- OJK revokes TaniFund’s license over equity, compliance issues.
- The P2P lender faces liquidation amid bad loans, customer complaints.
- TaniHub’s agritech struggles intensify with layoffs, executive exits.
Agritech woes: when the harvest fails
In a move to safeguard the financial sector, Indonesia’s Otoritas Jasa Keuangan (OJK) has revoked the business license of TaniFund, a peer-to-peer lending platform under the agritech company TaniHub.
Despite progressive administrative sanctions and consistent communication, TaniFund failed to meet the minimum equity requirements and implement OJK’s supervisory recommendations.
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Consequently, TaniFund faces mandatory liquidation and must establish a center for information and public complaint services.
This decision comes amid the platform’s struggles with bad credit, with its 90-day repayment success rate plummeting from 50% in October 2022 to a mere 36% by early 2023.
P2P platform plows into pitfalls
The situation escalated further as OJK received 29 customer complaints against TaniFund by the end of 2022, with a group of lenders reporting losses amounting to 14 billion rupiah (US$872,900) across 129 investors.
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As the agritech sector grapples with challenges, TaniHub itself has endured multiple rounds of layoffs and the departure of several C-level executives amidst allegations of misused VC funds.
To read the original article: https://www.techinasia.com/tanifunds-license-revoked-asked-liquidate-ojk