Koinworks as Indonesia Peer to Peer Lending during New Normal

Financial sectors are affected due to the deceleration of economic during the pandemic. What about Financial Technology (FinTech) companies as a newcomer in the financial industry? There are several types of FinTech, one of them is a peer to peer lending (P2P). The growing number of P2P in Indonesia is quite significant, Koinworks for instance.

PT Lunaria Annua Teknologi (Koinworks) stated that their performance up to June 2020 was still proving growth for about 10% compare to the same period last year. This positive progress is expected to keep growing by the time when the economy gets back to normal. The distribution increase by about 10% and the NPL is on the safe level, around 1%.

As Indonesia starts the new normal, the demand for credit also increases by up to 30% compared to the pandemic situation. A growth also proved by the increasing new users during the pandemic, even the increment was not as big as the previous months. In terms of funding, Koinworks still gain the trust of the global financial institution to distribute the funds to digital Small Medium Enterprises (SMEs) in Indonesia. Credit scoring is also being justified with the new normal condition to have a good quality of loan that could be funded by a hundred thousand Koinsworks lenders.

SAHH

Source:

• bisnis.com