Indonesia saw the highest growth rate in terms of online searches for loans amongst three Southeast Asian countries.
At the beginning of 2017, online loans were more popular in the Philippines, whereas in Indonesia they were almost at the same level as in Vietnam, said fintech firm Robocash in a report. However, the rapid growth that started in Indonesia later allowed it to significantly overtake Vietnam and the Philippines.
«The growth spurt of online lending in Indonesia took place earlier than in the Philippines and Vietnam largely due to the earlier emergence of the legislation, which facilitated the process of remote identification and scoring of borrowers,» said Robocash in the report.
Overall demand for online loans in Indonesia, Vietnam and the Philippines has been growing steadily. In January 2017 the number of searches for online loans amounted to 880. In January 2018, the number jumped to 8,100, before reaching 18,100 in January 2019.
