政策研究工作论文 11300 数字信贷的崛起与监管 印度尼西亚的教训 萨拉曼·阿里巴伊 埃米莉·布雷萨 马丁·坎兹 弗朗 切斯科·斯特罗贝 发展经济学 发展研究中心 2 026年1月 公开披露已获授权 公开披露已获授权 公开披露已获授权 公开披露已获授权 政策研究工作论文系列发布了正在进行中的研究成果，以鼓励就发展问题进行思想交流。该系列的一个目标是尽快发布研究成 果，即使展示的文稿不够完全完善。论文署有作者姓名，应相应引用。本文中表达的研究发现、解释和结论完全是作者的个人 观点。它们不一定代表国际复兴开发银行/世界银行的看法及其附属机构，或世界银行的执行董事或他们所代表政府 的看法。 由研究支持团队制作 数字信贷的崛起与监管：印度尼西亚的经验 * 政策研究工作论文11300 摘要 本文研究了印度尼西亚金融科技贷款的兴起，使用了包 含超过13.9万条个人信用记录的数据集，这些记录代表 了该国消费者贷款的全范围。分析表明，金融科技贷款 已深深融入印度尼西亚的金融格局，在样本期结束时， 超过40%的借款人至少持有一次金融科技贷款。虽然数 字借贷者通过触达大量以前无银行账户的家庭扩大了金 融包容性，但它们在地理覆盖 ...

Group 1 - The chairman of Semler Scientific, Eric Semler, is urging shareholders to vote in favor of the merger with Strive, with a special shareholder meeting scheduled for January 13 [1] - According to the plan, SMLR shareholders will receive ASST stock at a ratio of 21.05:1 [1] - The merger is expected to allow shareholders to participate in the growth of a leading digital credit company, and post-merger, the company will hold nearly 13,000 BTC, positioning it among the top five publicly traded companies with Bitcoin as a strategic reserve asset [1]

当国内互联网流量红利见顶，信贷监管趋严，互联网大厂开始将目光转向海外信贷市场。 这些年，中资互金玩家不断将国内成熟的数字金融模式，复制到东南亚、拉美，甚至非洲等新兴市场。 而互联网大厂，整体来看，脚步似乎稍慢一些，又或许是，大厂追求的是一种更加稳健的方式，比如通过持牌，或者和持牌机构合作的模式，来打开海外 信贷市场，寻求新的增长曲线。 今年4月，「一只互金融」文章提及过蚂蚁国际招聘大量信贷相关人才，加速海外信贷业务布局。 《「蚂蚁国际」招聘大量海外信贷人才》 有趣的是，其实这大半年时间，字节跳动的海外信贷业务也在快速扩充军团。 最近，该公司招聘的海外信贷相关岗位越来越多，且更加具体。 01 正在招聘拉美信贷产品经理 据字节跳动招聘网站显示，正在招聘多个国际信贷业务相关岗位。 「信贷产品经理-国际支付」，岗位要求： 主导BNPL、个人信贷、商户金融等信贷产品规划设计，覆盖C端（BNPL、信用贷、循环贷）与B端（商户贷、提前收款）场景，制定产品路线图；针对 海外市场设计符合本地化信贷产品，适配当地支付习惯与用户偏好； 设计注册-授信-用信-还款核心流程及与合作方交互逻辑，确保符合用户体验与业务目标；结合当地牌照规 ...

Company and Industry Summary Company Overview - The company discussed in the conference call is a digital credit vehicle focused on Bitcoin (BTC) holdings and digital credit instruments. The current enterprise value is $68 billion, with a Bitcoin reserve valued at $59 billion, equating to a 1.2x market net asset value (MNAV) ratio [5][6]. Key Updates on Bitcoin Holdings - The company has increased its Bitcoin holdings by 130 BTC, bringing the total to 650,000 BTC, valued at approximately $59 billion [1]. - The previous guidance for Bitcoin price was $150,000, which has been revised to a range of $85,000-$110,000 based on recent market conditions [2]. - The BTC yield percentage as of November 30, 2025, is 24.6%, with an expected year-end range of 22%-26% [2][3]. Financial Performance and Projections - The original target for BTC dollar gain was $20 billion, but current projections estimate a range of $8.4 billion to $12.8 billion based on the revised Bitcoin price assumptions [3][4]. - For the first three quarters of the year, the company reported $12 billion in operating income and $8.6 billion in net income, translating to $27.7 per share [4]. - If Bitcoin prices exceed $114,000 by year-end, the company anticipates improved financial metrics compared to previous quarters [4][5]. Capital Structure and Debt Management - The company has $8.2 billion in convertible debt and $7.8 billion in preferred equity, resulting in a conservative loan-to-value (LTV) ratio of 11% for convertible debt and 22%-23% when combined with preferred equity [5][6]. - The company has raised $1.44 billion to establish a USD reserve, which will be used to cover dividends and interest payments, targeting a minimum of 12 months of coverage [7][8][9]. Digital Credit Strategy - The company aims to enhance its creditworthiness and provide appealing credit options through its digital credit model, which includes various credit instruments [12][18]. - The BTC rating of the company is 3.7, with credit risks on debt at five basis points, while digital credit spreads range from 108-209 basis points [12]. - The introduction of the USD reserve is expected to improve the company's ability to manage dividend obligations and reduce credit risk [13][28]. Market Dynamics and Future Outlook - The company has access to multiple capital markets, including equity, commodity (Bitcoin), and derivatives, allowing for flexible funding strategies based on market conditions [20][24]. - The company believes that it can continuously increase its Bitcoin holdings while funding dividends through strategic sales of Bitcoin or derivatives [22][26]. - The management is committed to maintaining a robust digital credit vehicle that can adapt to market fluctuations and provide long-term value to shareholders [28][29]. Additional Insights - The company has a long-term vision of sustaining dividend payments for up to 74 years based on its Bitcoin reserve, even under conservative growth assumptions [6][14]. - The management emphasizes that selling Bitcoin to fund dividends does not indicate a lack of commitment to Bitcoin but rather a strategic decision to enhance shareholder value [25][26].