Indonesia’s biggest start-up GoTo is expanding its “buy now, pay later” loans as it pushes for profitability, despite growing regulatory pressure on companies offering similar services around the world.

Patrick Cao, president of the tech group that offers everything from online shopping to ride-hailing, said GoTo would launch more lending products to capitalise on Indonesia’s significant population of consumers who lack access to traditional credit.

GoTo and other tech companies in south-east Asia have been boosting investment in online BNPL services, with growing internet use driving demand for alternative sources of credit. Outstanding balances from digital lending in the region are projected to almost triple to $116bn by 2025, according to a report co-published last year by Google.