JAKARTA, July 8 (Xinhua) -- Indonesia's Financial Services Authority (OJK) said on Tuesday that the financing in the online loan sector had been significantly growing, reaching 82.59 trillion rupiahs (5.08 billion U.S. dollars) as of May this year.
Meanwhile, the financing receivables of financing companies grew 2.83 percent to 504.58 trillion rupiahs (31.03 billion dollars) by May on a yearly basis, according to Agusman, OJK chief executive supervisor for financing institutions, venture capital companies, microfinance institutions and other financial services institutions.
"The risk profile of the financing company is maintained with a ratio of non-performing financing (NPF) gross recorded at 2.57 percent and NPF net at 0.88 percent. The gearing ratio of the financing company was recorded as 2.20 times or below the maximum limit of 10 times," Agusman said at a virtual press conference.
The OJK also said that the number of buy now pay later (BNPL) banking service accounts reached 24.79 million, while the BNPL bank's debit credit balance grew 25.41 percent year-on-year to 21.89 trillion rupiahs (1.34 billion dollars) as of May.
"The pay-later banks continue to record high growth annually," said Agusman.
