A virtual bank is soon coming to Indonesia. WeLab, a Hong Kong-based fintech unicorn, announced Tuesday its acquisition of Bank Jasa Jakarta (BJJ), an Indonesian commercial bank. A consortium led by WeLab has raised $240 million from existing and new investors. The capital will go toward acquiring BJJ’s stakes and “tech investments. The …
President Joko Widodo ordered a moratorium on licence issuance for fintech lending as the country seeks to eradicate the rampant illegal businesses that have trapped many people and small firms with high-interest loans. The government will also work with the police to take firm action against current illegal online lending practices Jokowi, as the president …
Indonesian Fintech Xendit is now a unicorn with $150M in fresh funding led by Tiger Global There’s a new entrant in Southeast Asia’s growing list of unicorns. Jakarta-based Xendit, best known for its digital payment infrastructure but also focused on other financial products, announced today it has raised $150 million in Series C funding, bumping its valuation …
Akulaku, an Indonesia-based Fintech firm, posted over a 150% rise in revenue for the first half of the year (H1 2021), bolstered by a swift recovery in its alternative credit business following a hit from the Covid-19 pandemic. The company’s revenue stood at US$274 million in H1 2021. The fintech firm expects that figure to …
Last week, The Indonesian Ministry lauded the initiative to eradicate illegal online lending to strengthen financial consumer protection. This, since from 2018 to August 17, 2021, the ministry has cut off access to 3856 Fintech-related content that violated laws and regulations, including unlicensed or illegal online lending platforms Also, as of last June, around …
Being the largest economy in Southeast Asia, Indonesia has experienced a big growth since the late 90s. Also, Indonesia is the world’s fourth most populous nation and the 10th largest economy in terms of purchasing power parity (World Bank, 2021) Even though the pandemic affected all countries, Indonesia has done well in 2020, thanks …
Amartha, a P2P lending platform in Indonesia, received new funding worth US$ 28 million (IDR 405 billion) led by Women’s World Banking Capital Partners II (WWB), which is the second gender lens investment fund founded by Women’s World Banking and MDI Ventures. This investment seeks to close the gender gap in financial inclusion by …
Indonesia has a vibrant Fintech ecosystem, with more than 300 Fintechs innovating across different product and service categories. The lending sector is one of the most important in Indonesia and is one of the few that operates under a defined regulatory framework. There are approximately 156 lending companies as of 2020. Recently, the Government …