Peer to Peer Lending Policy Patterns for MSMEs During the Covid-19 Pandemic

DOI

10.2991/assehr.k.220204.009How to use a DOI?

Keywords

Covid-19 Pandemic; Fintech Peer to Peer Lending; MSMEs; Restructuring

Abstract

When human movement is restristiced due to the covid-19 pandemic, many businesses are thinking about how to survive and recover. This condition is an opportunity for the digital finance industry, including fintech, which offers a simpler method method, especially in the loan process. Digital financing such as fintech peer to peer lending (P2PL) has turned into online moneylenders, due to the absence of legal protection for debtors, especially MSMEs in the current difficult times. P2PL requires government support such as that obtained by banks, for example credit relaxation. This research applied with juridicial normative methodology. It uses secondary data which consists primary legal material, specifically the OJK regulations on Covid-19 prevention and related literature, analyzed descriptively analytically. The research indicates that OJK issued POJK Number 58/POJK.05/2020 This policy was issued as an effort to optimize the performance of non-bank financial services institutions, maintain financial system stability and support economic growth during the Covid-19 pandemic. Additional subjects for microfinance institutions and information technology-based lending and borrowing service providers (fintech lending). Second, the type of restructuring added in the POJK. Third, the validity period of the POJK is until April 17, 2022. In response to the POJK, fintech companies review loans and provide relief from not making payments up to a maximum of 3 months, as well as reducing the number of installments or extending the installment period for a maximum of 24 months for the industry. affected by COVID-19.

Copyright

© 2022 The Authors. Published by Atlantis Press SARL.

Open Access

This is an open access article under the CC BY-NC license.

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TY  - CONF
AU  - Debora
AU  - Ningrum Sirait
AU  - Tan Kamello
AU  - Mahmul Siregar
PY  - 2022
DA  - 2022/02/15
TI  - Peer to Peer Lending Policy Patterns for MSMEs During the Covid-19 Pandemic
BT  - Proceedings of the Second International Conference on Public Policy, Social Computing and Development (ICOPOSDEV 2021)
PB  - Atlantis Press
SP  - 51
EP  - 56
SN  - 2352-5398
UR  - https://doi.org/10.2991/assehr.k.220204.009
DO  - 10.2991/assehr.k.220204.009
ID  - 2022
ER  -