Shared financing models for high-value assets unlocking Indonesia’s next wave of growth

Indonesia’s next wave of growth is asset-heavy; fleets, construction equipment, industrial/mining equipment, and a fast-scaling EV ecosystem that’s reshaping collateral risk.

The financing signal is already clear. Multifinance financing receivables reached Rp504.58 trillion as of May 2025 (OJK data cited in a June 2025 briefing). And importantly, the portfolio is shifting toward “productive” lending: productive-sector share was 46.47% (May 2025), within OJK’s targeted range (46-48%).

So, what is the problem?

The problem is that high-value assets require larger ticket sizes, longer tenors, and more dynamic risk management, exactly the combination that pushes lenders into concentration limits, tighter approval gates, and slower time-to-cash.

Meanwhile, credit quality is holding up, but it’s not “free.” Multifinance NPF was reported at 2.57% in May 2025 (up from May 2024, down from Dec 2024), a reminder that growth must be paired with stronger controls.

That’s why shared financing is no longer just a structuring option. It’s becoming Indonesia’s scaling architecture for asset finance. 

What changed in 2025: The Indonesian “friction stack” leaders are actually facing

Senior leaders don’t need definitions of co-financing. They need a clear view of what is newly constraining execution in 2025. 

1. Prudential pressure + compliance expectations are tightening

OJK’s direction across non-bank financial institutions and digital finance is increasingly explicit. Growth is welcome, but governance, transparency, and auditability are non-negotiable. 

• OJK has emphasized supervisory enforcement: in February 2025, OJK imposed administrative sanctions across multiple sectors, including 24 financing companies (PVML), reflecting a stricter compliance posture.
• In late 2024, OJK issued POJK 40/2024 on Layanan Pendanaan Bersama Berbasis Teknologi Informasi (LPBBTI), effective 27 Dec 2024, shaping how joint funding models and tech-based funding services should operate under clearer regulatory boundaries.

Implication for shared financing: It’s not enough to “partner.” Partnerships must be regulator-ready by design, with clean roles, clean data lineage, and controls that can be evidenced quickly. 

2. Residual value is now a first-class underwriting variable, especially for EVs

Indonesia’s EV growth in 2025 isn’t a vague trend; it’s quantifiable:

• GAIKINDO reported 82,525 BEV wholesale units Jan-Nov 2025. 

• Reuters reported February 2025 car sales growth tied to EV momentum and noted GAIKINDO’s projection of 900,000 total car sales in 2025.
• ICCT highlighted that quarterly EV sales reached 24,000 units in Q2 2025. 

But EV collateral behaves differently. Battery lifecycle concerns, model churn, charging availability, and brand mix shifts compress and destabilize residual assumptions.

Implication for shared financing: Distributing residual-value exposure across parties becomes rational, not optional.

3. The real bottleneck isn’t funding, it’s coordination

In Indonesia, shared deals often die in the “last mile”:

• Duplicated underwriting packs
• Inconsistent covenant tracking
• Unclear servicing ownership
• Reconciliation disputes
• Slow exception handling when an asset’s utilization, insurance, or payment status changes

This is why shared financing fails even when everyone “agrees.” The issue is not structure; it’s the operating model. 

Shared financing is not a product. It’s a risk-and-distribution architecture.

High-value asset financing becomes scalable when you separate two things:

1. Origination + underwriting expertise (who finds and prices the deal)
2. Balance sheet distribution (who holds what exposure and under what rules)

Indonesia’s multifinance system is already moving toward productive portfolios. But productive assets are precisely where ticket sizes and lifecycle monitoring are more complex, making shared financing the cleanest way to keep growth within internal and regulatory risk appetite. 

The five shared financing models that will dominate Indonesia’s high-value asset growth

Below are the models leaders will keep seeing in 2026. The winning edge is not knowing these models. It’s executing them faster, cleaner, and with fewer disputes.

Model 1 - OJK-aligned tech-enabled joint funding (LPBBTI discipline)

Best for: Scalable origination where digital rails matter (SME productive assets, fleet programs, dealer/vendor ecosystems).

What breaks it: Mismatched KYC/AML, inconsistent credit policy, weak audit trails, and data lineage across parties. 

Control pattern: One policy spine + configurable participant overlays; evidence-ready logs; role clarity baked into workflows.

Why now in Indonesia: POJK 40/2024 (LPBBTI) sets clearer operating boundaries and governance expectations for IT-based joint funding services (effective 27 Dec 2024). 

Model 2 - Club / syndicated asset finance for mega tickets

Best for: Construction equipment, industrial equipment, large fleet rollouts, mining services, where ticket sizes exceed single-lender appetite.

What breaks it: Covenant monitoring and event handling across multiple parties (documentation drift, servicing ambiguity, slow exceptions).

Control pattern: Agent-of-record; covenant engine; standardized reporting pack; exception workflows for asset events (insurance, utilization, delinquency, repossession triggers).

Why now in Indonesia: As governance pressure rises, execution failures (monitoring gaps, disputes) become risk events, not operational annoyances, especially in multi-party deals. OJK’s enforcement posture in PVML (including sanctions) reinforces the need for auditable operating discipline. 

Model 3 - Originate-to-distribute via loan transfer / loan sale (post-origination risk distribution)

Best for: Lenders with strong origination but constrained balance sheets, freeing capacity while keeping origination economics.

What breaks it: Messy data tapes, unclear servicing transfer mechanics, and ambiguity on whether risk truly transferred.

Control pattern: Standardized data tape; transfer-ready contract set; servicing handover playbook; clear “who owns what” ledger.

Why now in Indonesia: POJK 26/2024 clarifies bank receivables/loan transfer mechanisms and emphasizes real ownership/risk transfer, including prohibiting buybacks of transferred receivables. 

Model 4 - Securitization-ready asset finance (ABS mindset even before issuance)

Best for: High-quality, repeatable portfolios (fleet, equipment, vendor programs) where investor-grade reporting and performance stratification are feasible.

What breaks it: Inconsistent contracts, weak servicing performance data, missing audit lineage, and non-standard cashflow logic. 

Control pattern: Standard documentation; clean servicing KPIs; performance stratification; investor-grade reporting; audit-ready data lineage.

Why now in Indonesia: IDX press materials report 7 EBA issuances valued at Rp2.13 trillion (per IDX news). Plus, a high-profile milestone: Indonesia’s first Sharia ABS issuance at IDR 1.95 trillion, signaling appetite for structured asset cashflows. 

Model 5 - OEM/vendor ecosystem finance with risk-sharing (especially relevant for EV)

Best for: Scaling adoption where vendors can reduce risk through warranties, maintenance, telemetry, and residual support programs.

What breaks it: No integration between OEM/dealer operations and lender servicing; unclear triggers for residual support; delayed event signals (insurance, battery health, usage anomalies).

Control pattern: API-based integration across vendor/dealer/lender; event-driven monitoring; explicit residual support triggers; shared asset record.

Why now in Indonesia: EV growth is quantifiable and accelerating: GAIKINDO reports 82,525 BEV wholesale units (Jan-Nov 2025), while ICCT reports quarterly EV sales rising to ~22,000 units in Q2 2025, making residual volatility and model churn a core underwriting variable. 

What “good” looks like in Indonesia: The operating system for shared financing

If shared financing is the architecture, this is the operating system.

1. Shared underwriting, not duplicated underwriting

• One credit memo, modular risk views by participant
• Policy overlays per participant without rebuilding the deal
• Clear decision rights: who can approve what, when

2. A single source of truth for the asset

• Asset identity, valuation history, insurance status, utilization signals (where available)
• Event-driven monitoring: payment, insurance lapse, usage anomalies, covenant triggers

3. Servicing orchestration + collections waterfall encoded as rules

• Clear servicing ownership (customer comms, posting, dispute handling)
• Waterfall rules encoded: fees → interest → principal → charge-offs
• Reconciliation is designed to prevent “spreadsheet arbitration” 

Indonesia’s highest-leverage arenas for shared financing in 2025

• EV transition assets: Accelerating volumes, shifting residual curves, ecosystem dependency.
• Fleets + logistics: Productivity assets that benefit from structured monitoring and programmatic distribution. (Supported by the productive portfolio push shown in OJK’s productive-sector share.)
• Construction and earthmoving equipment: Infrastructure pipelines and industrial projects sustain equipment financing demand.
• Industrial/mining-adjacent equipment: Commodity dynamics create cyclical stress, risk sharing preserves capacity. 

The trap to avoid: “Shared financing” without shared infrastructure

Shared financing fails in Indonesia when it’s treated as a partnership announcement instead of an execution layer.

The KPI leaders should care about isn’t “deal closed.” It’s:

• Time-to-yes (credit decision velocity)
• Time-to-cash (disbursement readiness with clean documentation)
• Time-to-reconcile (how quickly the system resolves and explains money flows) 

When these aren’t engineered, shared financing becomes a slow, dispute-prone version of bilateral lending, and everyone quietly reverts to smaller tickets.

Conclusion

Indonesia’s direction in 2025 is clear. Asset finance growth is real, but so are the requirements, controls, traceability, and scalable operating discipline.

NETSOL Transcend Finance addresses the core reason shared financing breaks. The lack of an execution platform that can coordinate multiple parties across the full lifecycle. 

Where Transcend Finance fits

• Configurable multi-party deal structures

Encode participation rules (allocations, roles, responsibilities), rather than managing them in emails and spreadsheets.

• Workflow-driven underwriting + approvals with policy overlays

One underwriting spine, participant-specific overlays, and clean audit trails.

• Servicing orchestration + collections waterfall management

Encode who does what, when, and how money flows, reducing reconciliation disputes.

• Governance-by-design

Role-based access, audit logs, and evidence-ready reporting aligned to a tighter supervisory posture.

• Integration-first architecture (APIs)

Connect OEM/dealer ecosystems, insurance, payments, and valuation sources, critical for EV and equipment lifecycle monitoring. 

• Distribution readiness

Support originate-to-distribute patterns (loan transfer/sale discipline) and securitization-ready hygiene as Indonesia’s capital market pathways mature. 

The thought-leadership point

Indonesia’s winners won’t just be the firms with the largest balance sheet. They’ll be the firms that build the cleanest distribution architecture, the ability to originate confidently, distribute risk responsibly, and service assets with regulator-ready evidence.

Shared financing is a strategy. Execution infrastructure is an advantage.