Author: Fintech News Indonesia

Indonesian insurance broker PT Axle Asia has officially changed its name to PT Bolttech Insurance Broker, adopting the bolttech brand. The rebranding will not affect its current services or agreements with partners and customers. This change follows bolttech’s acquisition of a majority stake in the company in late 2022. The rebranding received approval from Indonesia’s Financial Services Authority, Otoritas Jasa Keuangan (OJK). Founded in 2020, bolttech has expanded to over 35 markets and four continents, serving various sectors such as travel, device protection, and financial services. Srinath Narasimhan, President Director, PT Bolttech Insurance Broker, said, “We have an exciting opportunity…

Ant Group, a Chinese financial affiliate of the Alibaba Group, has not yet formally applied for a permit to operate its Alipay+ service in Indonesia, according to Filianingsih Hendarta, Deputy Governor of Bank Indonesia. According to Reuters, Hendarta clarified the status following reports that Ant Group was seeking regulatory guidance to launch its cross-border payment service in the country during a news conference on Wednesday (24 April 2024). Despite recent discussions with Indonesian officials, including a meeting with the country’s communications minister, a formal request to operate Alipay+ within Indonesia has yet to be submitted to the central bank. Hendarta…

The Indonesian Directorate General of Taxes (DGT) and the Australian Taxation Office (ATO) have entered into a Memorandum of Understanding for cryptocurrency information sharing. This agreement aims to bolster the detection and management of crypto assets potentially subject to taxation in both nations. By enhancing data exchange and sharing expertise, the tax authorities hope to ensure better compliance with tax obligations concerning cryptocurrency holdings. This initiative is part of a broader collaboration between the DGT and ATO that includes modernizing taxpayer services and applying value-added tax to digital goods and services. The partnership, which has evolved over nearly two decades,…

Indonesia’s financial technology landscape is experiencing explosive growth, fueled by the rise of mobile payments and digital banking. While this digital transformation offers undeniable convenience, it also introduces new challenges to mobile security in Indonesia Malware and phishing attacks pose a significant threat to the integrity and security of financial platforms, jeopardising both user data and financial security. However, amidst these challenges, innovative solutions like SecIron are emerging as key players in safeguarding digital assets and ensuring a secure financial ecosystem. Indonesia’s rapid digital adoption makes it a prime target for cybercriminals. Reports indicate a concerning rise in cyberattacks, with…

Global payments company Nium has announced a new partnership with Artajasa, a prominent Indonesian payment infrastructure provider. This collaboration, formalised through a Memorandum of Understanding (MOU) at the Money 20/20 Asia conference in Bangkok, aims to improve real-time, cross-border payment services between Indonesia and the international market. Artajasa plays a critical role in Indonesia by operating switching services that support secure and efficient electronic transactions for banks and fintechs. The partnership marks a major step in Nium’s efforts to expand its presence in Asia. Nium announced yesterday that its partner, Jeonbuk Bank in Korea, has gone live with its real-time…

Southeast Asian open finance platform Brankas has reportedly become the first company in Indonesia to obtain a Payment Service Provider (PJP) Category 2 license for Account Information Services (AInS) from Bank Indonesia. This license allows Brankas to offer enhanced transparency in payment transactions, providing businesses and their customers with real-time visibility into account balances during transactions. With this new license, Brankas can also offer Payment Initiation and/or Acquiring Services (PIAS), facilitating secure, real-time payments without the need for physical credit or debit cards. The company’s Brankas Direct API, now officially approved for use, supports instant settlement of transactions, enhancing the…

Insurtech company Igloo has partnered with Tokopedia, Indonesia’s online marketplace, to extend the availability of insurance products to a wide audience across the country, targeting both individual consumers and over 14 million micro, small, and medium-sized enterprises (MSMEs). Igloo and Tokopedia are set to introduce three insurance products tailored to meet the needs of online shoppers. This includes gadget protection starting from IDR 48,300 (US$ 3.09), electronic protection starting from IDR 14,334 (US$ 0.92) for 12-month period, and Total Loss Only (TLO) coverage starting from IDR 500 (US$ 0.032) for a span of three to 12 months. These offerings are…

PT Bank Rakyat Indonesia (BRI) has announced that its mobile banking app, BRImo, has reached over 30 million users, as the bank aims to enhance financial inclusion across the country. Since its launch in 2019, BRImo has seen its user base swell from an initial 2.9 million to 31.6 million, with transactions in December 2023 totaling IDR 4.158 trillion. BRImo offers a range of features aimed at simplifying banking processes, including the ability to open digital accounts in 11 currencies and access to 5 years of transaction history. Additionally, users have access to multi-currency savings options, international remittance management, forex…

The Indonesian Financial Services Authority (OJK) has issued a new mandate requiring all financial institutions introducing new products and services, including those related to crypto assets, to participate in a regulatory sandbox. This innovation testing and development space is aimed at fostering responsible technological advancement in the financial sector with robust risk management. Hasan Fawzi, the Chief Executive of the Supervision of Financial Sector Technology Innovation, Digital Financial Assets, and Crypto Assets at OJK, highlighted the initiative’s role in enhancing consumer protection and education. During a media briefing at the OJK Office in Central Jakarta on Tuesday, Fawzi emphasised that…

Indonesian e-wallet LinkAja has secured a strategic investment from Japanese trading house Mitsui & Co., Ltd. The financial details were not disclosed. This marks the first time a global company has invested in LinkAja, aiming to enhance the platform’s ecosystem and business strategy, especially in collaboration with its State-Owned Enterprises (SoE) shareholders. The investment signifies the investor’s intention to expand its digital finance business and foster strategic collaborations within the ecosystems of LinkAja and Mitsui. These collaborations are primarily in sectors such as Information & Communication Technology (ICT), retail, among others, with the goal of advancing economic and financial inclusion…

Indonesian insurtech startup Qoala has closed its Series C funding round led by PayPal Ventures and MassMutual Ventures to raise US$47 million. This brings Qoala’s total raised capital to over US$130 million. The round was also joined by MUFG Innovation Partners, Ohana Holdings, and returning investors Flourish Ventures, Eurazeo, and AppWorks. The influx of capital will support Qoala’s plan to widen its embedded insurance business (B2B2C) across Southeast Asia. The company aims to enhance its technological capabilities, incorporating artificial intelligence to improve customer, agent, and partner experiences. Moreover, the funds will facilitate the exploration of new products and avenues, alongside…

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…

Indonesian technology conglomerate GoTo Group is preparing to launch a “buy now, pay later” (BNPL) service in partnership with TikTok, according to Tech in Asia. This development follows GoTo Financial, the group’s financial technology division, appointing David Chen as the Head of Consumer Lending and BNPL operations. Chen brings experience from co-founding and leading the BNPL platform Atome, and he retains his roles as Co-founder of the Advance Intelligence Group and Chairman at Atome Financial. The recent merger of GoTo’s Tokopedia and TikTok Shop was finalised in January this year. Under the agreement, TikTok has pledged an investment exceeding US$1.5…

Indonesian fintech company JULO has rolled out a new healthcare financing service, allowing its 2 million users to cover their medical expenses across the country. The service, dubbed JULO Health, offers financing options for treatments at hospitals, clinics, dentists, pharmacies, laboratories, and diagnostic centers through its digital platform. Users can get loans of up to 50 million rupiah (approximately US$ 3,000) and opt for up to nine months of installment payments. JULO has already introduced several services aimed at making daily financial transactions easier, including payments for utilities, train tickets, and more. In addition to healthcare financing, JULO has launched…

Indonesian peer-to-peer lending platform Modal Rakyat is facing a lawsuit filed in the South Jakarta district court on 20 February. According to a DealStreetAsia report, the P2P lender has been accused of defaulting on loans, putting the spotlight on its business practices amid the sector’s broader issues. The complainant, a retail lender named Haryani, has alleged that despite assurances of insurance coverage for her loans, ranging from 70-95% of the principal, she encountered problems when the platform announced a restructuring due to a borrower’s failure to repay. Modal Rakyat’s use of “wallet insurance” from PT Citra International Underwriters, which apparently…

Ajaib Kripto, the crypto trading application developed by Indonesian investment technology unicorn Ajaib, has announced a significant surge in its Bitcoin trading volume, marking a tenfold increase since the beginning of Q4 2023. According to the company, this development coincides with Bitcoin reaching new all-time highs and the approach of the anticipated Bitcoin halving event. Parent company Ajaib has played a significant role in the platform’s success, having raised over US$153 million in funding from notable investors in the cryptocurrency space, including Ribbit Capital, Y Combinator, and DST Global. These investors are known for supporting other significant companies in the…

Indonesian fintech startup AwanTunai has successfully closed its Series B funding round, amassing US$27.5 million. The Jakarta-based company, known for its point-of-sale financing solutions aimed at digitising the nation’s predominant cash economy, has surpassed its initial target of US$25 million due to heightened investor interest. This round of funding was spearheaded by notable entities including Norfund, the Norwegian government’s investment fund dedicated to developing countries, MUFG Innovation Partners (MUIP) – the innovation arm of Japan’s MUFG, and Finland’s impact-focused OP FinnFund. The company plans to utilise the capital to enhance its equity base, facilitating the expansion of lending capital facilities.…

In the dynamic landscape of Indonesia’s digital revolution, the exponential growth of digital payments has generated an increased demand for robust mobile app security solutions. As financial institutions navigate the challenges of securing sensitive financial information and user data, a great responsibility emerges to safeguard both. Mobile app security is no longer an afterthought; it’s the cornerstone of trust and sustainable growth in the competitive financial industry. Indonesia, with its vibrant digital landscape and skyrocketing mobile adoption, offers a wealth of opportunities for businesses. However, a challenge presents itself: the ever-evolving threat to mobile app security. From compromised financial data…

Indonesian e-commerce leader Bukalapak has phased out its buy now, pay later (BNPL) service, BukaCicilan, as of 29 February 2024. This decision reflects the broader challenges facing the BNPL sector, which has seen several service discontinuations and exits in recent times. Desy Hartono, Vice President of Financial Solutions at Bukalapak, shared with Tech in Asia that this move is intended to simplify installment payment options for their customers, promoting a direct engagement between users and BNPL providers, such as Kredivo, for a more streamlined experience. BukaCicilan was originally introduced in October 2018 through a partnership with multifinance entity, PT Akulaku…

Indonesia’s Financial Services Authority (OJK) has lifted restrictions on the buy now, pay later (BNPL) service offered by fintech firm Akulaku, according to a statement from the company to Tech in Asia. This decision marks a major turnaround for Akulaku, enabling the company’s BNPL product, Akulaku PayLater, to resume its financing activities for users and customers as previously conducted. The imposition of restrictions four months prior stemmed from alleged non-compliance with OJK’s supervisory obligations, which include stringent requirements on risk management and good corporate governance. Following the enforcement of these limitations, Akulaku has reportedly committed to adhering closely to all…