Online loans in Indonesia grow high in May
The risk profile of the financing company is maintained with a ratio of non-performing financing (NPF) gross recorded at 2.57 per cent and NPF net at 0.88 per cent.
JAKARTA - Indonesia's Financial Services Authority (OJK) said on Tuesday that the financing in the online loan sector had been significantly growing, reaching 82.59 trillion rupiahs (US$5.08 billion) as of May this year, reported Xinhua.
Meanwhile, the financing receivables of financing companies grew 2.83 per cent to 504.58 trillion rupiahs (US$31.03 billion) by May yearly, according to Agusman, OJK chief executive supervisor for financing institutions, venture capital companies, microfinance institutions, and other financial services institutions.
"The risk profile of the financing company is maintained with a ratio of non-performing financing (NPF) gross recorded at 2.57 per cent and NPF net at 0.88 per cent. The gearing ratio of the financing company was recorded as 2.20 times or below the maximum limit of 10 times," Agusman said at a virtual press conference.
The OJK also said that the number of buy now pay later (BNPL) banking service accounts reached 24.79 million, while the BNPL bank's debit and credit balance grew 25.41 per cent year-on-year to 21.89 trillion rupiahs (US$1.34 billion) as of May.
"The pay-later banks continue to record high growth annually," said Agusman. - BERNAMA-XINHUA
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