulation No. 77/2016 on technology based fund lending services, fintech lenders can be individuals or legal entities. This is the umbrella that protects...