Crowdo achieves full regulatory registration in Indonesia
By Digital News Asia June 21, 2017
- The OJK registration follows regulatory licensing in Singapore and Malaysia
- Crowdo has financed more than 3,000 projects to date
CROWDO (crowdo.co.id), who is represented by PT Mediator Komunitas Indonesia locally, was officially registered (S-2842 / NB.111 / 2017) as a peer to business lending (P2B) operator in Indonesia.
The awarding of this registration by the OJK makes Crowdo one of the few operators which has been successfully licensed in multiple markets and gives a major boost in confidence for its business in what is considered Southeast Asia’s largest P2B market.
As a P2B operator that has been established since a year ago in Indonesia, Crowdo has financed more than 3,000 projects to date.
Crowdo views its registration with the OJK as a significant sign of the trust it has earned from the regulator, and demonstrates its commitment to protect consumers and comply with the legal requirements in Indonesia while promoting financial inclusion in the country.
OJK senior executive researcher Hendrikus Passagi said, “the information technology lending service (P2P) is a type of the crowdfunding. Locally in Indonesia, this is similar to gotong-royong (mutual assistance in the Indonesian community) which is a culture that has roots from the generation of our ancestors and reflects the character of the Indonesian nation.
“Conventional borrowing and borrowing activities among communities has been ongoing and most likely has not been formally registered in the national economic system. The presence of information technology driven innovation will certainly provide more energy for the growth and speed of lending and borrowing activities, including the increased convenience of conducting transactions online.”
Meanwhile, Crowdo Indonesia general manager Cally Alexandra said, "With the registration of Crowdo with the OJK, it reinforces the legitimacy of the company and demonstrates that we are really taking care of and protecting the consumer’s trust by following the rules set by the OJK.
“We hope that this will help Crowdo expand its services to Small Medium Size Enterprise (SME) communities in Indonesia and create a healthy fintech ecosystem.”
Hendrikus added, “Some of the parties, including many MSMEs, have experienced difficulties in obtaining efficient funding through the banking, capital market, or financing company, cooperative or microfinance institution (MFI) channels due to collateral barriers, guarantees, obligations to provide advances or limited fund availability.
“As a new generation financing model, the presence of fintech lending will be an excellent funding alternative for those who have not been well served by the conventional finance industry. The OJK hopes that by obtaining its registered status, Crowdo can use this good opportunity to more actively introduce their service and business model to various layers of society throughout the Republic of Indonesia, and accelerate their market penetration significantly. The trust given by OJK should strengthen Crowdo's positioning both in Indonesia and globally.”
Crowdo is a regional fintech operator offering P2B lending in Indonesia. Having financed over 3,000 projects with a membership base of 34,000 members globally, Crowdo is the largest P2B operator in Indonesia based on membership.
Crowdo offers a wide suite of P2B solutions ranging from collateralised micro business loans to larger working order loans.
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