Indonesian financial services app OVO’s lending arm Taralite has obtained a business licence from the Indonesia Financial Services Authority (OJK) as an IT-based lending provider.

The fintech peer-to-peer (P2P) lender will boost digital financing in the country with this licence.

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OVO and Taralite will also bring the micro, small and medium enterprise (MSME) sector closer to digital financial services.

These financial services will include expanded access to consumer and business lending among others.

OVO CEO Jason Thompson said: “This announcement we have today further underlines OVO’s commitment to serving more users and MSMEs beyond our ecosystem with access to services and competitive secure lending to help them face the economic uncertainties ahead.”

Taralite director and president Sharly Rungkat said: “We greatly appreciate the support and mandate from OJK to provide lending services, particularly in the MSMEs sector in order to help improve financial inclusion in Indonesia.

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“We believe with the support of OVO as one of the largest digital ecosystems in Indonesia, we are better able to reach underserved markets, including those who are unbanked and underbanked.”

Taralite, with OVO’s support, launched OVO DanaTara, a cash flow management and additional business capital solution for Indonesian MSMEs.

Taralite provides up to IDR500m ($35,000) in online financing to MSMEs within three working days and tenor up to 12 months.

In this year, Taralite recorded nearly 50% growth in lending and so far 500,000 MSMEs became part of OVO’s ecosystem.

Moreover, last year, Taralite and OVO unveiled the OVO PayLater solution, which serves 96% of Indonesians who lack access to consumer credit to conduct retail transactions.