Indonesia, 4 May 2021 – Dhanapala, a peer-to-peer lending (P2P) financial service provider affiliated with Tokopedia, officially obtained license from the Financial Services Authority (OJK) based on the OJK Decree on April 14, 2021 through a copy of the Board Member’s Decree Commissioner of the Financial Services Authority Number: KEP-23/D.05/2021.
Chief Risk Officer Dhanapala, Nicole Oesman, said, “We appreciate OJK’s trust in providing the license to Dhanapala. Going forward, Dhanapala is committed to making it easier for sellers in Indonesia, especially local MSMEs, to gain access to financial services including capital to develop business and increase financial inclusion in Indonesia.”
“Dhanapala’s fully digital-based infrastructure allows sellers at Tokopedia, including local MSMEs, to apply for business capital loans through Modal Toko with terms and conditions applied,” added Nicole.
Modal Toko itself is one of Tokopedia’s features that enables sellers to develop their business and improve financial governance by obtaining additional working capital of up to hundreds of millions of rupiah in an easier, instant and flexible way.
Sellers can withdraw the loan at any time and any amount as needed repeatedly as long as the limit is still available. Sellers are also free to choose a tenor of 3 or 6 months for each loan withdrawal with very affordable interest.
Modal Toko applications can be processed in about 10 minutes and can be cashed in less than 5 minutes. The activation process is also very easy, simply by uploading the ID and a selfie with the ID.
The payment process for Modal Toko’s installments is also convenient, as there are more than 50 payment methods available on Tokopedia. Dhanapala has also implemented credit risk management with prudent principles, one of which is through the use of alternative credit scoring from e-commerce.
Since registering in 2019, Dhanapala has continuously experienced very significant growth. Nicole added, “In March 2021, the number of monthly disbursements and MSMEs using the Modal Toko both increased by more than 5x when compared to last January 2020.”
In fact, since last June 2020, Dhanapala has returned to providing working capital to local MSMEs so that they can continue to maintain and develop their businesses in the midst of the pandemic.
Moreover, collaboration has always been one of Dhanapala’s focuses. In practice, for example, Dhanapala has become a member of the Indonesian Fintech Lenders Association (AFPI). Executive Director AFPI, Kuseryansyah, through AFPI’s press release, said that with the increasing number of AFPI members obtaining OJK licenses, it is hoped that the fintech lending industry in the country will grow more credible, stronger and help close the loopholes for the operation of illegal fintech or illegal loans that are detrimental to industry and society.
“Dhanapala will continue to collaborate and innovate to make it easier for sellers in Indonesia, especially local MSMEs, to develop their business while contributing to the economic recovery of the country which is currently affected by the pandemic,” concluded Nicole.
Dhanapala is a peer-to-peer lending (P2P) financial service provider that is affiliated with Tokopedia. Tokopedia itself is an Indonesian technology company with a mission to democratize commerce through technology. Tokopedia’s vision is to build a Super Ecosystem where anyone can start and discover anything. To this day, Tokopedia has empowered millions of merchants and users across the marketplace and digital goods, financial technology and payment, logistics and fulfillment, including Mitra Tokopedia.