Following monitoring, we have identified a mismatch in loan statuses due to differences in the way the information was passed from Akulaku to Mintos systems. We will fix all the identified discrepancies, and loans with mismatched statuses (approximately 17% of all extended Akulaku loans) will be repurchased by Akulaku which will lead to an increase in pending payments.
Akulaku will pay interest to Mintos investors accordingly.
The loan status change is starting today, 12 June, and loans with mismatched statuses will be moved to pending payments in batches. All investors with active investments in loans issued by Akulaku will see the changes on their Overview page.
Akulaku, established in 2016, is a consumer finance platform in South East Asia – headquartered in Indonesia, with operations in Malaysia, Vietnam and the Philippines. On 16 April 2020, Akulaku was suspended from the Primary and Secondary Markets due to late payment settlement. Akulaku’s CEO commented on the situation one month later. Since the suspension, Akulaku has made repayments of € 2.95 million to investors on Mintos, including both principal and interest.