A lineup of post-COVID-19 pandemic music concerts, from Coldplay to Blackpink, has driven more Indonesians to turn to fintech lending to get quick funds.
Outstanding loans from digital platforms reached 51.5 trillion rupiah (US$3.42 billion) in May, up 28 percent from a year earlier, the Indonesian Financial Services Authority (OJK) said.
The regulator is warning borrowers to be wary and not to borrow beyond their means.
Photo: EPA-EFE
“Most of those who have difficulty paying off loans usually borrow for consumer needs, for example buying new gadgets, recreation, fashion, and even recently to buy concert tickets,” OJK Commissioner Friderica Widyasari Dewi said in a briefing on Tuesday.
Smartphone penetration is outpacing the growth of banking access in Southeast Asia’s biggest economy, enabling Internet-based financial services to grow rapidly as an alternative to conventional lenders to help small businesses get funds to expand. However, more than half of outstanding loans are still concentrated in Jakarta and the neighboring West Java, and only about 40 percent of the funds go to small businesses.
The ratio of bad online loans — credit that borrowers do not pay back for more than 90 days from maturity — also rose to 3.36 percent in May, from 2.78 percent at the end of last year, even if it was still below the 5 percent threshold set by the regulator.
“We continue to advise people to understand the risks of online lending, especially the dangers of illegal fintech,” Dewi said.
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