Posted: October 26, 2021 at 9:00 p.m. EDT|Update: 2 hours ago
JAKARTA, Indonesia and CHICAGO, October 26, 2021 / PRNewswire / – Standard Chartered Bank Indonesia (Bank) and Kredivo, one of indonesia Largest and fastest growing digital lending platforms, today announced a partnership to deliver Buy Now, Pay Later (BNPL) loans to the mass market segment through digital channels. In keeping with the Bank’s “Here for good” brand promise, the partnership fosters greater financial inclusion by providing convenient access to credit and supports the growth of e-commerce as well as offline retailers. This partnership also serves Kredivo’s mission to provide tens of millions of consumers with fast, affordable and easily accessible financial services.
Jeffrey Tan, Head of Consumer, Private and Corporate Banking (CPBB), Indonesia, Standard Chartered, said: “While Standard Chartered already enjoys a strong position in the affluent retail segment, we are strengthening and expanding our distribution channels to more effectively serve mass market customers. We are therefore delighted to partner with Kredivo, which shares our desire to increase inclusion in Indonesia, to offer point-of-sale financing via digital platforms. “
Umang Rustagi, CEO, Kredivo Indonesia, said: “We are very happy and proud to partner with Standard Chartered, one of the oldest and most experienced banks in Indonesia. This collaboration shows how fintechs and banks work together to achieve a harmonious goal of opening up access to credit as widely as possible. With the experience of Standard Chartered and the expertise of Kredivo, we hope that this collaboration can further promote equity and national economic growth. “
Customers can take advantage of a fully digital on-boarding and credit application process, with no face-to-face verification requirements, made possible by Kredivo’s extensive retailer coverage and customer-based credit scoring capabilities. IA, as well as Standard Chartered’s retail banking expertise as one of the oldest banks in Indonesia with more than 150 years of presence in Indonesia.
The partnership is also based on accelerating the adoption of digital financial services in Indonesia. Based on data from indonesia Financial Services Authority (Otoritas Jasa Keuangan/ OJK), the assets of fintech credit players have gone from 3.25 trillion IDR in july 2020 To IDR 4.34 trillion in July 2021, while the stock of loan channeling assets increased from IDR 11.94 billion To IDR 24.22 billion during the same period. As immunization and pandemic-related measures continue to improve, market sentiment and retail sales are expected to improve, leading to increased demand for loans.
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Kredivo is indonesia Leading digital lending platform that provides instant credit financing to customers for e-commerce and offline shopping, as well as personal loans, based on real-time decision-making. Kredivo users can buy now and pay later with one of the lowest interest rates among digital credit providers in Indonesia. Kredivo’s business partners benefit from instant point-of-sale financing, backed by one-time 2-click payments. Kredivo is operated by FinAccel, a financial technology company based in Singapore with a mission to provide fast, affordable and accessible financial services. FinAccel is backed by leading investors such as Mirae Asset, Naver, Square Peg Capital, Telkom Indonesia and Jungle Ventures. Kredivo is supervised by the multifinance division of the OJK in Indonesia. To learn more about FinAccel and Kredivo, visit www.finaccel.co and www.kredivo.com.
We are a leading international banking group, present in 60 of the world’s most dynamic markets and serving clients in 85 others. Our goal is to foster commerce and prosperity through our unique diversity, and our heritage and values are expressed in our brand promise, here for good.
Standard Chartered PLC is listed on the London and the Hong Kong stock exchanges.
Standard Chartered Bank Indonesia is registered and supervised by the Indonesian Financial Services Authority (Otoritas Jasa Keuangan – OJK) and is also a member of the Indonesia Deposit Insurance Program Corporation (Lembaga Penjamin Simpanan – LPS).
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