The Financial Services Authority (OJK) noted that the value of new loan disbursements during January-February 2021 was Rp18.97 trillion or grew 36.5% YoY.

Member of the Board of Commissioners for the Consumer Protection of the OJK, Tirta Segara, said that the growth indicated fintech peer-to-peer lending, or online lending, which brought together lenders and recipients of loans in a virtual and cross-border manner.

"We are aware that the development of information technology and the spread of the Covid-19 pandemic have made internet use even more massive. This condition encourages financial service businesses to adapt to maintain their business and existence by supporting consumer needs for digital services that are more efficient, safe, and fast," he said in a written statement, Wednesday (21/4).

As of February 2021, the number of loan lenders and recipients will continue to increase to 594 thousand lenders and 49 million loan recipients, res