OJK Readies New Rules to Protect P2P Lenders After Failures

Otoritas Jasa Keuangan is putting the final touches on revised rules for Indonesia's online lending industry. The draft changes to POJK 40/2024 aim to protect lenders after several platforms ran into trouble.

New reserve requirements

Under Pasal 149A, platforms must create and maintain a lender protection pooling fund. The minimum is 5% of net platform fees from each funding distribution. The money can only go into bank deposits or government bonds. Interest earned may be used for operations.

Pasal 129A adds a separate liquidation preparation fund. It must equal at least 20% of minimum required equity, built in stages. The first step is Rp500 million, rising to Rp2.5 billion within three years. Platforms start contributing in fiscal year 2027.

Other changes in the draft

The definition of default also changes. The draft moves the overdue threshold from more than 90 days to more than 180 calendar days. OJK says this aligns with banking collectibility standards, since banks are the main institutional lenders in online lending.

Platforms will be grouped into four tiers based on health, SME lending ratio, and consumer complaint rejection rates. Higher tiers get incentives such as higher funding limits. The draft also opens room for credit insurance or guarantees, though implementation is still being discussed.

The push follows cases like PT Ringan Teknologi Indonesia, whose liquidation is in final stages. Lender obligations were settled by transferring receivables to six lenders worth around Rp3.04 billion.

Industry data shows TWP90, the default rate above 90 days, hit 4.73% in August 2026. Sixteen platforms had rates above 5%.

The takeaway: OJK is forcing Indonesian online lenders to hold more cash and clarify their wind-down plans.