Shanghai-based online lender FinVolution Group (formerly PPDai Group) has obtained a license to engage in P2P lending operations in Indonesia.
FinVolution Group announced on Monday that it has obtained a license from the Financial Services Authority of Indonesia to serve as a Technology and Information-Based Financial Lending Institution – essentially a peer-to-peer lending license.
“The approval of this license by Indonesia’s OJK boosts our confidence in our international expansion,” said Feng Zhang, , Co-Chief Executive Officer of FinVolution Group .
“With this license in place, we believe we are able to achieve further success in Indonesia’s rapidly growing consumer finance market by cooperating with our local partners.”
The announcement follows a crackdown on China’s P2P sector which has led to a sharp plunge in the number of regularly operating platforms, and seen local authorities ban or shut down P2P lending platforms around the country.
FinVolution Group has one of the early pioneers of P2P lending in China, listing on the New York Stock Exchange in November 2017, and its total registered users surpassing the 100 million threshold by October 2019.