JAKARTA - The Modalku Group, (known as Funding Societies in Singapore, Malaysia, and Thailand) as a digital funding platform for Micro, Small and Medium Enterprises (MSMEs) in Southeast Asia has officially announced an investment with Carro, an automotive buying and selling platform in Southeast Asia in Bank Index (PT. Bank Index Selindo) shares. This step is one of the important milestones for the Modalku Group to enter the neobank industry and as an impetus to continue to provide comprehensive financial services and reach underserved businesses more optimally.
With a focus on the MSME segment, Bank Index is a privately owned national banking institution with 52 office networks in key commercial areas such as Jabodetabek, Java, Sumatra, Bali and Batam so that it has a strong national footprint. Bank Index also conducts business in various commercial supply chains through mobile and internet banking services to its users.
Modalku Co-Founder & CEO, Reynold Wijaya, said, “This collaboration with Bank Index will support the Modalku Group's business strategy going forward. We see that Bank Index is a suitable partner for Modalku because of the common vision to empower and develop MSMEs. Since 2015, the Modalku Group has been a partner for the banking industry in all the regions we operate in. Our partnership with Bank Index will take fintech and banking collaboration to another level. Together we plan to better support MSMEs across banking, payments, lending and digital services.”
The steps taken by the Modalku Group to invest in Bank Index is one of the keys to advancing the financial technology industry. Based on the results of the “AFTECH 2021 Annual Members Survey,” neobank clusters have the potential to grow rapidly in the future especially for the unbanked population with an estimated 51% increase. Furthermore, the Ernst & Young (EY) survey also noted that the Indonesian people have a fairly high interest in using super apps, including neobank services.
Gimin Sumalim as the President Director of Bank Index added, "We are very open to welcome the Modalku Group and Carro as Bank Index shareholders to jointly help build strategic initiatives in accordance with the vision and mission that are in line, especially to provide more massive services. This step is also a reference for continuing to carry out a comprehensive digital transformation.” (LM)