danabijak, our partner and LO from Indonesia, is delighted to announce that they have obtained their permanent license under OJK (Indonesia’s FSA), with decision number KEP-92/D.05/2021 dated September 8, 2021. danabijak has been under OJK supervision since June 2018, and the permanent license is a welcome and logical continuation to this, and also proof of good governance and compliance with local regulations.
“Receiving the permanent license is an extensive milestone for danabijak’s success and a strong recognition of our team’s hard work throughout the process.” comments CEO Markus Prommik. danabijak is one of less than 100 licensed platforms in Indonesia.
danabijak obtaining its permanent license is very positive news for Income Marketplace investors. Receiving the permanent license does not mean any major operational changes for danabijak, while it does provide peace of mind and long-term sustainability to investors who have chosen, or plan to choose, danabijak as their preferred choice on the Income marketplace.
danabijak’s permanent license comes at the exact right time, in the middle of last month Indonesia’s president Jokowi halted the issuing of any new permits for Fintech Lending licenses in Indonesia. At the same time, authorities have increased their surveillance and efforts to shut down and arrest illegal Fintech Lending platforms, which still exist in Indonesia. “In danabijak, we have always prioritized ethical business practices while also focusing on sustainable growth, and we can reaffirm that our strategy has paid off,” adds Markus.
Last but not least, the OJK has announced and implemented an interest rate cap for all Fintech Lending platforms in Indonesia. The interest rate cap is set at 0.4% per day (flat) compared to the previous 0.8%.
danabijak welcomes the changes implemented by the regulators as a move towards more sustainable financial services for underserved Indonesians. Their team has been preparing for this event for some time already, and to adjust to the new regulation danabijak is moving towards 3 – 4 month installment loans, instead of short-term single payment loans.
danabijak remains as optimistic as ever about the outlook for the Indonesia Fintech industry and danabijak’s growth. After officially announcing their licensing on OJK’s website in October, they have seen an increase of 40-60% in organic traffic.
“We are expecting that together with Income’s investors, we can accelerate access to underbanked people across Indonesia and provide them with sustainable financial services,” add’s Prommik.
We at Income are delighted with their progress, active dialogue, and cooperation with danabijak.
