Masa Depan Asetku – Melebihi P2P Lending
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Membicarakan masa depan Asetku tentu tak lepas dari masa lalu – yang pernah menimbulkan kontroversi karena induk perusahaannya – Akulaku – pernah mengalami masalah di Mintos – suatu aggregator marketplace p2p lending dengan skala internasional.
Lender retail p2p lending merupakan salah satu spesies paling lucu, karena mereka kesal kalau sering kena pendanaan telat di p2p produktif, namun juga mengkritik p2p konsumtif yang too good to be true. – Adrian Siaril 2020
Wajar saja, Asetku sebagai p2p lending, yang notabene merupakan produk keuangan tinggi risiko, memang sepertinya too good to be true, karena tidak pernah mengalami telat apalagi gagal bayar, menawarkan bunga cukup tinggi, bisa merekrut banyak karyawan di masa pandemi, bagi-bagi voucher bulanan untuk user, dan banyak hal ajaib lainnya. Hal ini tentu kontras sekali dengan penyelenggara p2p lending lain yang justru kelihatan boroknya di masa pandemi, mulai dari restrukturitasi berjilid-jilid, gagal mencairkan asuransi, sampai berhenti beroperasi.
Wajar saja banyak yang terang-terangan menuduh Asetku skema ponzi, alias menggunakan dana lender baru untuk menutupi bunga lender lama beserta gagal bayar yang mungkin terjadi. Tuduhan ini diperkuat dengan program Asetku yang sangat gencar mencari lender baru menggunakan skema referral maupun KPI (target bulanan) dari RM mereka – yang katanya lebih fokus mencari lender baru daripada memelihara dana lender lama.
Kejelasan soal “apakah Asetku selama ini bakar duit atau memutar duit untuk menalangi gagal bayar lender” sepertinya akan terjawab jelas beberapa bulan lagi ketika Asetku akhirnya mempublikasi laporan keuangan mereka, jadi percuma saja kita berspekulasi tiada henti saat ini.
Namun, ada beberapa hal yang sepertinya dilupakan sebagian besar lender saat menduga-duga tentang kondisi keuangan Asetku:
Keuntungan Operasional Bukan Berarti Keamanan Dana
Dalam tulisan saya sebelumnya, saya sudah menjelaskan tentang fungsi laporan keuangan penyelenggara p2p lending. Fungsi yang benar adalah untuk menilai bagaimana masa depan sebuah p2p lending, dan bukan malah menjadi patokan apakah suatu penyelenggara bisa menggantikan dana kita bila terjadi gagal bayar – karena hal ini sebenarnya dilarang oleh OJK. Anda bisa baca tulisan tersebut atau nonton video Youtube saya untuk penjelasan selengkapnya.
Asetku Rugi? Ga Kaget sih…
Sekalipun demikian, saya tidak akan khawatir dan kaget bila Asetku ternyata merugi, memang sudah lama saya menduga bahwa Asetku itu merugi. Namun, kerugian yang saya duga-duga tentu bukan karena dananya habis dipakai untuk menggantikan gagal bayar, melainkan untuk biaya marketing dan gaji yang gila-gilaan.
Dan ternyata ada NPL? Ga kaget juga…
Saya juga termasuk golongan yang tidak percaya kalau NPL di Asetku itu 0 persen. Hal tersebut sudah jelas jelas mustahil terjadi. Pasti ada gagal bayar di Asetku, namun kita sebagai lender tidak bisa melihatnya. Dan itu bukan pelanggaran aturan, karena TKB90 memang dinilai berdasarkan repayment ke lender, bukan pembayaran borrower ke penyelenggara. Jadi, selama penyelenggara bisa memfasilitasi pembayaran lancar ke lender, ya TKB90 100% itu sah-sah saja.
Masa depan Asetku tidak bergantung pada produk p2p lending mereka
Anda bisa lihat sendiri arah perkembangan Asetku belakangan ini – menawarkan produk asuransi, sebentar lagi emas dan reksadana (terbukti dari pelatihan WAPERD pada RM mereka). Apabila anda pengamat dunia p2p lending, seharusnya sudah ketebak apa yang akan mereka lakukan selanjutnya – yakni bertransformasi menjadi superapps layaknya Koinworks. Sedari lama, grup Akulaku sudah lama merencanakan hal ini, ditandai dengan pembelian saham minoritas asuransi Staco Mandiri dan akuisisi bank Yudha Bakti (yang sekarang bernama bank Neo Commerce).
Dengan lingkup anak perusahaan seluas itu, grup Akulaku tidak akan terhalang untuk melancarkan produk finansial apapun. Tidak menutup kemungkinan selanjutnya ada kolaborasi antar bank Neo Commerce untuk menawarkan produk deposito, sama seperti kolaborasi Komunal dengan BPR.
Wajar saja kuota berkurang terus…
Wajar saja jika kuota pendanaannya selalu berkurang, karena kita digiring untuk mencoba produk investasi lain. Supaya tidak terjadi kanibalisme produk, produk jangka pendek pun sedikit sedikit mulai dihilangkan. Kuota yang tersisa bukan lagi karena habis dicaplok orang, tapi karena memang tidak tersedia di hari ini.
Kanibalisme Produk?
Kita sudah merasakan produk P2P lending Asetku dengan retur yang lumayan tinggi, mengalahkan produk investasi konvensional lainnya. Jadi jelas kita tidak akan tertarik bila Asetku menawarkan produk konvensional. Ambil saja sebagai contoh, Siji Fixed Link yang sudah ditawarkan Asetku beberapa waktu ini. Dengan tenor tersingkat 3 bulan dan retur tertinggi 8%, sudah jelas tidak menarik bila dibandingkan dengan produk p2p Asetku.
Jadi kenapa Asetku menawarkan produk konvensional?
Karena mereka kurang cuan! Anda mungkin berkata Asetku sudah makan cuan banyak dari selisih bunga dari borrower dan lender, namun faktanya belum tentu demikian. Berkaca pada pemain p2p konsumtif lain seperti Easycash, Uangme, dan Uangteman, semuanya rugi atau cuma cuan sedikit saja.
Bayangkan, dengan ratusan RM memberikan cashback voucher, selisih bunga super tinggi tersebut tidak cukup menalangi kegiatan operasionalnya yang super besar. Mereka butuh keran pemasukan lain, dan itulah yang menjadi tujuan Asetku mulai menawarkan produk konvensional lainnya.
Bukankah Asetku bisa meningkatkan disbursement untuk menaikkan keuntungan sendiri? Dana lender siap menampung kok, buktinya kuota selalu habis
Secara teori iya, disbursement lebih banyak memberikan keuntungan lebih banyak bagi Asetku, namun apakah disbursement bisa dikontrol seenak jidat? Nominal pendanaan di Asetku tergantung pada pengajuan di mitra borrower seperti Akulaku, dan itupun ada seleksi ulang dari Asetku. Sekalipun jumlah borrower di mitra Akulaku bertambah drastis, belum tentu kenaikannya terefleksi di nominal pendanaan Asetku.
Misalnya, jumlah pengajuan pinjaman Akulaku bertambah 100 orang senilai 100 juta, maka yang lolos hanya 10 orang senilai 10 juta. Hal tersebut karena Asetku memberlakukan filter risiko ekstra pada peminjam di mitra.
Jadi, kesimpulannya?
- Urusan Mintos tidak layak lagi dibawa bawa untuk menjatuhkan Asetku maupun Akulaku, sudah selesai dengan super baik!
- Asetku kemungkinan besar merugi, namun bukan karena menutupi NPL mereka – dan saya yakin NPL Asetku tidak 0
- Kendati demikian, masa depan Asetku bukan ada di produk p2p lending mereka
- Asetku menawarkan produk investasi lain karena memang butuh pemasukan ekstra
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