数字信贷的兴起与监管：印尼的经验教训（英）-2026.pdfVIP

d

e

z

i

r

o

h

t

u

A

e

rPolicyResearchWorkingPaper11300

u

s

o

l

c

s

i

D

c

i

l

b

u

P

d

e

z

i

r

o

h

t

u

A

e

r

u

sTheRiseandRegulationofDigitalCredit

o

l

c

s

i

D

c

i

l

bLessonsfromIndonesia

u

P

SalmanAlibhai

d

eEmilyBreza

z

i

r

oMartinKanz

h

t

uFrancescoStrobbe

A

e

r

u

s

o

l

c

s

i

D

c

i

l

b

u

P

d

e

z

i

r

o

h

t

u

A

e

r

u

s

o

l

c

s

i

D

c

i

l

b

u

P

DevelopmentEconomics

DevelopmentResearchGroup

January2026

PolicyResearchWorkingPaper11300

Abstract

ThispaperexaminestheriseoffintechlendinginIndone-moreaffordableconventionalcredit.However,thisexpan-

sia,usingadatasetofmorethan139,000individualcreditsionofaccessbringsnewchallenges:defaultratesamong

recordsrepresentativeofthefullspectrumofconsumerloansborrowerswhoobtaintheirfirstloanfromadigitallender

inthecountry.Theanalysisrevealsthatfintechlendinghasare5to7percentagepointshigherthanamongborrowers

becomedeeplyembeddedinIndonesia’sfinanciallandscape,whostartwithnon-fintechloans,andelevateddefaultrisks

withmorethan40percentofborrowersholdingatleastonepersistevenafterborrowersgraduatetolower-interestrate

fintechloanattheendofthesampleperiod.Whiledigi-conventionalcredit.Thepaperconcludesbyassessingthe

tallendershaveexpandedfinancialinclusionbyreaching