- The Financial Services Authority (Otoritas Jasa Keuangan – “OJK”) is currently preparing a regulation on securities crowdfunding in the form of obligations and sharia bonds (sukuk) and securities crowdfunding looks set to become a new alternative source of financing for Indonesia’s micro-, small- and medium-scale enterprises (Usaha Mikro, Kecil, dan Menengah – “UMKM”). Currently, according to OJK commissioner, Tirta Segara, statistics reveal that only 25.5% of UMKM businesses have managed to secure financial access to commercial banks and rural banks.
- The OJK previously issued a regulation on equity crowdfunding for the provision of financing in the form of shares. As a result of this framework, there are now three equity crowdfunding platforms operating within Indonesia which, as of June 2020, were facilitating 74 UMKM and had collected total funds amounting to IDR 97.5 billion
- In addition to crowdfunding platforms, other alternative sources of funding are currently available to UMKM, specifically fintech, peer-to-peer lending and venture capital. However, as these alternative sources of funding are all digitally-based, Mr. Tirta is advising UMKM to make efforts to improve and expand their digital and financial literacy. (ANT)
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