Tag Archives: Jeremy Ong

Modalku and Carro Announces “Co-Investment” to Bank Index

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Modalku Group (known as Funding Societies in Singapore, Malaysia and Thailand) partners with automotive trading platform, Carro, announced a co-investment in PT Bank Index Selindo (Bank Index). The value of this joint investment is still undisclosed.

In the official statement, Modalku’s Co-founder & CEO, Reynold Wijaya said this collaboration is to support Modalku’s business strategy to enter the neobank industry. In addition, he considered Bank Index to be the right partner to empower and develop MSMEs.

“Since 2015, Modalku Group has been a partner in the banking industry in all of our operational areas. The partnership with Bank Index will bring fintech and banking collaboration to a higher level. We want to support MSMEs across banking, payments, loans and digital services,” Reynolds said.

Carro Indonesia’s CEO, Jeremy Ong agreed on this co-investment step to be the native option to be part of the journey to build capabilities and infrastructure in the automotive ecosystem, both in terms of purchasing, MSMEs, to insurance.

Previously, Carro has entered the ranks of Allo Bank investors with Bukalapak and Grab.

On a general note, Bank Index is a private bank with 52 office networks in Greater Jakarta, Java, Sumatra, Bali and Batam. Bank Index focuses on the MSME segment and operates in the commercial supply chain.

The Modalku Group is a funding platform for MSMEs in Southeast Asia that has licenses in Singapore, Indonesia, Thailand, Malaysia, and currently available in Vietnam. Modalku offers loans of up to IDR 2 billion for MSMEs who have difficulty with business capital.

According to the latest data, the Modalku Group has disbursed around Rp33.02 trillion business loans with through 5 million MSME loans.

Financial inclusion through neobank

Some fintech players are also announcing their collaboration or synergy with banks. The purpose of this act is none other than to expand financial services, especially to the MSME and unbanked segments.

Previously, KoinWorks partners with Bank Sampoerna to launch the neobank service, KoinWorks NEO. At that time, KoinWorks’ Co-founder & CEO, Benedicto Haryono said that neobank was the first gateway to increase MSME capabilities, which were still underserved and underbanked, before advancing to a higher level and worthy of access to credit.

As summarized in the AFTECH 2021 Annual Report, OJK noted that the financial literacy index in Indonesia rose 8.3% from 29.7% in 2016 to 38% in 2019. The growth of this index indicates the importance of expanding fintech services to rural areas. Meanwhile, 69% of fintech players have served this area.

However, Indonesian  fintech players still facing big challenges to expand their business outside Jakarta, where 23% and 19% of respondents admit that it is difficult to expand outside Java and rural areas due to financial literacy (55%), infrastructure (44%), and culture (20%).

Meanwhile, this report states that fintech services in the neobank, IKD, wealth management, and securities crowdfunding categories are still in a growth phase due to new regulatory factors for banks, especially those related to digital banks, therefore, market development is not optimal in terms of product and service offerings.

However, these four categories are considered to finally raising traction in the market in line with increasing efforts by players in the financial ecosystem to expand financial inclusion beyond tier 1 cities.

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Original article is in Indonesian, translated by Kristin Siagian

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Modalku Carro Bank Index

Modalku dan Carro Umumkan “Co-Investment” di Bank Index

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Grup Modalku (dikenal sebagai Funding Societies di Singapura, Malaysia, dan Thailand) bersama platform jual-beli otomotif Carro mengumumkan investasi saham bersama (co-investment) di PT Bank Index Selindo (Bank Index). Tidak disebutkan nilai investasi bersama ini.

Dalam keterangan resminya, Co-founder & CEO Modalku Reynold Wijaya mengatakan, kolaborasi ini mendukung strategi bisnis Modalku untuk masuk ke industri neobank. Di samping itu, ia menilai Bank Index menjadi partner yang tepat untuk memberdayakan dan mengembangkan UMKM.

“Sejak 2015, Grup Modalku telah menjadi mitra industri perbankan di seluruh wilayah operasional kami. Kemitraan dengan Bank Index akan membawa kolaborasi fintech dan perbankan ke level lebih tinggi. Kami ingin mendukung UMKM di lintas perbankan, pembayaran, pinjaman, dan layanan digital,” ujar Reynold.

CEO Carro Indonesia Jeremy Ong juga mengatakan bahwa langkah co-investment ini menjadi opsi natural untuk menjadi bagian dari perjalanan membangun kapabilitas dan infrastruktur di ekosistem otomotif, baik dalam hal pembelian, UMKM, hingga asuransi.

Carro sebelumnya juga masuk ke jajaran investor Allo Bank bersama Bukalapak dan Grab.

Sebagai informasi, Bank Index merupakan bank swasta dengan 52 jaringan kantor di Jabodetabek, Jawa, Sumatera, Bali, dan Batam. Bank Index memiliki fokus di segmen UMKM dan menjalankan bisnis pada rantai pasokan komersial.

Adapun Grup Modalku merupakan platform pendanaan bagi UMKM di Asia Tenggara yang memiliki lisensi di Singapura, Indonesia, Thailand, Malaysia, dan saat ini juga beroperasi di Vietnam. Modalku menawarkan pinjaman hingga Rp2 miliar bagi para UMKM yang kesulitan dengan modal bisnis.

Menurut data terbaru, Grup Modalku telah menyalurkan pinjaman usaha sebesar Rp33,02 triliun kepada dengan jumlah transaksi mencapai 5 juta pinjaman UMKM.

Inklusi keuangan via neobank

Sejumlah pelaku fintech ramai-ramai mengumumkan kolaborasi atau sinerginya bersama perbankan. Tujuan kolaborasi ini tak lain untuk memperluas layanan keuangan, terutama ke segmen UMKM dan unbanked.

Sebelum ini, KoinWorks menggandeng Bank Sampoerna untuk meluncurkan layanan neobank UMKM KoinWorks NEO. Kala itu, Co-founder & CEO KoinWorks Benedicto Haryono menyebut neobank menjadi gerbang awal untuk meningkatkan kapabilitas UMKM yang masih underserved dan underbanked, sebelum naik tingkat dan layak mendapat akses kredit.

Sebagaimana terangkum dalam Laporan Tahunan AFTECH 2021, OJK mencatat indeks literasi keuangan di Indonesia naik 8,3% dari 29,7% di 2016 menjadi 38% di 2019. Pertumbuhan indeks ini menandakan pentingnya perluasan layanan fintech hingga ke pedesaan. Adapun, 69% pelaku fintech sudah melayani area tersebut.

Namun, pelaku fintech di Indonesia masih menemui tantangan besar untuk melakukan ekspansi bisnis ke luar Jakarta, di mana 23% dan 19% responden mengaku sulit ekspansi ke luar Jawa dan pedesaan karena faktor literasi keuangan (55%), infrastruktur (44%), dan budaya (20%).

Adapun, laporan ini menyebutkan layanan fintech di kategori neobank, IKD, wealth management, dan securities crowdfunding masih dalam fase pertumbuhan dikarenakan faktor regulasi baru bank, terutama terkait bank digital, hingga belum optimalnya penggarapan pasar dari sisi penawaran produk dan layanan.

Akan tetapi, keempat kategori ini dinilai mulai menggalang daya tarik di pasar sejalan dengan meningkatkan upaya pelaku di ekosistem keuangan untuk memperluas inklusi keuangan ke luar kota-kota tier 1.

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