IslamicFinance.de

Asosiasi Fintech Pendanaan Bersama Indonesia (AFPI), which is an association of 156 Fintech lenders, is reportedly planning to work cooperatively with the Indonesian government to distribute funds that are meant to offset the economic problems and challenges created due to COVID-19. As of September 2020, the Indonesian government has issued 25% of the planned IDR 695 trillion (appr. $46.8 billion) it has set aside for COVID-related financial relief for local businesses. Most of the AFPI members offer peer-to-peer (P2P) lending services. As of June 2020, there were 161 licensed or registered P2P lenders operating in Indonesia. The nation’s P2P lending platforms have managed to help around 20.6 million borrowers by connecting them with 539,460 lenders.