Mekar Officially Registers with the OJK

Jakarta, March 21, 2018 – Mekar (PT Mekar Investama Sampoerna), a financial technology (fintech) company that facilitates peer-to-peer lending covering the Indonesian archipelago, is now officially registered with the Financial Services Authority (OJK).

OJK’s decision to add Mekar to its list of fintech firms under its supervision demonstrates the Indonesian regulatory body’s high level of confidence on the P2P platform whose mission is to improve access to finance for Indonesian micro, small, and medium-sized enterprises (MSMEs).

OJK confirmed Mekar’s registration as a provider of IT-based P2P lending services on March 20 with the registration number S-237/NB.213/2018.

Mekar’s CEO Thierry Sanders said Mekar’s registration with the OJK shows the company’s commitment to the protection of both borrowers and lenders who are using Mekar’s services on the Mekar.id web platform.

“Now that Mekar is officially registered with the OJK, we hope to gain the confidence of more potential customers all over the country and, together with Mekar, they will be able to contribute in the empowerment of Indonesian MSMEs,” Sanders added.

OJK regulation No. 77/POJK.01/2016 requires that providers of technology-based peer-to-peer lending services register with the OJK. Today, at least 37 fintech firms are registered out of the 120 fintech companies in Indonesia that are known to be offering P2P lending services.

Mekar has been a provider of P2P lending services since February 2017. Mekar’s registered status means that the company has met government standards for electronic system, risk assessment and mitigation, quality of human resources as well as other factors that contribute to a safe and sustainable business practice.

As of March 2018, Mekar has disbursed more than Rp 34 billion in more than 16,000 micro loans to borrowers who are mostly women. This year, Mekar is targeting to disburse Rp 100 billion in 80,000 micro loans.