Standard Chartered Partners with Kredivo to Offer Loans to the Mass Market Segment via Digital Channels
Written by Luck Wilson on October 27, 2021
Printed: Oct. 26, 2021 at 8:00 PM CDT|Up to date: Eight hours in the past
JAKARTA, Indonesia and CHICAGO, Oct. 26, 2021 /PRNewswire/ — Customary Chartered Financial institution Indonesia (Financial institution) and Kredivo, one in all Indonesia’s largest and quickest rising digital credit score platforms, immediately introduced a partnership to supply Purchase Now, Pay Later (BNPL) loans to the mass market section by way of digital channels. Consistent with the Financial institution’s “Right here for good” model promise, the partnership drives better monetary inclusion by offering handy entry to credit score, and helps the expansion of e-commerce in addition to offline retailers. This partnership additionally serves Kredivo’s mission of offering tens of hundreds of thousands of customers with quick, reasonably priced, and simply accessible monetary companies.
Jeffrey Tan, Head of Client, Non-public and Enterprise Banking (CPBB), Indonesia, Customary Chartered, mentioned, “Whereas Customary Chartered already enjoys a powerful place within the retail prosperous section, we’re strengthening and increasing our distribution channels to serve mass market prospects extra effectively. We’re thus delighted to accomplice with Kredivo, which shares our want to extend monetary inclusion in Indonesia, to supply point-of-sale financing by way of digital platforms.”
Umang Rustagi, CEO, Kredivo Indonesia, mentioned, “We’re very excited and proud to accomplice with Customary Chartered, one of many oldest and most skilled banks in Indonesia. This collaboration reveals how fintech and banks are synergizing to realize a harmonious goal to open the widest potential entry to credit score. With Customary Chartered’s expertise and Kredivo’s experience, we hope that this collaboration can additional promote fairness and nationwide financial progress.”
Prospects can take pleasure in a completely digital onboarding and credit score software course of, with no face-to-face verification requirement, made potential by means of Kredivo’s in depth protection of shops and AI-driven credit score scoring capabilities, in addition to Customary Chartered’s retail banking experience as one of many oldest banks in Indonesia with greater than 150 years’ presence in Indonesia.
The partnership additionally rides on the accelerating adoption of digital monetary companies in Indonesia. Based on information from Indonesia’s Monetary Companies Authority (Otoritas Jasa Keuangan/OJK), property of fintech lending gamers grew from IDR3.25 trillion in July 2020 to IDR4.34 trillion in July 2021, whereas excellent mortgage channelling property elevated from IDR11.94 trillion to IDR24.22 trillion over the identical interval. As vaccination and pandemic associated metrics proceed to enhance, market sentiment and retail gross sales are anticipated to choose up, resulting in increased demand for loans.
For additional info please contact:
(Konsultan Komunikasi Kredivo)
Head of Company Affairs, Model & Advertising and marketing,
Inmas Ayu (Nimas)
Indonesia & ASEAN Markets (AU, BN, PH)
(+62) 813 1915 5282
Word to editors
Kredivo is Indonesia’s main digital credit score platform that gives instantaneous credit score financing to prospects for e-commerce and offline purchases, in addition to private loans, primarily based on real-time determination making. Kredivo customers should buy now and pay later with one of many lowest rates of interest amongst digital credit score suppliers in Indonesia. Kredivo’s buying and selling companions profit from instantaneous point-of-sale financing, backed by distinctive 2-click funds. Kredivo is operated by FinAccel, a monetary expertise firm headquartered in Singapore with a mission to supply quick, reasonably priced and accessible monetary companies. FinAccel is supported by main traders reminiscent of Mirae Asset, Naver, Sq. Peg Capital, Telkom Indonesia, and Jungle Ventures. Kredivo is supervised by the OJK’s multifinance division in Indonesia. To study extra about FinAccel and Kredivo, go to www.finaccel.co and www.kredivo.com.
We’re a number one worldwide banking group, with a presence in 60 of the world’s most dynamic markets, and serving shoppers in an additional 85. Our function is to drive commerce and prosperity by means of our distinctive range, and our heritage and values are expressed in our model promise, right here for good.
Customary Chartered PLC is listed on the London and Hong Kong Inventory Exchanges.
Customary Chartered Financial institution Indonesia is registered with and supervised by the Indonesian Monetary Service Authority (Otoritas Jasa Keuangan – OJK) and can be a member of the Indonesia Deposit Insurance coverage Program Company (Lembaga Penjamin Simpanan – LPS).
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