Indonesian fintech Akulaku Group announced that it has secured US$100 million in debt financing from HSBC Singapore.

Akulaku aims to deepen its operational footprint in Southeast Asia, facilitating the launch of new financing products and enhancing services for the underbanked population.

The move comes at a time when Akulaku is also seeking to expand its services following the lifting of regulatory restrictions by Indonesia’s Financial Services Authority (OJK) on its buy now, pay later (BNPL) offerings earlier in the month.

The resolution of previous compliance issues related to risk management and corporate governance has allowed Akulaku to resume its BNPL service.

In addition to its BNPL offerings, Akulaku provides a broad range of financial services, such as virtual credit cards, wealth management products, and digital banking services in partnership with Bank Neo Commerce.

Since its inception in 2014, Akulaku has established a presence across Indonesia, Malaysia, the Philippines, and Vietnam.

Shaun Sakhrani, Head of Structured Banking, Southeast Asia at HSBC Singapore said,

“We are pleased to support Akulaku Group on their growth ambition by leveraging HSBC’s global network, deep regional presence, and comprehensive banking capabilities and solutions.

 

This deal reinforces our commitment to support new economy businesses as they move along the different growth stages and expand across the region.”

Fan Zhang, CFO of Akulaku Group said,

“We are excited to announce our collaboration with HSBC Singapore, a pivotal milestone for our rapid regional expansion plan. Central to this partnership is a shared dedication to innovation, which underscores our mutual commitment to its success.

 

This financial support is instrumental in propelling our continuous efforts to meet the unique financial requirements of underserved communities across Southeast Asia.”