3 hours ago
9
January 24, 2025 | 01:30 pm
TEMPO.CO, Jakarta - Entjik S. Djafar, chairman of the Indonesian Fintech Lending Companies Association (AFPI), revealed that efforts to rescue P2P lending company PT Investree Radika Jaya were made before its operating license was revoked by the Financial Services Authority (OJK). Investree is now waiting for the formation of a liquidation team.
Entjik said that Investree had been considered for help from the association. AFPI, he mentioned, had discussed with OJK and formed a group consisting of large fintech companies to help save other fintech companies facing non-performing loans or issues.
In November last year, OJK noted that 21 fintech lending companies were found to have problematic loan levels or TWP90 (90-day default rate) of more than the safe threshold of 5 percent. Most of them were operators focusing on the productive sector.
"Specifically for Investree, before the license was revoked, we had discussions. We planned to get involved in rescuing it,” he said in West Bandung, West Java, Wednesday, January 22.
However, due to certain circumstances, Entjik said, the companies backed out, and Investree was not saved. "In the end, it didn’t happen, and its license was revoked by OJK," he stated. Entjik did not provide further details on the association's reasoning when deciding not to rescue Investree.
Meanwhile, OJK has given the green light for the formation of a liquidation team for PT Investree Radika Jaya (PT IRJ). OJK's chief executive for the supervision of financing institutions, venture capital companies, microfinance institutions, and other financial services institutions, Agusman, said that OJK had no objections to the formation of the liquidation team.
Agusman added that OJK had also reviewed the suitability of three candidates for the Investree liquidation team. "Next, Investree will be required to hold a general meeting of shareholders to decide on the dissolution and formation of the liquidation team," Agusman said in a press statement, Friday, January 10.
OJK revoked Investree’s operating license due to violations of minimum equity and other regulations on October 21, 2024. According to OJK Regulation No. 10/POJK.05/2022 on Technology-Based Crowdfunding Services (LPBBTI), another reason for Investree’s permit loss was its deteriorating performance, which disrupted its operations and services to the public.
From 2015 to 2024, Investree distributed loans to 93,769 borrowers, both individuals and institutions. Investree also disbursed Rp14.43 trillion, with Rp13.36 trillion in repaid loans. There is still an outstanding loan amount of Rp402.13 billion.
Before the company’s operating license revocation, Investree CEO Adrian Gunadi was dismissed on February 2, 2024, amid the company’s high non-performing loan rates. According to Investree’s official website at the time, the company’s TKB90 (success rate) was 83.56 percent.
Editor's Choice: Investree Case: OJK Records 561 Public Complaints
Click here to get the latest news updates from Tempo on Google News
AFPI: 21 Companies with Over 5% Bad Credit Rates Will Not Affect the Online Lending Industry
3 jam lalu
OJK noted 21 fintech or online lending companies with TWP90 above 5 percent as of November 2024.
Online Loans Disbursed by Licensed Fintech Companies Hit Rp978tn
1 hari lalu
Cumulative online loan disbursements by licensed P2P lending companies have reportedly reached nearly Rp1,000 trillion.
OJK Revokes General Insurance Business License of PT Berdikari Insurance
1 hari lalu
The Financial Services Authority (OJK) announced that it has revoked the business license of general insurance company PT Berdikari Insurance.
OJK Takes Over Crypto Asset Supervision Function, What About the Decentralization Concept?
9 hari lalu
Indonesia's Financial Services Authority (OJK) ensures that supervision of crypto assets will not reduce the essence of decentralization in crypto.
OJK Issues New Rules for Pension Fund Company Reports
15 hari lalu
Indonesia's Financial Services Authority (OJK) issues new regulation regarding periodic reports of employer pension fund companies.
OJK Claims to Have Blocked 8,500 Bank Accounts Suspected of Online Gambling
16 hari lalu
The Financial Services Authority (OJK) said it had blocked about 8,500 bank accounts suspected of being involved in online gambling activities.
Corruption Under the Guise of Social Funds
19 hari lalu
Corruption under the guise of social programs at the Bank of Indonesia has been exposed again. It is time to eliminate the source of scrounging.
Urgent Need to Regulate Fintech
21 hari lalu
The collapse of several peer-to-peer lending fintech companies has brought much concern to individual investors.
Sri Mulyani Says Capital Market Education Should Start at Elementary School
21 hari lalu
Sri Mulyani Indrawati said capital market education should start as early as primary school.
OJK Reveals New Regulations for Crypto Trading Mostly Adopted from Bappebti
25 hari lalu
Indonesia's Financial Services Authority (OJK) revealed that the new regulation on crypto asset trading has adopted many of the rules made by Bappebti
