IO – Standard Chartered and Kredit Pintar Indonesia (Kredit Pintar) today announced the launch of digital consumer loans through the Kredit Pintar fintech platform, with a loan limit of USD 70 million (IDR 1 trillion).
The announcement follows Standard Chartered global partnership sealed with Atome Financial, announced in October 2021. Kredit Pintar, part of Atome Financials group of companies in Indonesia, aligns with a global partnership outlined by a Standard Chartered commitment to disburse Rp 7.1 trillion (USD 500 million) of financing over 10 years, through Atome Financial, covering Asian markets including Indonesia, Malaysia, Singapore, and Vietnam.
Indonesia is the first market to launch the partnership, following the global announcement. It also manifests the Bank’s commitment to grow via innovative digital partnerships.
Kredit Pintar is one of Indonesia’s leading digital lending platforms, registered and supervised by the Financial Services Authority (OJK). Kredit Pintar has been operating since 2017, and has over 10 million downloads and a 4.4-star rating on Google Play Store. It has disbursed over USD 1.5 billion in loans to date, with nearly 1 in 2 consumers borrowing for the purpose of small business operating capital or education. Loan amounts range from USD 50 – 1,400, with loan tenures of up to 12 months.
Andrew Chia, Cluster CEO of Indonesia & ASEAN Market (Australia, Brunei and Philippines), Standard Chartered declared “Standard Chartered is proud to launch our digital partnership with Kredit Pintar, our second such partnership with fintech lenders in Indonesia. These partnerships underscore our commitment to broadening financial inclusion in Indonesia, while delivering greater convenience and efficiency in how we acquire and serve clients.”
Jeffrey Tan, Head of Consumer, Private and Business Banking (CPBB) Indonesia, Standard Chartered said: “This collaboration aligns with the bank’s strategy to grow assets in the consumer digital banking space through partnerships with fintech and digital finance. It also supports Standard Chartered sustainability agenda of lifting participation by providing access to finance to the Indonesian public. This partnership with Kredit Pintar will pave the way for our collaboration with partners, offering more financial products and client solutions jointly in the future for other key markets.”
Wisely Wijaya, Director of Kredit Pintar, said, “The roll-out of this strategic partnership with the Kredit Pintar brand is further proof of our investors’ and partners’ trust in us to exploit technology to drive sustainable financial inclusion, for both consumers and small businesses, in Indonesia. We see great synergy in this partnership and its vision of accelerating financial access to products and services to the underserved and underbanked in Indonesia, all easily accessible via their mobile devices.”
Wawan Salum, CEO of Atome Financial Indonesia, went on “This partnership is one of the major strategic investments to support the fintech industry in Indonesia. We’re proud that Indonesia is the first market in the region to launch this Standard Chartered partnership, first with our consumer digital lending brand Kredit Pintar, eventually aligning with Atome Indonesia to expand its ‘buy now-pay later’ retail network.”
Through this partnership, Standard Chartered is well-positioned to support Indonesia’s goals to accelerate the adoption of digital financial services around the country. Data from Indonesia’s Financial Services Authority (OJK,) showed that accumulated national lending through fintech increased to USD 20.4 billion (IDR 295.85 trillion) in December 2021, compared to USD 10.75 billion (IDR 155.90 trillion) in December 2020 . This data reveals encouraging potentials of the fintech sector to support Indonesia’s economic growth. The bank is also keen to collaborate further with Atome in Indonesia and will be exploring the extension of buy now-pay later facilities at a later stage. (*)