Secondhand car financing on mind, Bank Jago to join forces with Carsome
JAKARTA. PT Bank Jago Tbk (ARTO) announces its latest collaboration with the secondhand car online dealership Carsome by channelling a working capital credit to PT Carsome Indonesia.
Sonny Christian Joseph, Director of ARTO, confirmed that the bank currently focuses in partnerships with digital economy players, such as Carsome Indonesia. “This collaboration shows our commitment in driving the expansion of digital economy in Indonesia,” he claimed.
This working capital is the initial step towards the full cooperation between ARTO and Carsome. Next, the company and Carsome are designing a collaboration in the form of secondhand car dealership financing system which will be integrated into the Carsome Indonesia ecosystem.
As of March 2022, ARTO has established collaborations with 32 institutions. These include lending partnerships with finance technology companies, multifinance companies, and other digital financial institutions.
Thanks to these lending partnerships, the credit and sharia financing distribution of ARTO proliferated 376% within a year, reaching IDR 6.14 trillion at the end of the first quarter of 2022. Despite the extended scale of credit distribution, ARTO managed to keep the quality of its assets as indicated by its gross non-performing loan (NPL) rate of 1.5% and net NPL of 0.4% in Q1 2022.
For reference, Carsome Indonesia is under the Carsome Group, whose domain extends to Malaysia, Thailand, and Singapore. It has currently over 100 car inspection servicea spread across over 70 cities. (KR/ZH)