Indonesia Highlights: Young People Biggest Group of Fintech Borrowers | Rapid Tests for Mt Merapi Evacuation Camps Volunteers | No 4G Network at Over 12,000 Villages

KOMPAS.com – Young people aged 19 to 34 dominate the list of borrowers of Indonesian peer-to-peer lending (P2P) companies. As of September, the disbursement of loans through these fintech firms reached 100 trillion rupiahs ($7.1 billion).

In Central Java, the increasing volcanic activity has sent residents living near the Mount Merapi volcano to emergency shelters. To contain the spread of the coronavirus, volunteers have undergone rapid tests before going to the shelters.

Meanwhile, the Ministry of Communication and Information Technology said that over 12,000 Indonesian villages have yet to gain access to the 4G network. President Joko “Jokowi” Widodo has instructed the relevant agencies to provide a 4G network in villages, especially in frontier, outermost and disadvantaged regions.

Below are excerpts from the stories in Indonesia, curated by Kompas.com editors:

1. Largest Group Owing Fintech Firms Are Loan Recipients Aged 19-34

Thinkstockphotos.com A file photo of Indonesian rupiah.

Indonesia’s Coordinating Economic Minister Airlangga Hartarto said that the disbursement of loans through the country’s peer-to-peer lending (P2P) companies reached about 100 trillion rupiahs ($7.1 billion) as of September 2020.

“The disbursement shows an increase of 113 percent year on year,” Airlangga said in a virtual discussion on Monday, November 9.

“On average, the loan recipients are persons aged 19-34,” the senior minister added.
During the Covid-19 pandemic, he said, fintech firms play a major role in supporting the government-led National Economic Recovery Program in providing people access to financial services.

In the future, fintech firms will continue to play an important service in the financial sector in the country.

Source: https://money.kompas.com/read/2020/11/09/195527326/rata-rata-peminjam-dana-di-fintech-kelompok-muda-usia-19-34-tahun.