FinVolution Group's Subsidiary Receives License as A Technology and Information Based Financial Lending Institution from the Financial Services Authority of Indonesia

FinVolution Group's Subsidiary Receives License as A Technology and Information Based Financial Lending Institution from the Financial Services Authority of Indonesia
23.12.2019 10:06 am

FinVolution Group's Subsidiary Receives License as A Technology and Information Based Financial Lending Institution from the Financial Services Authority of Indonesia

Platform Technology

FinVolution Group (formerly known as "PPDAI," or the "Company"), a leading fintech platform in China, today announced that its subsidiary with an application named "Adakami" in Indonesia, has received a license for Technology and Information Based Financial Lending Institution (peer-to-peer lending license) from the Financial Services Authority of Indonesia (Otoritas Jasa Keuangan, or OJK).

Mr. Feng Zhang, Co-Chief Executive Officer of FinVolution Group, commented, "The approval of this license by Indonesia's OJK boosts our confidence in our international expansion. 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. We will continue to advance our efforts in enhancing our presence in the region by leveraging our extensive expertise in the consumer finance sector."

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