Coronavirus brings Asia's booming online lending sector to juddering halt

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The spring started out rosy for the Indian arm of ClearScore, a company that offers online credit scores and loans.

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FILE PHOTO: A general view of Mumbai's central financial district, India June 13, 2017. REUTERS/Danish Siddiqui/File Photo

Alternative lending companies and platforms across Asia are scrambling to raise funds and stave off bankruptcy as they face a wave of bad loans. In India there are nearly 500 online lending start-ups, and roughly 160 in Indonesia, many backed by Chinese money. Dima Djani, CEO of sharia-compliant Indonesian business P2P lender ALAMI, described the situation as “natural selection”.

“Most fintech companies provide smaller-sized loans for middle-low borrowers to fill the gap that banks could not reach. This cohort is unfortunately one of the most impacted by the pandemic,” said Markus Rahardja, of BRI Ventures, the corporate venture arm of state-owned Bank Rakyat Indonesia.“Because everything from the paperwork to lending happens online, consumers find it easier to default,” said Ashvin Parekh, a Mumbai-based independent financial consultant.

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