Fintech companies are actually prohibited from providing guarantees in any form regarding the fulfillment of other parties’ obligations. Fintechs are also prohibited from acting as lenders or recipients of loans. This is as regulated in the Financial Services Authority Regulation (POJK) Number 10/POJK.05/2022 concerning Information Technology-Based Joint Funding Services.
“iGrow’s obligation is as an organizer or platform that connects loan givers and recipients,” said PT LinkAja Modalin Nusantara (iGrow), Rizcky Alfath, in an official statement, Thursday (4/4). He gave this explanation regarding cases of failure to pay filed by lenders.
Regarding this, iGrow provided an explanation of the legal problems currently being faced. His party continues to collect payments from borrowers and this process is being carried out to this day. This effort was made to help lenders get their funds back from borrowers. Therefore, he added, the responsibility for refunds does not fall on iGrow.
According to him, companies are obliged to collect collections from problem borrowers in accordance with applicable regulations. If necessary, the party can take legal action once morest the loan recipient to ensure the lender’s funds are returned.
In this collection effort, his party also coordinated closely with several institutional banking lenders. He stated that this collaboration had produced results in the debt restructuring process, such as the Porang project worth IDR 12.3 billion and the laying hen project worth IDR 15.1 billion which was almost completed. The intention of resolving debt through restructuring is also of interest to individual and institutional borrowers who are currently in the process of exploring and moving towards a settlement scheme worth IDR 7.6 billion.
“This restructuring scheme is expected to be a solution for borrowers who still have a source of payment and previously experienced problems due to external factors, such as falling commodity prices and pest attacks,” said Rizcky. Apart from that, iGrow continues to communicate intensively and periodically with the OJK and ensures that the company carries out operations in accordance with good corporate governance (GCG) guidelines as a form of iGrow’s compliance and transparency.
However, iGrow does not rule out taking legal action if necessary. It is ready to protect the rights of lenders if there are borrowers who are not cooperative. “It is true that some borrowers were uncooperative, so this situation forced us to take legal action,” concluded Rizcky. (Ant/Z-2)
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