Bank DBS Indonesia and Kredivo increase joint funding limit to US $ 70 million
The doubling of the financing facility in one year reflects the strong commitment of both parties to expand access to credit and tap into the growing BNPL market in Indonesia
Posted: October 4, 2021 at 11:00 p.m. MDT|Update: 3 hours ago
JAKARTA, Indonesia and CHICAGO, October 5, 2021 / PRNewswire / – DBS Indonesia Bank (DBS Indonesia) and Kredivo are pleased to announce joint funding of up to US $ 70 million be channeled to customers of Kredivo, the first digital lending platform for retail borrowers in Indonesia. This collaboration is part of DBS Indonesia’s commitment to create innovative and inclusive financial products that help a wider range of clients meet their financial needs. For Kredivo, this collaboration will help strengthen the company’s commitment to extend access to credit to tens of millions of users over the next few years, both through its market-leading products, buy now pay later (BNPL) and personal loans.
Rudy Tandjung, Director of Consumer Banking Services, Bank DBS Indonesia said: “Since the joint funding collaboration between Kredivo and DBS Indonesia took place in September 2020, we have always been committed to always providing the best innovative services to meet the growing needs of customers, especially in the distribution of finance credit to the community. With this limit, the extension of the cooperation scheme of US $ 35 million To $ 70 million, we hope we can reach a larger community and increase financial inclusion. “
Umang Rustagi, CEO, Kredivo Indonesia said: “The shared vision between Kredivo and DBS Indonesia to provide easy, fast and affordable financial services is a solid basis for this collaboration. This joint financing facility will accelerate growth, extend services and access to credit to millions of new customers through Indonesia. In addition, this collaboration is proof of confidence in fintech and a form of real synergy between fintech and banking. “
DBS is asia leading financial services group, present in 18 markets, headquartered and registered in Singapore. DBS is in asia three main areas of growth: China, South East Asia and South Asia. DBS ‘“AA-” and “Aa1” credit ratings are among the highest in the world.
DBS is known for its global leadership, having been named “World’s Best Bank” by Euromoney, “World Bank of the Year” by The Banker and “World’s Best Bank” by Global Finance. DBS is at the forefront of using digital technology to shape the future of banking, having been voted “World’s Best Digital Bank” by Euromoney and “Most Innovative in Digital Banking” by The Banker. In addition, DBS received the “Safest Bank in Asia“Global Finance award for 13 consecutive years from 2009 to 2020.
DBS provides a full range of services for clients, SMEs, as well as corporate banking. As a bank born and raised in Asia, DBS understands the intricacies of doing business in the region’s most dynamic markets. DBS is committed to building lasting relationships with its customers and making a positive impact on society by supporting social entrepreneurs like Asian banks. DBS has also set up a 50 million SGD foundation to strengthen its corporate social responsibility efforts in Singapore and through Asia.
With an extensive network operational in Asia and with a focus on employee engagement and empowerment, DBS presents exciting career opportunities. For more information, please visit www.dbs.com.
Tarida Fransiska, Marketing and branding
Strategic marketing and group communication
PT Bank DBS Indonesia
Email: [email protected]
Mobile: (62) 813 11158121
Kredivo is the first digital credit platform in Indonesia which provides customers with instant credit financing for e-commerce and offline shopping, as well as personal loans, based on real-time decisions. Kredivo users can buy now and pay later with one of the lowest interest rates among digital credit providers nationwide. Kredivo partner merchants benefit from instant financing at the point of sale, optimized by its one-off payment in 2 clicks. Kredivo is operated by FinAccel, a Singapore-Financial technology company headquartered with a mission to make financial services fast, affordable and accessible. FinAccel is backed by leading investors such as Mirae Asset, Naver, Square Peg Capital, Telkom Indonesia and Jungle Ventures, among others. Kredivo is supervised by OJK’s multi-finance division in Indonesia. To learn more about FinAccel and Kredivo, visit www.finaccel.co and www.kredivo.com.
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