Bank DBS Indonesia and Kredivo Increase Joint Financing Limit to US$70m
Doubling of the financing facility within a year reflects strong commitment from both parties to expand credit access and tap into Indonesia’s fast-growing BNPL market
Published: Oct. 5, 2021 at 12:00 AM CDT|Updated: 18 hours ago
JAKARTA, Indonesia and CHICAGO, Oct. 5, 2021 /PRNewswire/ — Bank DBS Indonesia (DBS Indonesia) and Kredivo are pleased to announce a joint financing of up to US$70 million to be channeled to customers of Kredivo, the leading digital credit platform for retail borrowers in Indonesia. This collaboration is a part of a commitment from DBS Indonesia to create innovative and inclusive financial products that help a wider range of customers achieve their financial needs. For Kredivo, this collaboration will help further the company’s commitment to expand credit access to tens of millions of users in the next few years both through its market leading buy now pay later (BNPL) and personal loan products.
Rudy Tandjung, Consumer Banking Director, Bank DBS Indonesia said, “Since the joint financing collaboration between Kredivo and DBS Indonesia took place in September 2020, we have always been committed to always providing the best and innovative services to meet the growing needs of customers, especially in distribution of financing credit to the community. With this limit expansion of the cooperation scheme from US$35m to US$70m, we hope that we able to reach a wider community and increase financial inclusion.”
Umang Rustagi, CEO, Kredivo Indonesia said, “The shared vision between Kredivo and DBS Indonesia to provide easy, fast, affordable financial services is a strong foundation for this collaboration. This joint financing facility will accelerate growth, expand the services and the credit access to millions of new customers throughout Indonesia. In addition, this collaboration is proof of trust in fintech and a form of real synergy between fintech and banking.”
DBS is Asia’s leading financial services group, with a presence in 18 markets, headquartered and registered in Singapore. DBS is in Asia’s three main growth axes: China, Southeast Asia and South Asia. DBS’ “AA-” and “Aa1” credit ratings are among the highest in the world.
DBS is known for its global leadership, being named “World’s Best Bank” by Euromoney, “Global Bank of the Year” by The Banker and “Best Bank in the World” by Global Finance. DBS is at the forefront of leveraging digital technology to shape the future of banking, being 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” award from Global Finance for 13 consecutive years from 2009 to 2020.
DBS provides a complete range of services for customers, SME, 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 customers and having a positive impact on society through supporting social entrepreneurs the Asian bank way. DBS has also set up a SGD50 million foundation to strengthen its corporate social responsibility efforts in Singapore and across Asia.
With an extensive operational network in Asia and an emphasis on staff engagement and empowerment, DBS presents exciting career opportunities. For more information, please visit www.dbs.com.
Tarida Fransiska, Marketing & Branding
Group Strategic Marketing & Communications
PT Bank DBS Indonesia
Mobile: (62) 813 11158121
Kredivo is the leading digital credit platform in Indonesia that gives customers instant credit financing for ecommerce and offline purchases, and personal loans, based on real-time decisioning. Kredivo users can buy now and pay later with one of the lowest interest rates amongst digital credit providers in the country. Kredivo’s merchant partners benefit from instant point-of-sale financing, powered by its unique 2-click checkout. Kredivo is operated by FinAccel, a Singapore-headquartered financial technology company, 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 know more about FinAccel and Kredivo, visit www.finaccel.co and www.kredivo.com.
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