New OJK Regulations Come into Effect This Year

Meanwhile, fintech P2P lending Modalku also spoke up about the new OJK regulations that will take effect this year. Regarding the rule of reducing interest rates, Modalku's Country Head Indonesia, Arthur Adisusanto, said the reduction is still in line with the maximum interest rate charged by Modalku.

"Therefore, it does not have much impact on Modalku's business operations," he said to Kontan.co.id, Monday (1/1).

Regarding the new collection rules, Arthur said Modalku has met most of the collection requirements stipulated in SEOJK Number 19 of 2022. He said this has also been incorporated into internal SOPs and cooperation agreements with collection partners.

Regarding other matters, Arthur said Modalku is in the process of adjusting both the technical and non-technical aspects of the collection implementation, which is planned to be completed and can be effectively implemented in January 2024.

Although focused on productive funding, Arthur explained that Modalku can also apply the repayment capacity rule to MSMEs. One way is by using financial reports or account mutations of potential fund recipients as assessment indicators.

In addition, Modalku does not deny that there are positive and negative impacts from the rule of borrowing only on 3 platforms. According to Arthur, the rule can help reduce the risk of excessive funding for potential fund recipients who tend to borrow from many fintech platforms simultaneously.

Thus, it can reduce the risk of default. "However, the rule also has an impact on the reduction of funding volume provided by the company. This is because potential fund recipients or MSMEs who already have active funding from three platforms cannot be served, no matter how good their potential," he revealed.

However, Arthur hopes that with these regulations, the digital funding industry can be more sustainable through the application of prudential principles and risk management in carrying out the funding process.

To face these new policies, Arthur said Modalku will continue to prioritize strategy adaptation, focus on better service, and a smarter approach in selecting potential fund recipients.

"We will continue to adapt to offer services or products that are tailored to the characteristics of MSMEs," he said.

Regarding the rule that capital must be IDR 7.5 billion effective two years from POJK No 10/2022. Arthur said Modalku has met the capital requirements set by the OJK. Therefore, there is no additional strategy to meet these requirements.

So far, Arthur said the Modalku Group has disbursed more than IDR 55 trillion in funding to more than 5.1 million MSME loans in Indonesia, Singapore, Malaysia, Thailand, and Vietnam.

On the other hand, fintech P2P lending PT Pembiayaan Digital Indonesia (AdaKami) stated that it is ready to implement the new OJK regulations this year. AdaKami Brand Manager Jonathan Kriss said they will follow the rule on interest rate reduction.

"AdaKami's daily fees will drop to 0.3% effective for loans applied for per January 1, 2024. Fee adjustments have been calculated and can be effectively implemented in accordance with SEOJK," he said to Kontan.co.id, Sunday (31/12).

Regarding the new collection and repayment capacity rules, Jonathan said AdaKami has no difficulty in fulfilling these regulations. He said all operational processes will be adjusted.

He also said AdaKami is ready to meet the capital rule of IDR 7.5 billion effective two years from POJK Number 10/2022. Jonathan said that as of December 29, 2023, funding disbursement has reached more than IDR 14 trillion.