LOANS RECEIVABLE, NET

12 Months Ended

Dec. 31, 2021

LOANS RECEIVABLE, NET [Abstract]

LOANS RECEIVABLE, NET

7. LOANS RECEIVABLE, NET

Loans receivable represents loans granted to commercial and consumer customers. The Company monitors credit quality for all loans receivable on a recurring basis by evaluating the customer’s prior repayment history available internally and external sources information, where applicable. The Company uses delinquency status and trends to assist in making new and ongoing credit decisions, and to plan our collection practices and strategies. The following table presents the loans receivable by each of the loan portfolio:

The following table presents the loans receivable by each of the category:

	As of December 31,
	2020 $			2021 $
Commercial		183,710			107,357
Consumer		259,860			1,520,237
		443,570			1,627,594
Allowance for credit losses		(40,484	)		(97,676	)
		403,086			1,529,918

The following table is a summary of the delinquency status of the loans receivable by year of origination:

	As of December 31, 2020
	Year of origination
Commercial	2020 $		2019 $		2018 $		2017 $		2016 $		Prior $		Total $
Delinquency:
Current		121,586		22,746		11,949		11,354		2,554		361		170,550
Past due
- 1 to 30 days		4,188		358		243		263		11		1		5,064
- 31 to 60 days		2,420		399		112		77		39		2		3,049
- 61 to 90 days		1,363		–		250		175		12		–		1,800
- More than 90 days		2,024		356		429		144		96		198		3,247
		131,581		23,859		12,983		12,013		2,712		562		183,710
Consumer
Delinquency:
Current		208,380		16,812		12,792		7,554		1,883		60		247,481
Past due
- 1 to 30 days		2,609		638		896		140		62		–		4,345
- 31 to 60 days		986		1,019		1,890		759		179		–		4,833
- 61 to 90 days		901		206		237		74		40		–		1,458
- More than 90 days		1,088		261		111		47		69		167		1,743
		213,964		18,936		15,926		8,574		2,233		227		259,860

	As of December 31, 2021
	Year of origination
Commercial	2021 $		2020 $		2019 $		2018 $		2017 $		Prior $		Total $
Delinquency:
Current		18,642		66,088		10,332		3,744		1,985		1,127		101,918
Past due
- 1 to 30 days		11		143		277		102		96		–		629
- 31 to 60 days		36		1,187		2		–		73		–		1,298
- 61 to 90 days		11		215		155		38		11		–		430
- More than 90 days		71		616		1,685		627		38		45		3,082
		18,771		68,249		12,451		4,511		2,203		1,172		107,357
Consumer
Delinquency:
Current		1,414,709		1,091		6,501		4,551		2,098		96		1,429,046
Past due
- 1 to 30 days		28,758		418		263		265		76		32		29,812
- 31 to 60 days		17,632		105		1,017		1,290		475		85		20,604
- 61 to 90 days		11,956		38		183		100		8		1		12,286
- More than 90 days		27,008		1,158		58		122		88		55		28,489
		1,500,063		2,810		8,022		6,328		2,745		269		1,520,237

An analysis of the loans receivable’s allowance for credit losses by portfolio segment is as follows:

	Commercial $			Consumer $			Total $
Balance as of January 1, 2019 and December 31, 2019		–			–			–
Acquisition of subsidiaries		17,056			9,354			26,410
Provision for credit losses		26,063			25,005			51,068
Write-off of loans receivable		(14,801	)		(22,575	)		(37,376	)
Exchange differences		6			376			382
Balance as of December 31, 2020		28,324			12,160			40,484
Provision for credit losses		7,343			107,722			115,065
Write-off of loans receivable		(27,311	)		(29,497	)		(56,808	)
Exchange differences		(657	)		(408	)		(1,065	)
Balance as of December 31,2021		7,699			89,977			97,676

Additions to the Company’s allowance for credit losses were recorded within general and administrative expenses.