Author: Fintech News Indonesia

Indonesian peer-to-peer (P2P) lending platform Amartha has completed the acquisition of PT Bosowa Multi Finance, a leasing company previously part of the Bosowa Group conglomerate, according to DealStreetAsia. The deal was carried out through PT Amartha Nusantara Raya (ANR), the holding company that oversees Amartha’s operations, including its P2P lending platform and credit scoring unit, Ascore. The acquisition reflects Amartha’s dual focus on expanding its market presence and enhancing its ability to deliver customer-focused financial solutions. According to CEO Andi Taufan Garuda Putra, the company aims to develop products that cater directly to the needs of customers and partners, leveraging…

Indonesia’s Financial Services Authority (OJK) has increased its supervision of PT Lunaria Annua Teknologi following reports of payment delays to some lenders. The company is a subsidiary of peer-to-peer lending platform KoinWorks operating as KoinP2P. The OJK has summoned KoinP2P’s management team to explain the situation and outline steps to resolve the issue, which arose from the misuse of funds by a borrower. KoinP2P management has committed to finding a resolution with lenders through rational and fair mutual agreements, in line with regulatory compliance, and to comply with all regulations. The OJK has also secured a commitment from KoinP2P’s controlling…

Indonesia’s GoTo Group has joined forces with Tencent Cloud and Alibaba Cloud in an agreement aimed at accelerating Indonesia’s digital transformation. The agreement, witnessed by Indonesian President Prabowo Subianto at the Indonesia-China Business Forum, includes major investments in cloud infrastructure and digital talent development. Tencent Cloud will establish its third Internet Data Center (IDC) in Indonesia, committing US$ 500 million to infrastructure and investment in the country by 2030. Alibaba Cloud, which already operates three data centers in Indonesia, plans to train 800,000 individuals in cloud computing and AI by 2033 and establish a skills centre at Universitas Indonesia. These…

BCA Syariah, the Islamic banking arm of Bank Central Asia (BCA), has partnered with Thought Machine to modernise its services in Indonesia. Using Thought Machine’s cloud-based platform, Vault Core, BCA Syariah has launched new products like Wadiah savings accounts, e-wallet top-up, and a Hajj Fee Deposit service. The bank also plans to introduce term deposit products and gold financing in the near future. This partnership allows the bank to offer faster and more reliable services while adapting quickly to market changes. Thought Machine is headquartered in London with operations in Singapore, New York, and is a registered entity in Indonesia.…

Finfra, an Indonesian lending-as-a-service infrastructure provider, has raised US$2.5 million in a funding round led by Cento Ventures. The fundraise was also joined by Accion Venture Lab, Z Venture Capital, and Avafin’s founder, Matiss Ansviesulis. The investment will help Finfra scale its embedded lending solutions to support Indonesia’s digital SME ecosystem. The company’s platform provides digital tools for loan management, scoring, portfolio analytics, and regulatory-compliant access to capital. Finfra has also announced a partnership with Tyme Group, a multi-country digital banking network. Tyme will utilise Finfra’s tools to launch embedded lending options like merchant cash advances across Indonesia. Existing investors…

Regional insurtech Igloo has launched a new direct-to-consumer platform, igloo.co.id, in Indonesia. The igloo.co.id provides information on coverage and policies, enabling consumers to purchase motorcycle, car, pet, and travel insurance from top providers, including Zurich, Sompo, SinarMas, and Oona. The platform offers features such as Fast Quotes, Buy-Now-Upload Later for document submission, and claims support to assist users throughout the process. Since its soft launch in May 2023, igloo.co.id has attracted nearly 20,000 monthly visitors, with Igloo incorporating customer feedback to refine the platform. Support is also available through WhatsApp, telesales, and digital-only channels. This expansion builds on Igloo’s experience…

Indonesia’s Financial Services Authority (OJK) has revoked the business license of PT Investree Radhika Jaya (Investree), a peer-to-peer lending platform. The decision was made due to Investree’s failure to meet minimum equity requirements and other regulatory provisions. The company also experienced operational difficulties and declining performance that impacted its services. OJK had previously issued warnings and imposed activity restrictions, urging Investree to address its equity issues, secure new investment, and improve its performance. However, these measures were unsuccessful, leading to the revocation of the license. In addition to the license revocation, Investree is prohibited from transferring or obscuring company assets,…

Batumbu, an Indonesian fintech lending company and part of Validus Investment Holding, has appointed a new Board of Directors. Reza Perazi Armadi has been appointed as the new President Director, succeeding Tan Glant Saputrahadi, who stepped down from the role. Reza previously served as Deputy President Director and has over two decades of experience in the banking industry, particularly in MSMEs and supply chain finance. Paulus Adinata Widia has been appointed as Deputy President Director, and Mochamad Tommy Hersyaputera will serve as Director, pending approval from the Financial Services Authority (OJK). Batumbu, now in its sixth year of operation, will…

Southeast Asian insurtech platform Qoala reported a 36% reduction in net losses for 2023, according to its latest regulatory filings accessed by DealStreetAsia. The Indonesia-based company recorded a net loss of US$14.3 million for the year ending 31 December 2023. Qoala, which provides various insurance products, including health, life, and travel coverage, saw its revenue more than double in 2023, increasing by 144.5% to reach nearly US$18 million. This financial performance reflects the operations of its Singapore-registered parent company, with contributions from subsidiaries in Malaysia, Vietnam, Indonesia, the Philippines, and Thailand. The bulk of the company’s revenue came from Thailand,…

Indonesian insurtech company PasarPolis has expanded its strategic partnership with superapp Gojek, aiming to make insurance more accessible to millions of Indonesians. This collaboration leverages Gojek’s extensive digital ecosystem to integrate affordable insurance solutions into everyday services, including mobility, delivery, and logistics. The partnership offers a variety of insurance products such as SafeTrip for users traveling with Gojek’s mobility services, package delivery insurance for GoSend, large-scale goods coverage for GoBox, and delivery insurance for GoKilat. These products are integrated within PasarPolis’ full-stack ecosystem, with Tap Insure serving as the underwriter for the insurance products. PasarPolis Insurance Broker will manage the…

Kitabisa, an Indonesian donation and crowdfunding platform, has officially entered the insurance market with the launch of Kitabisa Insurance. According to DealStreetAsia, this new sharia-compliant subsidiary aims to tackle the low insurance penetration in Indonesia, which currently lags behind neighboring countries. Kitabisa Insurance emphasizes transparency and technology, allowing members to track funds, beneficiary information, and claims in real-time. Their first product, SalingJaga Keluarga, is a sharia life insurance plan with affordable premiums ranging from 5,000 to 61,500 rupiah per month (US$0.32 – US$3.93). It offers coverage up to 2 billion rupiah (US$127,844) and includes funeral services and financial planning assistance…

Indonesia’s GoTo Group has unveiled Dira, an AI-powered voice assistant integrated into the GoPay app. Dira understands and responds to commands in Bahasa Indonesia, leveraging Google Cloud’s generative AI technologies, including Vertex AI, speech-to-text AI, and the Gemini 1.5 Flash large language model. GoPay is GoTo’s digital wallet and payment platform widely used across Indonesia. This collaboration aims to enhance user experience by enabling hands-free interaction with the GoPay app’s features. The integration of Gemini 1.5 Flash enables Dira to operate efficiently at scale, providing multilingual support and ensuring accurate responses. Hans Patuwo, Chief Operating Officer, GoTo Group, said, “Dira’s…

Indonesia’s GoTo Group has partnered with Chinese multinational tech conglomerate Tencent to enhance its cloud infrastructure and digital services. Under the five-year agreement, Tencent Cloud will provide GoTo with a range of cloud solutions and Platform as a Service (PaaS) offerings, aimed at strengthening GoTo’s enterprise and consumer-focused services. GoTo’s engineering team will collaborate with Tencent Cloud’s experts to improve the company’s technology capabilities. This partnership is expected to enhance GoTo’s service delivery and user experience. Tencent Cloud’s global infrastructure, including local data centers in Jakarta, supports fast service access and ensures compliance with local regulations. With operations in 21…

Fintech startup Finture, which operates the credit payment platform YUP, has secured US$30 million in its Series B funding round. The funding was led by Hong Kong’s MindWorks Capital, with participation from XVC, SWC Global, Richen Pioneer, and Antao Capital. The funds will be used to support the platform’s expansion across Southeast Asia and efforts to obtain a banking license in Indonesia. To date, YUP has reportedly raised over US$77 million in equity funding from investors, including the Sampoerna family, Sky9 Capital, and BitRock Capital among others. Founded in 2021, Finture operates in Southeast Asia with offices in Singapore, Shanghai,…

Tokocrypto, a subsidiary of Binance, has obtained a Physical Crypto Asset Trader (PFAK) license from Indonesia’s Commodity Futures Trading Regulatory Agency (Bappebti). The PFAK license allows Tokocrypto to officially operate as a physical crypto asset trader. Tokocrypto’s user base has surpassed 4.5 million this year, with its average monthly trading volume increasing by 138%, reflecting steady growth and trust in the platform. Richard Teng, CEO of Binance, said, “Binance is committed to fully supporting Tokocrypto in its mission to drive the growth of the Web 3.0 ecosystem in the region”. Yudhono Rawis, CEO of Tokocrypto, added, “Over the past two…

Krom Bank, a youth-focused Indonesian digital bank that is a part of Kredivo Group, is utilising Amazon Web Services (AWS) to enhance its digital banking services in Indonesia. With 74% of the Indonesian population lacking access to traditional banking, Krom Bank aims to bridge this gap by offering personalised financial services through its mobile app. By leveraging AWS cloud technology, Krom Bank can rapidly develop and improve its services. The bank is the first in Indonesia to use the AWS Asia Pacific (Jakarta) Region, ensuring data compliance while offering faster service to local users. Key AWS features such as Amazon…

Indonesian ride-hailing provider GoTo Group is pulling out of Vietnam, abandoning a market where it faced fierce competition, as it sharpens its focus on reaching profitability in its core operations in Indonesia and Singapore. Vietnam’s ride-hailing market remains competitive, with Grab as the current leader and local player Be Group emerging as a strong contender. The company’s Gojek brand will cease operations in Vietnam on 16 September, according to Bloomberg. The Vietnamese business, which offered ride-hailing, food delivery, and courier services, contributed less than 1% to GoTo’s overall gross transactions in the second quarter and its closure will not significantly…

Singapore-based digital SME lending platform Validus has secured a debt funding of up to US$50 million debt funding from HSBC, provided under the bank’s ASEAN Growth Fund strategy. The funds will be used to expand financial access for micro, small, and medium enterprises (MSMEs) in Indonesia through Validus’ Indonesian subsidiary, Batumbu. This funding aims to support Indonesian MSMEs by providing them with more accessible financing options, addressing financial barriers, and helping to drive economic growth. Batumbu has reported growing profits over the past two years and consistently achieved EBITDA margins exceeding 50%. Since 2021, Validus has disbursed S$5.17 billion and operates…

Silverlake Axis announced on 26 August that it plans to go private through a buyout offer of 36 cents per share, according to The Edge Singapore. This cash offer represents a 28.1% premium over the volume-weighted average price (VWAP) for the one-month period leading up to 23 August. Additionally, the offer provides premiums of 25%, 31.9%, and 31.9% over the three-month, six-month, and 12-month VWAPs, respectively. Shareholders of Silverlake Axis also have the option to receive 30 cents in cash plus one new redeemable preference share in the capital of the offeror, E2I Pte. Ltd. These preference shares will be…

The beleaguered P2P lender Investree has established a caretaker team to manage its daily operations under the guidance of Indonesia’s Financial Services Authority (OJK). According to DealStreetAsia, this move comes as the company faces ongoing investigations and legal challenges from lenders. Investree stated that the new team is focused on gradually restoring limited operations, supported by an operational fund for collection activities. The identities of the team members remain undisclosed. The company, which raised over US$200 million last October, has been grappling with a surge in bad loans and lawsuits from lenders. In February, DealStreetAsia reported that SBI Holdings, an existing…