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P2P Lending Tunaiku Continues Operation Under Amar Bank

OJK is said to push Tunaiku under Amar Bank, not to be independent

Marsya Nabila - 10 September 2018

Tunaiku released an official statement after a rumor spread about the revoked license as p2p lending by OJK (Indonesia's FSA). In its release to DailySocial, Vishal Tulsian, Amar Bank's Managing Director, said the fact that Tunaiku was the one requesting for the revocation by OJK's suggestion.

Tulsian said, in February 2018 Tunaiku established a separate legal entity PT Tunaiku Fintech Indonesia for p2p lending service license registration.

They submit the application to OJK's Fintech Licensing and Managing Directorate of Licensing and Fintech Control (DP3F) The application was approved and issued by March 2018.

In spite of having an independent legal entity, Tunaiku still operating under Amar Bank.

The regulator, in this case, OJK's Banking Supervisor, views Tunaiku's four years performance under Amar Bank has resulted in providing loans of more than IDR 1 trillion and approaching more than 100 thousand customers in the beginning of the third quarter in 2018. OJK is finally pushed Tunaiku to remain under Amar Bank supervision.

"OJK Banking Supervisor suggested Amar Bank to continue running Tunaiku, under its supervision. Therefore, in August 2018, we submit a request for Tunaiku's license cancellation as fintech p2p lending operator to DP3F OJK, and has been approved," Tulsian explained.

"We appreciate the trust and support by the regulator, particularly OJK in terms of achieving the same goal, to support the national strategy of Indonesia's financial inclusion and consumers protection as the priority," he added.

Hendrikus Passagi, OJK's DP3F Director, said, " In its journey, Tunaiku electronic system is sorted by OJK Banking Supervisor as an Amar Bank product which operated since June 2014. With the consideration of operation and reputation, Tunaiku has submitted the cancellation request as a p2p lending operator.

He continued, the cancellation was meant for Amar Bank to focus, and Tunaiku platform can be fully supervised as a banking product. Upon the request, OJK's DP3F approved and canceled the license of Tunaiku Fintech Indonesia.

"With the focus of Tunaiku supervision as a banking product of Amar Bank, it's expected to advance the role in supporting the national strategy of financial inclusion in Indonesia," he said.

– Original article is in Indonesian, translated by Kristin Siagian

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