Modalku becomes first P2P lending company to join IACPM
By Digital News Asia August 10, 2017
- Modalku is currently the biggest P2P lending platform in Indonesia and Southeast Asia
- Startup is focused on attaining international, even global standards
MODALKU has become the first and only peer-to-peer (P2P) lending company to attain membership at the International Association of Credit Portfolio Managers (IACPM), a forum where financial institutions share and discuss best practices for credit risk management.
In addition, credit portfolio management expert Terry Tse joins Modalku as advisor. Until earlier this year, Tse was chief risk officer of Dianrong – the leading P2P lending platform in China.
Modalku is currently the biggest P2P lending platform in Indonesia and Southeast Asia. Recently, Modalku became the only Southeast Asian P2P lending company selected to the Fintech 250, a list of emerging private companies working on financial technology from all over the world.
Modalku co-founder and CEO Reynold Wijaya stated that his team is focused on attaining international, even global standards.
“We have always highlighted our commitment to consumer protection. Modalku serves two parties, SME borrowers and lenders searching for an attractive investment alternative. We support local SMEs with working capital loans, but we are also responsible for our lenders.
“Our credit assessment process is rigorous. We only offer loans to quality SMEs to minimize default. Creating an effective credit assessment system is one of our top priorities,” he said.
“Becoming a member of IACPM shows that we are very serious about creating the best credit assessment system. Leading banks and financial institutions such as Barclays, HSBC, Citigroup, and Goldman Sachs are also members of IACPM.
“We hope to integrate knowledge from world-class financial institutions with advanced digital technology. We are also proud that an expert of credit portfolio management of Terry Tse’s caliber sees Modalku’s potential and has chosen to become our advisor. These two factors will strengthen the safety of alternative investment activities for Modalku lenders,” added Wijaya.
Modalku connects Indonesian SMEs with lenders through a digital marketplace. By financing SME loans, registered lenders gain an alternative investment with higher returns compared to term deposit and bonds.
Meanwhile, SME borrowers receive business loans without collateral through a fast and simple online process. So far, Modalku has disbursed around IDR250 billion to 450 SME loans.
[Editor's Note: This story was edited for accuracy.]
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