{"id":21032,"date":"2020-06-06T03:52:00","date_gmt":"2020-06-06T03:52:00","guid":{"rendered":"https:\/\/icrowdnewswire.com\/?p=2584965"},"modified":"2020-06-06T03:52:00","modified_gmt":"2020-06-06T03:52:00","slug":"ovos-lending-arm-taralite-secures-p2p-license","status":"publish","type":"post","link":"https:\/\/ipsnews.net\/business\/2020\/06\/06\/ovos-lending-arm-taralite-secures-p2p-license\/","title":{"rendered":"Ovo\u2019s lending arm Taralite secures P2P license"},"content":{"rendered":"

Indonesian fintech major Ovo<\/a> today announced that its peer-to-peer lending arm Taralite has been awarded a business license by the Indonesia Financial Services Authority (OJK).<\/p>\n

Officially operating as an IT-based lending provider, Ovo and Taralite said they will continue to work with the government to bring Indonesia’s micro, small, and medium enterprises closer to digital financial services.<\/p>\n

According to Indonesia’s central statistics agency, MSMEs contribute roughly 60% of Indonesia’s GDP and absorbs over 97% of the national workforce. As of last year, however, more than 77% of Indonesians were reportedly unbanked or underbanked.<\/p>\n

“We hope that this [license acquisition] will boost financial inclusion rates and help the financial landscape in Indonesia become less fragmented,” said Ovo CEO Jason Thompson.<\/p>\n

Taralite, which was founded in 2015, was acquired by Ovo last year as part of its plans to expand its reach into financial services. It also recently launched DanaTara<\/a>, a service that gives MSMEs access to financing of up to 500 million rupiah (about US$35,600) with terms of up to 12 months.<\/p>\n

Ovo claims that the amount of loans disbursed by Taralite has grown by nearly 50% since the start of 2020. It also said that it has an ecosystem of about 500,000 MSMEs so far.<\/p>\n

The OJK started officially regulating online lending services in 2017, recognizing the industry’s rapid growth over the previous years.<\/p>\n

The regulation requires service providers to have 1 billion rupiah (US$71,300) in capital and prohibits them from conducting other businesses outside of P2P lending, such as acting as a lender or borrower themselves, among others.<\/p>\n

Other companies that have recently acquired OJK licenses this month are Pinjam Modal, Danarupiah, Pinjamwinwin, Julo, Indodana, Awantunai, and Alami.<\/p>\n

In October last year, OJK also issued licenses to six other fintech firms, including Modalku (aka Funding Societies) and Finmas<\/a>, among others.<\/p>\n

 <\/p>\n

\n

See Campaign: <\/strong>https:\/\/www.techinasia.com\/taralite-secures-p2p-license<\/a>
Contact Information:<\/b>
Miguel Cordon<\/p>\n

Tags:<\/b>
<\/a>, Wire<\/a>, United States<\/a>, English<\/a><\/p>\n

\"image\"<\/div>\n

\n

Contact Information:<\/h3>\n

Miguel Cordon<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

Indonesian fintech major Ovo today announced that its peer-to-peer lending arm Taralite has been awarded a business license by the Indonesia Financial Services Authority (OJK). Officially operating as an IT-based lending provider, Ovo and Taralite said they will continue to work with the government to bring Indonesia’s micro, small, and medium enterprises closer to digital financial services. … Continue reading Ovo’s lending arm Taralite secures P2P license<\/span><\/a> Continue Reading →<\/span><\/a><\/p>\n","protected":false},"author":106,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,22,54],"tags":[],"class_list":["post-21032","post","type-post","status-publish","format-standard","hentry","category-english","category-united-states","category-wire"],"yoast_head":"\nOvo\u2019s lending arm Taralite secures P2P license - Business<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"http:\/\/ipsnews.net\/business\/2020\/06\/06\/ovos-lending-arm-taralite-secures-p2p-license\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ovo\u2019s lending arm Taralite secures P2P license - Business\" \/>\n<meta property=\"og:description\" content=\"Indonesian fintech major Ovo today announced that its peer-to-peer lending arm Taralite has been awarded a business license by the Indonesia Financial Services Authority (OJK). 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