JAKARTA, Indonesia and CHICAGO, Oct. 26, 2021 /PRNewswire/ -- Standard Chartered Bank Indonesia (Bank) and Kredivo, one of Indonesia's largest and fastest growing digital credit platforms, today announced a partnership to offer Buy Now, Pay Later (BNPL) loans to the mass market segment via digital channels. In keeping with the Bank's "Here for good" brand promise, the partnership drives 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 of providing tens of millions of consumers with fast, affordable, and easily accessible financial services.
Jeffrey Tan, Head of Consumer, Private and Business Banking (CPBB), Indonesia, Standard Chartered, said, "While Standard Chartered already enjoys a strong position in the retail affluent segment, we are strengthening and expanding our distribution channels to serve mass market customers more efficiently. We are thus delighted to partner with Kredivo, which shares our desire to increase financial inclusion in Indonesia, to offer point-of-sale financing via digital platforms."
Umang Rustagi, CEO, Kredivo Indonesia, said, "We are very excited and proud to partner with Standard Chartered, one of the oldest and most experienced banks in Indonesia. This collaboration shows how fintech and banks are synergizing to achieve a harmonious objective to open the widest possible access to credit. With Standard Chartered's experience and Kredivo's expertise, we hope that this collaboration can further promote equity and national economic growth."
Customers can enjoy a fully digital onboarding and credit application process, with no face-to-face verification requirement, made possible through Kredivo's extensive coverage of retailers and AI-driven credit scoring capabilities, as well as Standard Chartered's retail banking expertise as one of the oldest banks in Indonesia with more than 150 years' presence in Indonesia.
The partnership also rides on the accelerating adoption of digital financial services in Indonesia. According to data from Indonesia's Financial Services Authority (Otoritas Jasa Keuangan/OJK), assets of fintech lending players grew from IDR3.25 trillion in July 2020 to IDR4.34 trillion in July 2021, while outstanding loan channelling assets increased from IDR11.94 trillion to IDR24.22 trillion over the same period. As vaccination and pandemic related metrics continue to improve, market sentiment and retail sales are expected to pick up, leading to higher demand for loans.
For further information please contact:
(Konsultan Komunikasi Kredivo)
Head of Corporate Affairs, Brand & Marketing,
Inmas Ayu (Nimas)
Indonesia & ASEAN Markets (AU, BN, PH)
(+62) 813 1915 5282
Note to editors
Kredivo is Indonesia's leading digital credit platform that provides instant credit financing to customers for e-commerce and offline purchases, 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 trading partners benefit from instant point-of-sale financing, backed by unique 2-click payments. Kredivo is operated by FinAccel, a financial technology company headquartered in Singapore with a mission to provide fast, affordable and accessible financial services. FinAccel is supported by leading investors such as Mirae Asset, Naver, Square Peg Capital, Telkom Indonesia, and Jungle Ventures. Kredivo is supervised by the OJK's multifinance division in Indonesia. To learn more about FinAccel and Kredivo, visit www.finaccel.co and www.kredivo.com.
We are a leading international banking group, with a presence in 60 of the world's most dynamic markets, and serving clients in a further 85. Our purpose is to drive 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 Hong Kong Stock Exchanges.
Standard Chartered Bank Indonesia is registered with and supervised by the Indonesian Financial Service 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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