Legal protection for Provider in Peer to Peer Lending: an Example from Indonesian Regulation

2019 ◽  
Vol 2 (2) ◽  
Author(s):  
Trinas Dewi Hariyana
Keyword(s):  
Risk Management ◽  
Legal Protection ◽  
Peer To Peer ◽  
Bank Credit ◽  
Legal Certainty ◽  
P2p Lending ◽  
Credit Agreement ◽  
Dispute Resolution Mechanism ◽  
Settlement Mechanism ◽  
Financial Technology

The Financial Technology peer to peer (P2P) lending concept still finds many weaknesses, especially in terms of legal protection for parties and risk management from Fintech itself. P2P Lending Regulation in Indonesia currently uses POJK No. 77 / POJK / 2016 concerning technology-based money lending and borrowing services. The position of Fintech P2P lending is similar to a bank, but the concept is a different agreement. Fintech P2P lending funds can come from investors or funders or cooperate with legal entities or banks. Considering that the risk posed by Fintech P2P lending is very large, Fintech must also implement consumer protection, risk management and prudential principles like a bank credit agreement so as to cover the risk of bad credit, the Fintech platform uses other means to protect funds from investors or investors. the other is with the protection fund as done by the Coin works platform. The protection fund does not cover the entire fund invested by the funder, depending on the availability of protection funds and the amount of credit that is experiencing congestion. The POJK regulation in article 19 describes the agreement clause which must contain the dispute resolution mechanism and the settlement mechanism if the implementation of lending and borrowing services is not able to continue operations, so that with the rules related to the clause it is expected that the funder will still get legal certainty and protection for funds.

scholarly journals Legal protection for Provider in Peer to Peer Lending: an Example from Indonesian Regulation

2019 ◽  
Vol 2 (2) ◽  
Author(s):  
Trinas Dewi Hariyana
Keyword(s):  
Risk Management ◽  
Legal Protection ◽  
Peer To Peer ◽  
Bank Credit ◽  
Legal Certainty ◽  
P2p Lending ◽  
Credit Agreement ◽  
Dispute Resolution Mechanism ◽  
Settlement Mechanism ◽  
Financial Technology

The Financial Technology peer to peer (P2P) lending concept still finds many weaknesses, especially in terms of legal protection for parties and risk management from Fintech itself. P2P Lending Regulation in Indonesia currently uses POJK No. 77 / POJK / 2016 concerning technology-based money lending and borrowing services. The position of Fintech P2P lending is similar to a bank, but the concept is a different agreement. Fintech P2P lending funds can come from investors or funders or cooperate with legal entities or banks. Considering that the risk posed by Fintech P2P lending is very large, Fintech must also implement consumer protection, risk management and prudential principles like a bank credit agreement so as to cover the risk of bad credit, the Fintech platform uses other means to protect funds from investors or investors. the other is with the protection fund as done by the Coin works platform. The protection fund does not cover the entire fund invested by the funder, depending on the availability of protection funds and the amount of credit that is experiencing congestion. The POJK regulation in article 19 describes the agreement clause which must contain the dispute resolution mechanism and the settlement mechanism if the implementation of lending and borrowing services is not able to continue operations, so that with the rules related to the clause it is expected that the funder will still get legal certainty and protection for funds.

LEGAL PROTECTION FOR DEBTORS OF ONLINE LOANS

2020 ◽  
Vol 4 (1) ◽  
pp. 46
Author(s):  
Dimas Pramodya Dwipayana
Keyword(s):  
Legal Protection ◽  
Peer To Peer ◽  
Financial Transaction ◽  
P2p Lending ◽  
Bad Loans ◽  
Loan Quality ◽  
Low Rate ◽  
Research Show ◽  
Financial Technology

Business concepts has experienced change from conventional (offline) to that which is digital (online) to win the market. This includes businesses in the financial technology (FinTech). This research aims to analyze the quality of loans in Indonesia FinTech-Peer to Peer (P2P) Lending. The objects of this research are seventy-two companies which establish FinTech-P2P lending. The tool used in this research is the analysis of the loan quality and the data trend from January until October 2018. Results of this research show that borrower and lender accounts have increased by 10,8 times, and it has increased by 1,8 times compared to the previous year. P2P lending has distributed loans as much as Rp.15.990.143.141.355 until October 2018. This number has grown 5,3 times since January of that year. Most of the loans in the P2P lending are current loans, in which its monthly payment is less than 30 days past due as of any date of determination. On average, the loan quality in the P2P lending is dominated by current loans, which reach 97,09%. The rest are non-current loans (1,90%) and bad loans (1,03%) every month. The low rate of non-performing loans shows a good quality of financial transaction. The information from this research may be used as a consideration for the society in using FinTech-P2P Lending for lending funds and investment.

THE URGENCY OF MORTGAGE AGREEMENT AS AN EFFORT TO REALIZE THE TRUST BY BANK AS CREDITOR

2021 ◽  
Vol 10 (1) ◽  
pp. 31
Author(s):  
Ika Atikah
Keyword(s):  
Legal Protection ◽  
Legal Regulation ◽  
Bank Credit ◽  
Legal Certainty ◽  
Vital Function ◽  
Conceptual Approach ◽  
Credit Guarantees ◽  
Banking Institutions ◽  
Credit Agreement ◽  
Mortgage Law

This study focuses on the legal certainty of the implementation of loans for mortgage rights which are the object of collateral in the form of money-valued objects when bad loan occurs, which are regulated in the main agreement as an effort to manifest the trust of creditors of banking institutions whose existence is highly sought after by the Indonesian people. The method used in this study focuses on the normative with the conceptual approach and statute approach. The results of this study indicate that Credit agreements must be considered by the bank as creditor and by the customer as the debtor, considering that credit agreements have a vital function in granting, managing, and managing the credit itself. The existence of a guarantee in a bank credit agreement is significant, namely as a means of legal protection for bank security in overcoming risks. There is a certainty that the debtor customer will pay off his loan. This is based on the explanation of Banking Laws, PBI, and POJK, which requires banks' caution as creditors for loans to debtors based on the belief in the debtor's ability to pay off his obligations as agreed in the agreement. The land is material security which is most in demand by banking institutions as security of mortgage rights. The use of land as a trusted and consumptive credit is based on the consideration of the safest land and has a relatively high sale value. The urgency of objects Securing mortgage rights as stipulated in the credit agreement cannot be separated from the guarantee itself. Credit guarantees are always stated in an additional agreement, namely the Collateral agreement. The need for funds by people or institutions provides credit by providing excellent services and providing legal protection for the parties in the transaction so that no one is harmed in the transaction. The state provides legal protection by stipulating legal regulation relating to credit so that banks as creditors have legal certainty in the process of executing credit collateral objects for optimal repayment. Mortgage Law states that creditors have full rights in executing debtor's collateral goods when bad loans do not have to go through litigation.

scholarly journals Legal Protection of Parties in Online Credit Agreement (Peer to Peer Lending) A Case Study of PT Vcard Technology Indonesia

2019 ◽  
Vol 06 (03) ◽  
pp. 511-532
Author(s):  
I Made Darma ◽  
Putu Jadnya
Keyword(s):  
Information Technology ◽  
Financial Services ◽  
Government Regulation ◽  
Personal Data ◽  
Legal Protection ◽  
Peer To Peer ◽  
Legal Certainty ◽  
Peer Lending ◽  
The Government ◽  
Credit Agreement

The development of digital economy has led people to adapt to the use of services in information-technology-based loan or peer-to-peer lending. In early 2019, the V-loan case attracted attention of many people. The case has made debtors depressed, removed from their own houses, etc. Some debtors even were fired from works. In a case, the loan provider misused debtors’ personal data in debtors’ cell phones. The loan provider created WhatsApp groups containing all debtors’ contacts, including the debtors. Then, they uploaded pornographic content. Their objective was to defame debtors. Parties involved in loan agreement should adhere rules and arrange for reasonable loan. To discuss this matter, it is necessary to review agreement based on the Law on Electronic Information and Transaction and the Regulation of Financial Services Authority number 77 of 2016. The study focused on legal protection of parties involving in P2P lending activities. The credit agreement of peer-to-peer lending is considered valid if it is based on Article 47 of the Government Regulation number 82 of 2016. Standard contract must be based on Article 20 of the Regulation of Financial Services Authority number 77 of 2016. Electronic signature is also required based on Article 41 of the Regulation. In addition, the application of information technology and electronic transactions must be carried out based on the principles of legal certainty, benefits, good faith, and the freedom of choice of technology based on Article 3 of Law Number 19 of 2016. Principles and objectives are fundamental elements of legal certainty. Therefore, organizer and the government must protect user of peer-to-peer lending.

scholarly journals LEGAL PROTECTION OF DISADVANTAGED DEBTOR CUSTOMERS IN THE IMPLEMENTATION OF OBJECT EXECUTION AUCTION PROCEDURES IN BANK CREDIT AGREEMENTS

2021 ◽  
Vol 2 (1) ◽  
pp. 37-48
Author(s):  
Disa Soraya
Keyword(s):  
Legal Protection ◽  
Bank Credit ◽  
Legal Certainty ◽  
Legal Rules ◽  
Limit Value ◽  
Sense Of Security ◽  
The Republic ◽  
Credit Agreement ◽  
The Right

In the process of granting credit, it often happens that the creditor loses when the debtor defaults so that legal rules are required in the implementation of the imposition of the mortgage as stated in a credit agreement, which aims to provide legal certainty and protection for the parties concerned. So, it raises a lawsuit for the cancellation of the auction. Based on these problems, this research aims to answer problems regarding the auction implementation of mortgage rights against debtors who are negligent by the Bank, limits on the determination of the auction limit value for the object of guarantee rights of security rights, and legal protection for bank customers for auction that does not match the value of a collateral object. This study uses an empirical juridical method by conducting literature studies and interviews with informants. The research and discussion results found that: First, the implementation of the mortgage right execution auction can be used as an alternative when bad credit occurs as a result of the customer (the debtor) in default to his creditor. The Bank, as the creditor, has the right to collect receivables from the sale of the object of the mortgage, which is guaranteed by an auction mechanism following the provisions of Law Number 4 of 1996 concerning Mortgage Rights for Land and Other Objects Related to Land. Mortgage rights in the credit agreement have a function to provide a sense of security for creditors in case of default by the debtor through the mortgage’s execution. Second, the limit value’s determination must be determined based on an appraiser’s assessment. So that if the determination of the limit value is so low, it can be used as one of the reasons for the auction’s cancellation. This is based on the provisions of Article 43 and Article 44 of the Regulation of the Minister of Finance of the Republic of Indonesia Number 27/PMK.06/2016 concerning Instructions for Conducting Auctions. Third, as a guarantee of legal protection for customers, if there is a loss due to implementing an auction that is not based on applicable legislation.

PERLINDUNGAN DATA PRIBADI PENERIMA PINJAMAN DALAM TRANSAKSI PINJAM MEMINJAM UANG BERBASIS TEKNOLOGI INFORMASI (PEER TO PEER LENDING)

2021 ◽  
Vol 50 (4) ◽  
pp. 789
Author(s):  
Hendrawan Agusta
Keyword(s):  
Peer To Peer ◽  
P2p Lending ◽  
Peer Lending ◽  
Financial Technology

Perkembangan teknologi informasi sangat pesat, adanya kolaborasi antara teknologi informasi dengan berbagai bidang kehidupan melahirkan berbagai macam inovasi yang membuat kehidupan masyarakat semakin mudah. Inovasi di bidang teknologi informasi melahirkan model bisnis baru yang pada gilirannya mampu menghasilkan efisiensi bagi masyarakat. Revolusi teknologi informasi tersebut terus berkembang dan sekarang memasuki bidang keuangan yang regulasinya ketat. Kolaborasi antara teknologi informasi dengan bidang keuangan melahirkan Teknologi Finansial atau Financial Technology (Fintech), salah satunya pinjam-meminjam uang berbasis teknologi informasi (Peer to Peer Lending/P2P Lending). Masyarakat menjadi lebih mudah mengakses kebutuhan keuangannya melalui P2P Lending. Di sisi lain, muncul tantangan dalam P2P Lending mengenai perlindungan data (data pribadi, data transaksi dan data keuangan). Dalam penelitian ini yang akan dibahas hanya data pribadi Penerima Pinjaman, dimana data pribadi tersebut perlu dilindungi agar tidak terjadi penyalahgunaan yang menimbulkan permasalahan hukum

Development of Financial Technology With Reference to Peer-to-Peer (P2P) Lending in Indonesia

2021 ◽  
pp. 144-164
Author(s):  
Tulus T. H. Tambunan
Keyword(s):  
Small Businesses ◽  
Peer To Peer ◽  
Small Business Owners ◽  
Semistructured Interview ◽  
Group Discussions ◽  
Case Study Methodology ◽  
P2p Lending ◽  
Study Methodology ◽  
Financial Technology

This study aims to explore the growth of financial technology (fintech) and its impact on the ability of small businesses to access funding in Indonesia with reference to peer-to-peer (P2P) lending. It adopted a case study methodology using a semistructured interview and a series of focus group discussions (FGDs) with 10 owners of small businesses and 30 owners or managers of peer-to-peer (P2P) lending companies. Two important findings were (1) the sampled small businesses benefited from P2P lending and (2) banks are the most important investor in P2P lending companies. However, this study has its limitations. First, the sample was too small to generalize to a broader population. Second, there is no national data on credit to small businesses from P2P lending to support the findings of the case. To the authors' knowledge, this is the first study on this topic, specifically in Indonesia. It takes stock of the empirical evidence in the literature through the lens of small business owners.

scholarly journals URGENSI LEGALITAS FINANCIAL TECHNOLOGY (FINTECH): PEER TO PEER (P2P) LENDING DI INDONESIA

2019 ◽  
Vol 1 (2) ◽  
pp. 68-79
Author(s):  
Meline Gerarita Sitompul
Keyword(s):  
Peer To Peer ◽  
P2p Lending ◽  
Financial Technology

Financial Technologi (Fintech) lahir dan berkembang sesuai tuntutan zaman dimana proses pembayaran, transfer, jual beli, hingga pembiayaan diharapkan menjadi semakin praktis, aman dan modern. Salah satu layanan fintek yang mendapatkan perhatian adalah layanan peer to peer (P2P) lending. P2P lending adalah sebuah platform teknologi yang mempertemukan secara digital peminjam yang membutuhkan modal usaha dengan pemberi pinjaman yang mengharapkan return yang kompetitif. Selama ini untuk fintech peer to peer (P2P) lending khususnya layanan pinjam meminjam secara online yang terdaftar di OJK, payung hukumnya mengacu pada Peraturan OJK (POJK) Nomor 77 Tahun 2016. Berdasarkan POJK, OJK sebagai lembaga untuk mengatur, memberi izin dan mengawasi Fintech P2P Lending yang terdaftar. Sementara untuk fintech ilegal atau yang belum terdaftar di OJK, diperlukan regulasi yang lebih tinggi kedudukannya dari POJK. Merujuk data Kementerian Komunikasi dan Informatika saat ini sudah 803 fintech yang telah diblokir karena tak memiliki izin atau illegal.  Penelitian ini mencoba untuk membahas tentang urgensi legalitas financial technologi, khususnya P2P Lending di Indonesia. Sifat penelitian ini adalah deskriptif analitis. Di kemudian hari, pembahasan ini kiranya akan membuka jalan untuk memfasilitasi masyarakat Indonesia, khususnya yang mencari kepastian hukum dalam penggunaan financial technologi P2P Lending.  

scholarly journals Pelaksanaan Pertanggungjawaban Sosial Perbankan terhadap Koperasi dalam Hal Sertifikasi Kekayaan Intelektual Sebagai Jaminan Kredit Perbankan

Wajah Hukum ◽  
2020 ◽  
Vol 4 (1) ◽  
pp. 160
Author(s):  
Wibi Anska Putri
Keyword(s):  
Economic Growth ◽  
Legal Protection ◽  
Bank Loans ◽  
Legal Certainty ◽  
The Social ◽  
Banking Institutions ◽  
The Government ◽  
Credit Agreement ◽  
Linkage Program

HKI is a work declared by creative economic actors as an effort to encourage Indonesia's economic growth. In addition to being a form of legal protection, the existence of one type of HKI namely the brand can be used as a concept as collateral. In fact, there is no legal force to implement this because there are no regulations governing it, causing legal uncertainty for the parties involved, especially regarding the policy of banking institutions in providing credit to cooperatives or UMKM that have been certified. The results of this paper show that the application of collective brand certificates to be used as collateral for bank loans does not yet have legal certainty, and the efforts that can be made by the government are to harmonize regulations, provide counseling on the importance of the existence of HKI, and monitor the balance between applicable rules and reality. which took place in the field. The role of cooperatives or UMKM is to maintain good performance when banking institutions have provided access to capital in the form of credit by implementing the Linkage Program Executing pattern based on the principle of consensus or trust and applying risk management principles in each credit agreement. The social responsibility of banking institutions in this case is to provide easing of collateral and is not commercial in nature.

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