T&S Asset Management

Indonesia's online lending TWP90 rises to 4.73% in August as loan growth slows

Published Data as of IndonesiaCreditUnsecuredBNPL

Key points

Facts

Online lending: at its monthly Board of Commissioners press conference on 5 October, the Financial Services Authority (OJK) said outstanding loans of licensed peer-to-peer platforms (pindar) were IDR 106.94 trn at end-August (up from IDR 105.63 trn at end-July), 1 up 22.07% year on year (down from 24.76% in July and 25.88% in June). 2 The aggregate TWP90 ratio was 4.73% (up from 4.32% in July). 3 OJK also reported 10 of 94 platforms below the minimum equity requirement (up from 7 in July). 4

Finance companies: receivables were IDR 514.08 trn (up from IDR 513.05 trn at end-July), up 1.68% year on year (down from 2.01% in July). 5 Gross non-performing financing was 3.04% (up from 3.03% in July). 6 BNPL receivables were IDR 13.61 trn (IDR 13.62 trn at end-July), up 36.57% year on year (down from 54.65% in July). 7

Analysis

Time series: online lending TWP90 eased from 4.62% in April 8 to 4.26% in June 9, then rose for two months to 4.73% (chart). The August increase came while the book still grew month on month, so it reflects more loans rolling into 90+ days rather than a shrinking loan book. Annual growth has slowed for two months, from 24.76% in July to 22.07%.

Across lenders: the industry average is still below OJK's 5% per-platform threshold, 10 but well above the banking system's gross NPL ratio of 2.11% for the same month. 11 Finance companies' asset quality was broadly flat, which points to stress concentrated in small-ticket unsecured digital loans rather than in vehicle-backed lending.

Cross-country: the rise mirrors the Philippines, where banks' consumer-loan NPL ratio climbed to 5.49% in July 12 while consumer loan growth slowed. The definitions differ (90+ day arrears on P2P loans versus bank NPLs), so the direction is more comparable than the level.

Online lending TWP90 (90+ day arrears) (%)
02464.622026-044.422026-054.262026-064.322026-074.732026-08
Online lending TWP90 (90+ day arrears) (%)
2026-044.62
2026-054.42
2026-064.26
2026-074.32
2026-084.73

Industry-wide share of licensed P2P (pindar) loans more than 90 days past due (OJK TWP90), month-end · Source: OJK monthly Board of Commissioners press releases (RDKB) (2026-04, 2026-05, 2026-06, 2026-07, 2026-08)

Implications

ExecutivesUnsecured digital lending is where Indonesian credit stress is building first; review exposure to P2P channelling and co-lending partners.
InvestorsSlower growth with rising TWP90 squeezes platform economics, and platforms below minimum equity face capital calls or consolidation.
OperatorsTighten limits for new and multi-platform borrowers and step up early-stage collections before loans reach 90 days.

Counterpoints and uncertainties

Two monthly increases do not yet make a trend: TWP90 fell between April and June, and OJK's release gives no breakdown by borrower type or platform size, so the aggregate ratio hides wide dispersion between platforms. OJK's mid-September decision to drop the planned three-lender cap leaves multi-platform borrowing as an open risk. The sharp fall in BNPL growth came with an almost unchanged balance month on month, so it mainly reflects a higher base a year earlier rather than a contraction.

Figures: see definitions

  1. Online lending (pindar) outstanding: IDR 106.94 trn (up from IDR 105.63 trn at end-July). Outstanding loans of licensed peer-to-peer lending platforms. Licensed online lending (pindar / P2P) platforms. Basis date: 31 Aug 2026. Source: Infobanknews: OJK catat pembiayaan pindar Rp106,94 T pada Agustus 2026 (2026-10-05)
  2. Online lending outstanding, year-on-year growth: 22.07% (down from 24.76% in July and 25.88% in June)
    July and June growth rates are from OJK's September 2026 board press release (RDKB August 2026).
    . Year-on-year growth in outstanding loans of licensed P2P lending platforms. Licensed online lending (pindar / P2P) platforms. Basis date: 31 Aug 2026. Source: Infobanknews: OJK catat pembiayaan pindar Rp106,94 T pada Agustus 2026 (2026-10-05)
  3. Online lending TWP90 (90+ day arrears): 4.73% (up from 4.32% in July). Share of outstanding loans more than ninety days past due, industry-wide (OJK TWP90). Licensed online lending (pindar / P2P) platforms. Basis date: 31 Aug 2026. Source: Infobanknews: OJK catat pembiayaan pindar Rp106,94 T pada Agustus 2026 (2026-10-05)
  4. Online lenders below minimum equity: 10 of 94 (up from 7 in July)
    The July count is from OJK's September 2026 board press release (RDKB August 2026).
    . Licensed P2P platforms with equity below the IDR 12.5 bn minimum. Licensed online lending (pindar / P2P) platforms. Basis date: 31 Aug 2026. Source: Infobanknews: OJK catat pembiayaan pindar Rp106,94 T pada Agustus 2026 (2026-10-05)
  5. Finance companies' receivables, year-on-year growth: 1.68% (down from 2.01% in July). Year-on-year growth in finance companies' financing receivables. Finance companies (multifinance) supervised by OJK. Basis date: 31 Aug 2026. Source: Kontan: Piutang pembiayaan multifinance Rp514,08 triliun per Agustus 2026 (2026-10-05)
  6. Finance companies' gross NPF ratio: 3.04% (up from 3.03% in July). Gross non-performing financing as a share of receivables, finance companies (OJK). Finance companies (multifinance) supervised by OJK. Basis date: 31 Aug 2026. Source: Kontan: Piutang pembiayaan multifinance Rp514,08 triliun per Agustus 2026 (2026-10-05)
  7. Finance companies' BNPL receivables, year-on-year growth: 36.57% (down from 54.65% in July). Year-on-year growth in finance companies' BNPL receivables. Finance companies (multifinance) supervised by OJK. Basis date: 31 Aug 2026. Source: Kontan: Pembiayaan BNPL tembus Rp13,61 triliun per Agustus 2026 (2026-10-05)
  8. Online lending TWP90 (90+ day arrears), April 2026: 4.62%. Share of outstanding loans more than ninety days past due, industry-wide (OJK TWP90). Licensed online lending (pindar / P2P) platforms. Basis date: 30 Apr 2026. Source: OJK press release: RDKB June 2026 (2026-07-07)
  9. Online lending TWP90 (90+ day arrears), June 2026: 4.26% (down from 4.42% in May). Share of outstanding loans more than ninety days past due, industry-wide (OJK TWP90). Licensed online lending (pindar / P2P) platforms. Basis date: 30 Jun 2026. Source: OJK press release: RDKB July 2026 (2026-08-04)
  10. OJK TWP90 reference threshold: 5%. TWP90 level OJK uses as the threshold for flagging platforms. Licensed online lending (pindar / P2P) platforms. Basis date: 31 Jul 2026. Source: Warta Ekonomi: OJK Bongkar Kondisi Pindar, 16 Pemain Masih TWP90 di Atas 5 Persen
  11. Gross NPL ratio, banks (OJK): 2.11% (up from 2.10% in July). Gross non-performing loans / total loans, Indonesian commercial banks, as announced by OJK. Indonesian banking industry. Basis date: 31 Aug 2026. Source: Asbisindo (republishing OJK press release): OJK luncurkan RP3I 2026-2030 (2026-10-02)
  12. Consumer loan NPL ratio: 5.49% (up from 5.44% in June). Non-performing consumer loans as a share of consumer loans (BSP data). Philippine banking system. Basis date: 31 Jul 2026. Source: Inquirer: Bad loans up amid continuing consumer strain (2026-09-09)

Sources

  1. OJK press release: RDKB August 2026 (July data, 2026-09-07)primary
  2. OJK press release: RDKB July 2026 (June data, 2026-08-04)primary
  3. Infobanknews: OJK catat pembiayaan pindar Rp106,94 T pada Agustus 2026 (2026-10-05)
  4. Kontan: Piutang pembiayaan multifinance Rp514,08 triliun per Agustus 2026 (2026-10-05)
  5. Kontan: Pembiayaan BNPL tembus Rp13,61 triliun per Agustus 2026 (2026-10-05)

Reports are for information only and are not investment advice.

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