OJK Continues to Monitor KoinP2P's Capital Condition After Limited Capital Injection

Regulatory Oversight

The Financial Services Authority (OJK) has revealed the latest developments regarding the troubled fintech P2P lending company, PT Lunaria Annua Teknologi (KoinP2P). According to Agusman, OJK's Head of Executive Supervisor for Financing Institutions, Venture Capital Companies, and Other Financial Institutions, KoinP2P's shareholders have made a limited capital injection to support the company's operational continuity. The OJK continues to closely monitor KoinP2P's capital and operational conditions to ensure the company's sustainability and compliance with prevailing regulations.

Background of KoinP2P's Issues

KoinP2P, a subsidiary of KoinWorks, previously implemented a payment standstill to some lenders due to fund misuse by one of its borrowers. The case involves an alleged fraud by a borrower with initials MT, who is the owner of a business group. MT is suspected of falsification, fraud, and embezzlement, which is currently under police investigation. This incident has led to an estimated loss of approximately Rp365 billion.

Regulatory Measures and Compliance

The OJK has been coordinating with law enforcement agencies regarding the legal process for the alleged criminal acts and resolving the issues at KoinP2P. As of the latest update, KoinP2P's TKB90 stands at 57.36%, meaning its TWP90 is at 42.64%, significantly deviating from the OJK's regulatory limit of 5%. The regulator emphasizes that KoinP2P remains obligated to serve and accept complaints from consumers.

Implications and Future Outlook

The situation with KoinP2P highlights the challenges faced by fintech companies in maintaining regulatory compliance and operational integrity. The OJK's ongoing oversight is crucial in ensuring that KoinP2P addresses its current issues and works towards a more stable financial position.