Mentari Puspadini, CNBC Indonesia
Market
Monday, 11/09/2023 09:50 WIB
Jakarta, CNBC Indonesia – Eight multi-finance companies still do not meet the minimum capital requirements set by the Financial Services Authority (OJK). This number has not decreased from last month.
“This is considering that on average the Financing Companies are targeting to fulfill the provisions by the end of 2023,” said the Chief Executive of the Supervision of Financing Institutions, Venture Capital Companies, Microfinance Institutions and Other Financial Services Institutions (PVML) OJK Agusman in a written statement on the RDK results OJK, quoted Monday, (11/9/2023).
Agusman also appealed to companies that have not met the requirements, so they need to submit a commitment to fulfill them which includes an action plan that will be carried out by the company along with a time target.
The action plan in question can take the form of a commitment to increase capital from existing shareholders, the process of transferring shares to new investors and other corporate actions that can have an impact on increasing the Company’s capital and equity capacity.
As stated in OJK Regulation (POJK) Number 35 of 2018 concerning the Implementation of Financing Company Business, specifically in Chapter XVIII concerning Equity in Article 87 paragraph (1) letter a.
It states that finance companies in the form of limited liability companies are required to have equity of at least IDR 100 billion, where the company has a deadline to achieve this capital by December 31 2019. To overcome this, the OJK has taken supervisory action. Steps include writing to the relevant companies and asking for plans to meet capital requirements.
Meanwhile, net financing receivables in the multi-finance industry reached IDR 444.52 trillion in the first half of 2023, up 16.37% yoy.
The composition of net financing receivables is dominated by multipurpose financing and investment financing with respective proportions of 51.65% and 33.75%.
In detail, multipurpose financing grew 12.25% yoy to IDR 229.6 trillion and investment financing rose 17.57% yoy to IDR 150 trillion.
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