Jakarta. Investree Radhika Jaya, an Indonesian peer-to-peer lending marketplace, has secured a license from the Financial Services Authority, or OJK, on May 31, a top executive said in a statement on Monday (05/06).
OJK issued a regulation on financial technology companies — or fintech companies — in December last year where they are required to have at least Rp 1 billion ($75,000) in capital when they register their business with the authority and increase the capital to Rp 2.5 billion when they apply for a license.
"We appreciate that OJK has carefully considered and approved our application for a license," Adrian Gunadi, Investree co-founder and chief executive officer, said.
"People's trust and consumer protection are the priority," he said, adding that the license will help attract potential customers.
Gaining a license to win the public's trust is part of Investree's many plans this year. Other plans include opening representative offices in major Indonesian cities this year to expand its lending sixfold.
To date, Investree has processed Rp 148 billion in loans to 592 borrowers. The company expects to disburse Rp 400 billion in loans from lenders to borrowers this year.