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Players Are Shrinking, Fintech Lending Performance Continues to Grow

Players Are Shrinking, Fintech Lending Performance Continues to Grow

Although the number of players continues to decrease, the performance of fintech P2P lending continues to improve in 2021. Based on data from the Financial Services Authority (OJK), until the end of last year there were only 103 fintech lending organizers out of a total of 149 fintech lending organizers in January 2021.

Fintech lending managed to reach Rp 12.97 trillion as of November 2021 or an increase of 50.98% compared to the same period of the previous year (year on year / yoy). Online loans are distributed to 12.67 million borrowers.

When viewed from the players, Modalku Group managed to close 2021 with the achievement of loan distribution of more than Rp 28.8 trillion to more than Rp 4.9 million in the number of MSME loan transactions in Southeast Asia, including Indonesia, Singapore, Malaysia, and Thailand. This achievement grew 40% compared to 2020.

Co-Founder &CEO of Modalku, Reynold Wijaya said, until now, the trade sector with large coverage and retail is still an industry that dominates lending, especially retail traders who are online sellers.

"This year we continue to strive to reach more MSMEs who have the potential to advance through innovation and collaboration tailored to the needs and characteristics of MSMEs. The plan in the future there will be some new initiatives that we will definitely inform," Reynold said on Thursday, January 13, 2022.

He hopes that 2022 will be a year that has the potential for economic growth in Indonesia and also the growth of Modalku business. Some of the factors that help improve the outlook for 2022 are the potential for collaboration with various institutions and digital platforms to provide funding through Modalku, the needs of borrowers to access funding, and the innovation offered by Modalku to serve these needs.

The realization of lending in KoinWorks throughout 2021 is also very good compared to the previous year and managed to increase lending in each quarter. Koinworks recorded loan distributions up to more than Rp 5 trillion throughout 2021. Compared to the end of 2020 with a distribution of Rp 2.5 trillion, or managed to increase 2-fold.

Jonathan Bryan, Chief Marketing Officer of KoinWorks stated, lending in 2022 is expected to increase 3 to 4 times compared to 2021. This target is based on an increase in loan applications of almost 200 times more in 2021, which will continue to grow this year.

Then said Jonathan, after 6 years of running loans that are increasing from year to year, it sees one problem that is the digital transformation of SMEs. The change of business from offline to digital over the past two years helped improve their digital transformation, but financially it is still lacking.

"Therefore, we designed KoinWorks NEO to help accelerate digital transformation to make it easier to provide access to capital, even on the same day. The more complete KoinWorks service allows us to provide better instant approval," said Jonathan.

Jonathan also explained, KoinWorks through its products provide productive loans whose main focus is to help the development of digital SMEs. In addition, there are also special products for education, namely KoinPintar, purchase of sovereign debt securities through KoinBond, and gold investment through KoinGold.

"So you could say the loan provided by KoinWorks 99% is a productive loan dominated by KoinBisnis. The increasing loan application means trust in KoinWorks is excellent and makes us confident to continue to innovate in 2022 by looking at the needs and challenges of SMEs," said Jonathan.

Jonathan said, in 2022 KoinWorks will continue to go hand in hand with SMEs where KoinWorks ensures its role as a friend of SMEs from the time it was established.

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