KPAY... On launching pad this morning over NEWS:
Indonesias Financial Services Authority, OJK, Awards Registration Permit for KinerjaPay Corps (KPAY) Peer to Peer Lending Platform
8:30 AM ET 12/20/19 | Dow Jones
Company expects this Product and Service to allow the company to be profitable in 2020
JAKARTA, Indonesia, Dec. 20, 2019 /PRNewswire/ -- KinerjaPay Corp., a Delaware corporation (OTCQB: KPAY), through its newly formed Indonesian subsidiary, PT Kinerja Sukses Gemilang (P.T. KSG) has obtained full registration permit to operate as a micro loan lending platform from the Country's Financial Services Authority, OJK. Mr. Edwin W. Ng, CEO of KinerjaPay Corp. (KPAY), said: "We are honored to have passed the Certification tests and are very excited to offer this lending platform to Indonesian individuals and institutions. Our Company will be an active member of the platform, lending to individuals with verified employment and small businesses. We believe our access to United States lending institutions as well as being a public company in the US provides a key cost advantage over local competition using Indonesian financing sources. We believe that this lending platform, which will generate principal and agency revenues, will enable the company to generate profits in 2020."
The Indonesian market for these non-bank loans is vast. There are 63 million MSMEs, of which only 26% have access to financing according to government data. Similarly, only 29% of Indonesia's 186 million lower to middle income working age individuals have access to credit. The Indonesian market for these loans hit $3.1 billion in June 2019 versus only $19.6 million in 2016 according to the OJK. The company believes reaching 25,000/loans/month is very achievable.
The company estimates that the average individual loan will be in the range of US$200 to US$300, whereas the average micro loans for business owners will range between US$1,000 to US$5,000. The repayment will typically occur within 30 days to 90 days, depending on the terms selected. The Company targets to reach 25,000 loans per month later in the year to achieve min US$5 million market size on monthly turnover to turn profitable.
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