Technological developments, especially in the field of financial technology, are growing to meet the needs of society in Indonesia and are now continuing to accelerate. For example, in March 2024, BTPN Bank conducted a survey showing a high spike in interest among Indonesians to borrow online for both Eid al-Fitr allowances and business development. (1)
Seeing this phenomenon, the public’s choice will further focus on peer-to-peer (P2P) lending services based on information technology, which is aligned with OJK’s plan to make the fintech P2P lending industry distribute 70% of financing to the productive sector and 30% to the consumptive sector in 2028. (2)
This indicates that the digitally savvy community no longer focuses on bank loans and is reluctant to enjoy online lending services, but rather makes this business an opportunity and good business prospect to be developed seriously in Indonesia.
So, what is the right business field for technology-based companies, and the Business Field Standard Classification (KBLI) code that we recommend for business owners planning to establish a P2P lending company?
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Recommended KBLI for Peer-to-Peer (P2P) Lending Company
The suitable KBLI refers to the principle of lending that your business field focuses on. In the Online Single Submission (OSS) system under the Minister of Investment/BPKPM, P2P Lending is separated into 2 principles which are Conventional and Sharia. If your business refers to conventional then the KBLI code should be 64951 on Conventional Fintech P2P Lending Services. The scope of the 64951 code is:
information technology-based money lending and borrowing service business (fintech peer-to-peer lending) organized conventionally, with business activities including the provision, management, and operation of financial services to bring together lenders and loan recipients in order to conduct lending and borrowing agreements in rupiah currency directly through electronic systems using the internet network.
Otherwise, if your business refers to Sharia OR your conventional P2P lending expands its business to Sharia then the KBLI code should be 64952 on Sharia Fintech P2P Lending Services, with an addition of 64953 code on Sharia Business Unit Information Technology Based Money Lending Services (Fintech P2P Lending) when your conventional company also running the Sharia business.
The scope of the 64953 code is:
working unit activities of the head office of a conventional fintech peer-to-peer lending service provider that conducts business activities of fintech peer-to-peer lending services based on Sharia principles and/or serves as the main office of an office that conducts business activities based on Sharia principles.
Please note that in the P2P lending KBLI case, it is not needed for you to add the 63121 code on Web Portals and/or Digital Platforms without Commercial Purposes or 63122 code on Web Portals and/or Digital Platforms with Commercial Purposes since the mentioned P2P Lending codes also include online business either in the form of a web or application.
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ET Consultant is a Business Consultant and Legal Consultant Expert that provides support for local and multinational clients to start and manage their business operations in Indonesia. ET Consultant specializes in Business Incorporation, Licensing & Legal, Accounting & Taxes, Immigration, and Advisory Services.
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