Author: Fintech News Indonesia

Indonesia’s Financial Services Authority (OJK) has introduced a new roadmap for the development and strengthening of financial sector technology innovation, digital financial assets, and crypto assets for the period of 2024-2028. The roadmap, titled “Welcoming the Future of Digital Finance: Laying the Foundation for Effective and Balanced Supervision,” was unveiled during the OJK Digital Financial Innovation Day (OJK Digination) 2024 in Jakarta. The event was led by Mahendra Siregar, Chairman of the OJK Board of Commissioners, alongside key officials from the OJK, including Hasan Fawzi, Chief Executive of the OJK IAKD Supervisory Board, and Agusman, Chief Executive of the Supervisory…

Indonesian tech company GoTo Group has expanded its partnership with TikTok by introducing a “Buy Now, Pay Later” (BNPL) service, GoPay Later, on TikTok’s ShopTokopedia platform. This follows TikTok’s acquisition of a controlling stake in Tokopedia which was completed in January this year, aimed at reviving its e-commerce ambitions in Indonesia. GoPay Later users will have access to a simplified credit process that includes a data verification step using facial recognition to activate GoPay Later on ShopTokopedia. The service offers credit limits of up to IDR 10 million (approximately US$ 613) and flexible repayment terms ranging from 1 to 12…

Indonesia’s Bank Commonwealth will lay off 1,146 employees following its acquisition by Singapore’s OCBC, a deal finalised two months ago for S$182 million, according to The Business Times. The acquisition, completed through OCBC’s Indonesian subsidiary PT Bank OCBC NISP Tbk, transferred full ownership of the bank to OCBC and integrated over 1.2 million customers into OCBC Indonesia’s network. The layoffs are scheduled to begin on 1 September, with affected employees receiving severance, service, and separation pay, as well as additional benefits based on their tenure. Bank Commonwealth, which had a workforce of 1,209 employees last year, is offering those affected…

Indonesian fintech company Flip has named Pratyush Prasanna as its new Group CEO. Prasanna, who joined Flip last year as Managing Director, will now steer the company through its next phase of growth and innovation. He brings a wealth of experience from his previous roles, including Head of Merchant Payments at GoTo Financial and leadership positions at Poynt and Paytm. Prasanna’s extensive background in the payments industry is expected to bolster Flip’s expansion efforts. Rafi Putra Arriyan, Flip’s co-founder, will now lead the consumer business as President Director of PT. Fliptech Lentera Inspirasi Pertiwi, the entity behind the Flip consumer…

Indonesia’s Financial Services Authority (OJK) plans to raise the maximum limit for peer-to-peer (P2P) funding above the current IDR 2 billion cap, specifically for productive funding used for business and economic activities, rather than consumptive funding for personal use. This move is part of a new regulation for Information Technology-Based Joint Funding Services (RPOJK LPBBTI), which is currently in development and incorporates feedback from various stakeholders. OJK acknowledges the valuable input from these stakeholders and is refining the LPBBTI industry regulations as part of its mandate under Law Number 4 of 2023 concerning the Development and Strengthening of the Financial…

PT GoTo Gojek Tokopedia Tbk has announced the appointment of Simon Ho as its new Chief Financial Officer (CFO), effective 30th August. Following shareholder approval at the upcoming Extraordinary General Meeting of Shareholders (EGMS) on the same date, Ho will also join the company’s Board of Directors. Ho brings over 25 years of experience in financial management, corporate strategy, capital markets, and investor relations. His career includes senior roles at international banks such as Citigroup and ABN AMRO, and positions as CFO at FinVolution Group in China and Maya in the Philippines. Based in Indonesia, Ho will report to GoTo…

PT GoTo Gojek Tokopedia Tbk has introduced “Dira by GoTo AI,” an AI-enabled fintech voice assistant in Bahasa Indonesia. This launch is part of a long-term Artificial Intelligence (AI) innovation programme aimed at integrating advanced AI technology throughout GoTo’s ecosystem. Initially available to a limited number of users on the GoPay app, Dira will be gradually rolled out and eventually become available on the Gojek app. Dira, short for Dikte Suara (voice dictation), is designed to enhance user experience by allowing users to navigate the GoPay app and perform tasks using voice commands in Bahasa Indonesia. For instance, accessing the…

Singapore’s sovereign wealth fund, GIC, is considering selling its minority stake in Bukalapak, an Indonesian e-commerce platform, sources told DealStreetAsia. Discussions are in the preliminary stages, and GIC has not yet decided whether to hire bankers for the sale or handle it internally. When contacted by DealStreetAsia, GIC and Bukalapak both declined to comment on the potential divestment. According to the Indonesia Stock Exchange (IDX), GIC currently owns 9.44% of Bukalapak. The wealth fund’s initial investment in Bukalapak occurred in April 2021, in collaboration with Microsoft and Emtek, amounting to US$234 million. Bukalapak subsequently went public in July 2021, raising…

Indonesian digital bank Superbank has announced an additional funding of IDR 1.2 trillion (US$73.3 million) from its shareholders, Grab, Singtel, and KakaoBank. This funding aims to support Superbank’s efforts in enhancing services and innovating products to cater to the diverse financial needs and lifestyles of its customers. Recently, Superbank became the first bank in Indonesia to enable millions of Grab users and partners to open accounts, save, and make payments directly through the Grab app without needing additional applications. The ongoing support from these key industry players, including Emtek Group, is expected to significantly bolster Superbank’s growth and its role…

Validus Group, a digital SME financing platform based in Singapore, has secured a total of US$17.57 million in debt financing from both Oikocredit and FMO to support small and medium-sized enterprises (SMEs) in Indonesia. Oikocredit has announced a EUR 2.4 million (US$2.57 million) loan which matures in 2027 to Validus, marking its first fintech loan in Southeast Asia. This funding will enable Validus’ Indonesian subsidiary, Batumbu, to expand its reach and support more local businesses. The collaboration between Oikocredit and Validus aims to address the significant SME funding gap in Indonesia, where many small businesses struggle to access funds from…

Bank Negara Indonesia (BNI), an Indonesian state-owned commercial bank, has partnered with Cloudera to leverage generative artificial intelligence (Gen AI) for advancing its banking services. This move positions BNI among the first global enterprises to trial Cloudera’s AI Inference service, powered by NVIDIA NIM. This collaboration aims to enhance BNI’s customer experience and operational efficiency through AI-driven innovation. As part of its ongoing four-year transformation journey, BNI will utilise Cloudera’s Gen AI and NVIDIA technology to improve regional and commercial banking productivity, as well as its credit and transaction banking platforms. BNI’s deployment of Cloudera’s AI Inference service within its…

Indonesian digital bank Superbank has officially launched its services on the Grab superapp, enabling users and partners to open bank accounts and utilize them directly for Grab services without needing an additional app. This integration aims to simplify financial transactions for Grab’s extensive user base, as reported by DealStreetAsia. Superbank offers a 6% annual interest on savings with flexible withdrawal options, and a 75% discount on GrabFood and GrabBike services along with exclusive dining discounts for GrabFood users at over 1,000 renowned merchants. Additionally, the digital bank is introducing Pinjaman Atur Sendiri (PAS), an unsecured loan product with flexible terms…

Indonesian microfinance fintech company Amartha has secured a US$17.5 million equity funding from the Accion Digital Transformation Fund. This investment from global nonprofit Accion aims to help Amartha expand its platform, offering a full range of financial products and services to underserved women-led small businesses in rural Indonesia using data and AI. Amartha has built a robust digital financial infrastructure connecting microbusinesses in Tier 2 and 3 cities outside of Java Island. Utilising an embedded lending and funding model for both institutional and retail investors, Amartha provides personalised financial solutions, payment services, and a proprietary credit scoring system. To date,…

PT Bank BTPN’s flagship digital bank, Jenius, has teamed up with Perx Technologies, a SaaS lifestyle marketing platform provider, to enhance its customer engagement strategy. By integrating the Perx Loyalty Engagement Platform, Jenius plans to introduce gamification and instant rewards into everyday banking, aiming to make financial management more enjoyable for users. The platform will offer various rewarding experiences, personalised loyalty programmes, and gamified savings milestones, encouraging positive financial behaviors like saving and managing spending habits. This partnership is looking to maximise customer lifetime value through continuous and non-transactional engagement. “As a digital native bank, the app experience is paramount…

Indonesian fintech company JULO reported that it is on track to disburse over US$650 million in loans by the end of 2024, while also setting its sights on becoming a neobank. From January to April this year, loan disbursements surged by 87.19% compared to the same period in 2023, reaching US$189 million. Since its launch in 2016, JULO has disbursed over US$1 billion in total, with nearly half of that amount disbursed in 2023 alone—a 50% increase from the previous year. The company’s user base has also grown significantly, with over 2 million users, marking a 58% increase in 2023.…

Indonesian fintech company JULO has announced that it has provided insurance coverage to over 200,000 customers in just three months with its JULO Protect Plus product. It is a new feature embedded in the company’s virtual credit card solution. JULO collaborated with Qoala, an Indonesian insurtech company, and Sompo Insurance, a global general insurer with 48 years of experience in Indonesia, to develop this insurance cover. Launched under the JULO Cares platform, JULO Protect Plus offers gadget protection for customers’ smartphones. JULO Protect Plus offers easy policy activation and protects smartphones against various forms of damage, including accidental drops and theft.…

International insurtech company bolttech has entered into a partnership with Indonesian B2B procurement firm HAVA.id to provide comprehensive device protection solutions for the latter’s business customers. As part of this collaboration, HAVA.id will integrate bolttech’s device protection plans into its procurement consultancy services, covering a range of technology devices including smartphones, tablets, and laptops. The plans will protect against physical breakage and liquid damage, and offer extended warranties for an additional 12 months beyond the manufacturer’s warranty. This partnership aims to benefit businesses of all sizes, from small and medium enterprises to large corporations, by offering tailored protection plans, easy…

OCBC Bank has officially completed the acquisition of PT Bank Commonwealth Indonesia through its Indonesian subsidiary, PT Bank OCBC NISP Tbk, as of 1 May 2024. The deal transfers 100% ownership of PT Bank Commonwealth Indonesia to OCBC, making it a fully owned subsidiary. This acquisition integrates over 1.2 million customers into OCBC Indonesia’s network. PT Bank Commonwealth Indonesia, recognised for its wealth management, will continue to operate independently until the integration process concludes in late 2024. The bank will maintain its current offerings in banking products and services across its branches and digital platforms during this period. OCBC Indonesia…

Bank Neo Commerce (BNC), an Indonesian digital bank, has named Eri Budiono as its new Chief Executive Officer (CEO) in a strategic leadership reshuffle, according to Tech in Asia. The appointment was confirmed during the company’s general shareholders meeting, following the resignation of former CEO Tjandra Gunawan in June 2023. Eri Budiono brings a wealth of experience from his previous roles, including Head of Commercial Banking at HSBC and Global Banking Director at Maybank Indonesia. Prior to this appointment at BNC, Budiono was at the helm of TerraThrive, a Jakarta-based greentech company, as its CEO. In addition to Budiono’s appointment,…

Mandiri Capital Indonesia (MCI), the venture capital arm of Bank Mandiri, is debuted its Xponent programme at the recent Money 20/20 Asia in Bangkok, aiming to enhance collaboration within the fintech sector. The programme, now in its fourth edition, connects startups and technology companies with Mandiri Group’s business units to foster growth and partnerships in the financial technology landscape. Xponent is designed to bridge the gap between startups and Mandiri’s business units by providing financial tools and insights, facilitating business matchmaking sessions, and offering speed dating sessions for startups to pitch to potential partners and investors. Notable participants from MCI’s…