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为什么Go-Jek要下注印尼 P2P 借贷市场?

全新的互联网金融模式国际资讯

为什么Go-Jek要下注印尼 P2P 借贷市场?

印尼备受关注的独角兽企业 Go-Jek 日前宣布,将与 P2P 借贷公司 Findaya、Dana Cita、Aktivaku 开展合作。此举标志着 Go-Jek 成为又一家涉足金融领域的网约车巨头。

由于尚未开立银行账户的人口数量众多,印尼借贷市场还是一片尚待开垦的肥沃之地,Go-Jek 决定进军借贷市场实属战略之举。最近,印尼政府也在大力推进普惠金融。

2011年,印尼成年人当中仅两成有银行账户。因缺乏与银行的金融往来记录,大部分民众就算有偿还能力,也无法享受金融服务。同时,印尼低收入者拿不到贷款来改变现状,陷于穷困的恶性循环中。

正是这样的环境催生了 P2P,让其得以在印尼焕发生机。2018年,替代借贷(alternative lending)总量目前已达到2750万美元。

借贷平台 Modalku 已获得由软银领投的2500万美元融资,创东南亚 P2P 借贷平台融资之最,证明了借贷市场的价值。

印尼借贷市场现状

切实的需求、繁荣的市场、大把的机遇,已经孕育出40余家专注于 P2P 市场的企业。尽管市场中不乏坑蒙拐骗之徒,但印尼百姓还是对各类金融服务持乐观态度。

P2P 借贷平台之所以备受追捧,在于其高效。不少平台资信筛查的速度比银行快得多,利息也更低。另外,P2P 借贷接受更加小额的贷款也是其主要吸引点。比如像 KoinWorks 这样的公司,贷款额度甚至可以低到10万印尼卢比(约合6.75美元)。

一般情况下,贷款申请人不需要做抵押,相关资料随时都可以提交,不用局限在银行上班时间。

值得注意的是,分析师提醒,P2P 借贷产业若想进一步壮大,应该建立更为精确的信用评估流程。随着市场日趋成熟,没有这个流程的公司似乎确实准备将其建立起来。

P2P 借贷市场对于放贷人同样具有吸引力。一来他们可以收取利息,增加个人财富;二来借贷平台主体承担了借贷风险。

相关法规

印尼P2P 借贷起步于2年前,尚属新领域,针对P2P借贷的法规相对滞后。

不过,由于P2P 借贷平台体量庞大、普及度高,金融监管局也已经针对在线借贷服务制定了“监管沙盒”,宣告印尼 P2P 借贷已经走在其他科技金融产业前列。

说一千道一万,P2P 借贷产业的发展对印尼政府而言毕竟是件双赢的好事。很多人拿到贷款后会将其用作种子资金,发展小微企业或中小企业,有利于推动经济发展。

金融监管局发布的法规中,部分要求 P2P 借贷服务提供商申请运营许可。同时还规定,P2P 借贷服务初创企业只有在资金达到至少20万美元后方可拿到运营许可,而且最大贷款额度不得超过15万美元。

此举让贷款人能够核查企业资质,有利于砍掉印尼国内的众多骗子借贷公司。金融监管局已经曝光的非法在线借贷初创企业就达227家。

不过,这项规定只是金融监管局的初步举措,还不能从整体上解决在线借贷市场的培养和监管问题。也许,监管人员本身有意允许 P2P 借贷创业公司,愿意扶持它们发展壮大。

普惠金融之后又是哪番景象?

为了努力赶上席卷全球的无现金社会浪潮,印尼普惠金融事业发展迅猛。连世界银行都认为,在对无银行账户人口的帮扶工作中,印度尼西亚是亚太地区东部取得进展最大的国家。

开立银行账户的成年国民比例已经从2011年的20%增长到2017年的49%,虽然这一数据仍低于全球平均水平,不过印尼正迎头赶上。

目前,在政府大力推进普惠金融之际,P2P 借贷成为国人得以贷款的重要临时手段。我们不禁要问,一旦有更多的成年国民通过这种方式积累了金融记录,是否就意味着 P2P 借贷走到了尽头?

我们认为,这个问题的答案主要取决于两个因素:

  1. 除了借钱,P2P 借贷公司是否能够发挥更大的价值?
  2. 银行是否能迅速对借贷基础设施加以创新升级,超越科技金融领域的 P2P 借贷企业?

在印尼,借贷仍然是比较新的一个子行业。也就是说,借贷企业更加灵活,能够迅速转变商业模式或在短时间内缔结合作关系。

不过,事情并非一定会陷入非黑即白的境地。

加入银行大军

纵观全球科技金融趋势,从前灵活多变、竞争力强的科技金融机构,虽然大有让银行破产之势,最终都被银行"招安"。一般情况下,银行在谋求创新之时更愿意吸收已经成熟的服务,而非重新开发一种,也许效果还不如前者。同时,庞大的资金池、集团化的商业机遇对科技金融公司也颇有吸引力。

P2P 借贷企业 Amartha 起步于团体借贷,现在已经与印度尼西亚中央银行(BNI)合作,有可能成为银行和借贷平台"合体"的开路先锋。

印尼也可以培养本国的借贷巨头

在银行对国民影响较大的国家,很多时候科技金融企业都会与银行汇合。因此,鉴于印尼现有银行客户不多,新客户又缺乏金融记录,科技金融服务在借贷领域很有可能超越银行。

在中国,电子钱包取得的巨大优势改变了国内整个金融体系的步调,不但让腾讯、阿里巴巴这样的企业发展壮大,更让其在中国政府"一带一路"的政策之下占据优势地位。

同样,印尼的企业也有机会成长为本国的科技金融巨头。

要实现此目标,从中国的先例来看,则印尼 Go-Jek 现在的情况无疑有利于其担此重任。阿里巴巴以电商起家,微信以即时消息起步,两者都是在业务多元化之后涉足钱包领域,赚得盆满钵满。

虽然在线借贷的情况不同于电子现金,但这并不妨碍Modalku 这样不具备多样化服务类型、却资金雄厚的企业,单是丰富的行业经验和现有客户量就足以让其占据领先地位。

Go-Jek, Indonesia’s unicorn darling just announced that they will be partnering with peer-to-peer (P2P) lending firms Findaya, Dana Cita and Aktivaku.to which marks them as yet another ride-hailing giant dabbling in financial services.

The company’s decision to join the lending scene is a strategic one for the Indonesian market, as the nation is fertile ground thanks to huge swaths of unbanked communities. The government has made huge strides towards financial inclusion in the nation, but this was a relatively recent development.

Back in 2011, only 20% of Indonesian adults had a bank account, which precluded them from being able to access financial services due to a lack of financial history with banks—even among those who had the means to pay the loans back. Meanwhile, Indonesians in poverty are unable to secure loans to carry them out of their situation and are stuck in a cycle of poverty.

This was the environment that cultivated the P2P businesses in Indonesia, and helped them flourish. Today, alternative lending amounts to US$27.5 million in 2018.

The lending platform Modalku proves the value in this scene as they record the largest funding round raised by a P2P lending platform in Southeast Asia, with US$ 25 Million raised led by Softbank Ventures.

The Indonesian Landscape

With a real need and a landscape rife with opportunities, we counted at least 40 players specifically dabbling in the P2P lending space. While there are a plethora of fraudulent players complicating the fray, the services are nevertheless seen in a positive light by the Indonesian people.

The popularity of P2P lending platforms lie in its efficiency—quite a few of these platforms are able to do credit screening more quickly than banks can, and offers lower interest as well. Another key appeal in P2P lending is the ability to receive even small loans. Companies like KoinWorks comes to mind, allowing loans at a minimum of 100,000 rupiahs.

There is often no need for collateral, and documents can be submitted ay time, instead of being subject to a bank’s office hours.

It is worth noting that analysts have warned that a more accurate credit assessment process should be developed if the industry is to progress, and it does seem likely that companies without this infrastructure will develop it as the scene matures.

The P2P lending scene is also attractive to lenders who are able to collect on interests incurred and grow their own wealth as the majority of lending platforms shoulder the risk.

Regulations

P2P lending services hit the nation by storm only 2 years ago, which marks the scene as a very nascent one. As such, the regulations on P2P lending are still relatively lax.

That being said, both the sheer volume and popularity of these platforms have driven OJK, the Financial Services Authority of Indonesia to establish a regulatory sandbox specifically for online lending services—which in a way, heralds the P2P lending industry in Indonesia as a cut beyond any other fintech.

After all, it is a win-win situation for the government. Many of those who borrow from these platforms use the seed money to run micro and SME businesses, which helps drive the economy.

OJK issued regulations that in part, requires P2P lending providers to apply for a permit. The regulator also stipulated that startups need to have at least $200,000 in capital to be approved for an operating license, and can only issue a maximum loan of $150,000.

Allowing for potential users to check for a licence could help cut through the scammy lending firms operating in Indonesia, and there are a lot of them. OJK has discovered at least 227 illegal online lending startups.

But this regulation should only be the beginning of OJK’s role into P2P lending, and does not provide a holistic solution to both cultivate and regulate the scene yet. Perhaps even the regulators themselves are purposefully being permissive to P2P lending startups to help them flourish.

What Will Happen When Indonesians Are Already Financially Included?

In Indonesia’s efforts to match up with the cashless trend gripping the word, the country’s financial inclusion grows rapidly—in fact, World Bank characterises Indonesia as the nation that makes the most progress in helping its unbanked populations among East Asia and the Pacific.

The 20% of banked adults in 2011 grew to 49% in 2017, and while the number is still lower than the global average, the nation is catching up fast.

For now, P2P lending businesses serve as a crucial stopgap that enables Indonesians to access lending while the government ramps up efforts to grow financial inclusion, but we can’t help wondering—once more adults develop a financial history through banking, will that spell the end for P2P lending?

We think that this will all depend on two important factors:

  1. Do P2P lending firms offer more value beyond just borrowing money?
  2. Can banks quickly innovate and upgrade their lending infrastructure to outpace fintech P2P lending firms?

Lending is still considered a fresh-faced sub-industry in the nation, which means that they are more agile and able to rapidly change their business model or strike strategic partnerships at the drop of a hat.

But things may not shake out into an either-or situation either.

Joining Forces with Banks

Fintech trends across the globe showcase previously agile and competitive fintech organisations eventually joining forces with the very banks they once attempted to disrupt. This usually happens when banks, attempting to innovate, realise that it is better to pull in already mature service instead of having to start their own inferior version from scratch. Meanwhile, fintech firms are enticed by a large pool of funds to dip into, and the opportunity to access corporate-level business opportunities.

Amartha, a P2P lending firm which started out as a group lending institution, already cooperates with the Central Bank of Indonesia (BNI) and could be one of the trendsetters paving the way for coalescence.

Or Indonesia Could Develop Its Own Lending Giant

Many situations that lead to convergence of banks and fintech happen in nations where banks hold a significant presence over the populace. So considering the relatively low banked populations, and a newly-formed clientele that lacks financial history, it’s possible that fintech services could outpace banks in the lending department.

China’s entire financial institution changed gears when e-wallets gained dominance in the nation, raising companies like Tencent and Alibaba into giants and in a perfect position to take advantage of the Belt and Silk Road Initative rolled out by the Chinese government.

In a similar vein, there is also the possibility of an Indonesian company rising up to become a fintech giant in Indonesia.

To this end, if we go by the precedent set by China, then Go-Jek is in a decent position to fill this role in Indonesia. Both Alibaba and WeChat started out in e-commerce and instant messaging respectively, before diversifying into wallets and striking gold.

Since lending is a different beast compared to e-cash though, this doesn’t preclude existing players like the highly-funded Modalku to rise to dominance regardless of their lack of diversification in services, simply due to experience and an existing clientele.


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