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$20 million credit facility to finance
Digital banks and fintech companies are partnering with social media companies like TikTok, Facebook, and LINE to better serve the MSME sector. Last week, Bank Aladin Syariah partnered with Facebook Indonesia to provide financial literacy training for small business owners.
As small businesses (“MSMEs”) are increasingly turning to digital solutions to operate, fintechs are working hard to effectively reach the MSME segment. Latest national data reveals that 11.7 million MSMEs have entered the digital ecosystem, as of early 2021. The
Digital credit platform Kredivo plans to go public at a valuation of US$ 2.5 billion, IDR 36.25 trillion, on the NASDAQ stock exchange next year via SPAC, a special purpose acquisition company. Kredivo distributes instant credit for consumer purchases on
Non-performing loans for fintech lenders have increased in the midst of the lockdowns, or “PPKM”. OJK data shows that non-performing loans (NPLs) increased from 1.32% in March to 1.54% in May. Therefore, fintech lenders are managing the credit risk in
Very excited to announce our partnership with Thought Machine and Google Cloud to deliver cloud-native technology to scale SME lending in Southeast Asia. With support from Google Cloud and Thought Machine, we have deployed customized financial products (e.g. Sharia-compliant invoice
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