The Number of Local Leases is Decreasing, Foreign Investors are Intensively Expanding

The number of multi-finance companies has been steadily declining since 2016, while foreign investors have been aggressively expanding in Indonesia through acquisitions.

Rika Anggraeni

9 Mar 2024 - 16.03
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The Number of Local Leases is Decreasing, Foreign Investors are Intensively Expanding

Visitors passing by rows of used cars on display in Jakarta. Bisnis/Eusebio Chrysnamurti

Bisnis, JAKARTA — The number of multi-finance companies has been steadily declining since 2016, while foreign investors have been aggressively expanding in Indonesia through acquisitions.

According to the Roadmap for Development and Strengthening of Financing Companies 2024–2028, data from the Financial Services Authority (OJK) indicates that there were 147 financing companies in 2023. This marks a significant decrease from around 200 companies in 2016.

“The decrease in the number of financing companies during this period was primarily due to sanctions imposed on financing companies, such as the revocation of business license,” OJK mentioned in the Roadmap, quoted Friday (8/3/3024).

During the period from 2017 to 2023, a total of 46 financing companies faced revocation of business licenses. These measures were taken in response to various factors, including outcomes from inspections conducted by the OJK. Additionally, some companies surrendered their business licenses either because they ceased operations as financing companies or as a consequence of mergers.

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The Number of Local Leases is Decreasing, Foreign Investors are Intensively Expanding

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