Online lenders with sound credit analysis and low arrears may now lend to borrowers already using three platforms. Balances under Rp1 million disappear from the credit bureau, so lenders see less.
Indonesia's Financial Services Authority (OJK) has removed the rule, set in circular SEOJK 19/2025, that limited a peer-to-peer lending borrower to financing from three providers. The change was reported by Kontan in October 2026, based on written answers from OJK official Agusman.
The limit is lifted only for providers that improve their credit analysis, apply prudent practice and good governance, and keep their aggregate 90-day overdue ratio, TWP90, at or below 5%. At the same time, debtors with outstanding balances below Rp1,000,000 are no longer shown in SLIK, the national credit information system. OJK cited demand from micro and small businesses, short-term working capital needs and the informal sector as reasons for the change.
The industry figures explain the caution attached. Outstanding P2P financing was Rp106.94 trillion in August 2026, up 22.07% year on year. The industry's TWP90 rose from 4.32% in July to 4.73% in August, close to the 5% line the new rule uses.
The combination is what matters for credit risk. More lenders may now lend to the same borrower, and the bureau will show fewer of that borrower's small debts. A lender that relied on the bureau to spot stacking across platforms will see less of it. OJK's own answer was that providers need stronger risk mitigation, alternative scoring and ability-to-pay analysis, including for small loans.
In practice that means the lender's own data carries more weight: income and bank statement analysis, the repayment record on its own book, and a recorded reason for each approval. Lenders in other markets should note the pattern. When a bureau stops showing small balances, ability-to-pay assessment has to be done from evidence the lender collects itself.
Covenant Desk publishes regulatory context for Hong Kong lending operations, not legal advice. Confirm how anything here applies to your licence with your own advisers.