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"Dream - The Financial Services Authority (OJK) recorded Buy Now Pay Later (BNPL) financing receivables or deferred payments reaching Rp6.81 trillion as of May 2024. "The total disbursement of financing receivables by Buy Now Pay Later (Paylater) companies in May 2024 increased by 33.64 percent YoY to Rp6.81 trillion," said the Executive Head of Supervision of Financing Institutions, Venture Capital Companies, Microfinance Institutions, and Other Financial Institutions (PVML) at OJK, Agusman, as quoted from Liputan6.com, Tuesday, July 9, 2024."
Agusman added, the increase is accompanied by the financing risk profile reflected by the Gross Non Performing Financing (NPF) ratio and Net NPF ratio of 3.22 percent and 0.84 percent respectively as of May 2024.
According to him, BNPL financing in Indonesia has a considerable market potential in line with the development of a digital-based economy.
Regarding the paylater regulations, OJK is still conducting a study. This is in line with the development of BPNL services in the country, so that in the future it can provide a positive contribution to the improvement of financial inclusion in Indonesia.
As for the conducted study, first, it is about the requirements of financing companies that carry out paylater activities. Second, it is related to the ownership of information systems.
To the third, regarding personal data protection. To the fourth, audit trail. To the fifth, related to security systems, access and use of personal data, collaboration with other parties, lastly related to risk management.
"Previously, the Chief Executive of the Banking Supervisory Executive of OJK, Dian Ediana Rae, admitted to having blocked 6,056 accounts related to online gambling."
"The eradication of online gambling that has an impact on the economy has blocked 6,056 accounts based on the data provided by the Ministry of Communication and Information Technology."
word Dian.
"To eradicate accounts related to online gambling, OJK is currently drafting OJK regulations (RPJOK) regarding financial conglomerates. Dian conveyed that until May 2024, OJK's credit growth is still growing in double digits, namely 12.15 percent annually or Rp7.376 trillion."
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