GoTo Group has just received funding from a subsidiary of the Abu Dhabi Investment Authority (ADIA) of US$ 400 million (IDR 5.7 trillion). The funding is estimated to boost the company’s valuation to US$ 28.5 billion (IDR 400 trillion), a
The Ministry of Communication and Information (Kominfo) has recently banned four investment platforms and 151 illegal peer-to-peer lenders. From 2018 to August 2021, the Investment Alert Task Force closed 3,515 illegal online lenders. The chairman of the Financial Services
In line with OJK’s urge for fintech peer-to-peer lenders to increase lending outside Java, many alternative lenders have adopted varied strategies to expand their geographic reach. For example, fintech Danamas plans to increase its non-Java region lending from US$
Based on OJK data, in 2019, there were 164 registered fintech lenders. The number fell to 152 at the end of last year. As of September, the number of fintech lending was at 107. Head of the OJK Non-Bank Financial
Xendit announced the closing of its Series C funding round, raising US$ 150 million (IDR 2.1 trillion) from a number of investors. The firm is currently operating in Indonesia and the Philippines, and plans to expand into other markets with
Amid the pandemic, there has been a huge uptake in digital commerce, including the Paylater (BNPL) payment schemes offered by technology companies. Banks have taken various measures to remain competitive. Bank CIMB Niaga is currently developing in-house BNPL service, while
Kredivo expanded its market presence in Vietnam via a joint venture with Phoenix Holding, Vietnam’s pioneering family office with a diversified portfolio in consumer, financial services, retail and technology. Vietnam has a low credit card penetration, at 4.1% of the
JULY 2021 – ALAMI, a Sharia-compliant fintech, and Impact Credit Solutions (ICS) have partnered to offer affordable financing to the Indonesian healthcare sector during the COVID-19 pandemic. ALAMI and ICS have entered into a US$20 million credit facility to finance
Digital banks and fintech companies are partnering with social media companies like TikTok, Facebook, and LINE to better serve the MSME sector. Last week, Bank Aladin Syariah partnered with Facebook Indonesia to provide financial literacy training for small business owners.
As small businesses (“MSMEs”) are increasingly turning to digital solutions to operate, fintechs are working hard to effectively reach the MSME segment. Latest national data reveals that 11.7 million MSMEs have entered the digital ecosystem, as of early 2021. The
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