Aktivitas Pendanaan untuk Transaksi Efek
Aktivitas Pendanaan untuk Transaksi Efek
🏦 Section K — Financial & Insurance Activities
Financial technology peer-to-peer (P2P) lending platform — a technology-based marketplace that connects borrowers directly with individual or institutional lenders, without a bank as intermediary. The platform earns fees (not interest) from facilitating the loan matching. Products include: consumer loans (personal, salary-based), productive/UMKM loans, invoice financing, and crowdfunding-style project financing. This is one of the most heavily regulated fintech activities in Indonesia — OJK's POJK 10/2022 governs every aspect of operations. **Maximum foreign ownership: 85%** (15% must be held by Indonesian shareholders under POJK 10/2022).
What You Need
PP28/2025 Licensing Data1 scale
Post-License Obligations6
→ Submit periodic business activity reports to regulator
Risk: Tinggi (High). Authority: Menteri (via OJK). NIB via OSS is 14 working days — but this is only the beginning. The OJK license is the critical gate that takes 6–12 months on top of the OSS process.
PHASE 1 — OSS / NIB (14 working days)
- Register PT (or PT PMA) on OSS, select 66191, Tinggi path
- NIB + Izin issued after government verification
- This alone does NOT authorize you to operate — it is administrative registration only
PHASE 2 — OJK P2P Lending License (POJK 10/2022) — 6–12 months
Step-by-step full path for PT PMA P2P fintech
Operational constraints under POJK 10/2022
- Interest rate caps: Consumer loans max 0.4%/hari; productive/UMKM loans max 0.1%/hari
- Borrower cap: Individual borrower max IDR 2 miliar outstanding across all P2P platforms
- Lender reporting: Lenders classified as retail or institutional; institutional lenders must be OJK-registered
- Non-performing loan (NPL) threshold: OJK monitors NPL ratio; platforms exceeding limits face enhanced supervision
- Advertising restrictions: Cannot advertise guaranteed returns to lenders
Minimum total capital (operational)
IDR 25 miliar paid-up at application; must maintain minimum capital adequacy throughout operations.
Up to 85% foreign allowed; 15% Indonesian mandatory.
Typical full timeline
12–18 months from incorporation to first loan disbursement.
This code was significantly transformed by **POJK 10/2022** (Peraturan OJK No. 10/POJK.05/2022), which replaced the previous POJK 77/2016. Key changes: raised minimum capital from IDR 2.5 miliar to IDR 25 miliar; tightened foreign ownership to maximum 85%; introduced daily interest rate caps; strengthened escrow/virtual account requirements; and expanded OJK supervisory powers including the ability to immediately revoke licenses for violations. The KBLI code (66191) is unchanged from KBLI 2020, but the regulatory substance changed dramatically.
Bali Intelligence
📱 FinTech P2P Lending in Bali — The Opportunity and the Reality
The national market:
- Total P2P lending outstanding: IDR 60+ triliun (2023); 100+ registered/licensed platforms
- Major incumbents: Kredivo (consumer), Modalku (UMKM), Investree (SME invoice), Akseleran (UMKM), Akulaku (consumer)
- OJK registered platforms: ~100 (down from 170+ pre-consolidation; OJK revoked licenses aggressively 2022–2023)
The Bali-specific niche:
- Tourism UMKM working capital: Villa managers, restaurant operators, and souvenir vendors need short-term working capital loans between tourist seasons; traditional banks won't serve them below IDR 50M
- Hospitality worker salary advance: Hotel and villa staff (low salary, irregular income) are prime P2P consumer loan targets — they have employment verification but low credit scores
- Villa developer bridging finance: Small developers (IDR 2–5B projects) need bridging loans that neither BPR nor commercial banks provide efficiently
- Craft export financing: Gianyar craftsmen who receive foreign buyer orders need advance finance for materials and production
Why the barrier is high:
- IDR 25B minimum capital is a real filter — it eliminates casual entrants
- The OJK 6–12 month licensing process requires a dedicated compliance team from day one
- Building an NPL-controlled loan portfolio in a market dominated by experienced Indonesian players requires genuine credit scoring innovation
⚠ Critical Compliance Traps
- Data localization is absolute — borrower and transaction data must reside on servers physically located in Indonesia; using AWS Singapore or Google Hong Kong is a violation
- Virtual account partner requirement — OJK requires funds to flow through a licensed bank's virtual account (VA) system, not directly from lender to borrower; partner banks for this service charge meaningful fees
- OJK SPRINT reporting — all active P2P platforms must report loan disbursements, collections, and NPL data to OJK's SPRINT system in near-real-time
- License revocation history — OJK revoked 100+ P2P licenses 2022–2024 for capital inadequacy, NPL threshold breaches, and data violations; treat OJK compliance as existential, not administrative
TKA Eligible Positions
Kepmenaker 228/2019 — Category 9: Jasa Keuangan dan Asuransi
Kepmen 228/2019 lists 45 TKA-eligible positions in the financial services category. OJK Fit & Proper test applies to all directors and commissioners.
KEDUA Provision — Directors & Commissioners Exemption
- 62110 — Software/IT development (building and maintaining the P2P platform)
- 64992 — Multifinance (if you want to also offer vehicle leasing or consumer goods financing alongside P2P)
- 66199 — Other Financial Services (if adding payment gateway or e-money features to your platform)
- OJK legal counsel — WAJIB — specialized financial regulatory lawyer for OJK license application and ongoing compliance; this is not a DIY process
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