JAKARTA - Kredivo, a leading digital credit platform for retail consumers in Indonesia, and PT Bank DBS Indonesia (Bank DBS Indonesia), increased the joint financing limit to Rp2 trillion. The increase in the joint financing limit underscores the long-term commitment of both parties to collaborate in providing inclusive credit access through a digital credit platform for all Indonesians.
The continuation of this joint financing collaboration between banks and fintech is supported by the growth of Paylater users reaching 38% in the last 1 year, which shows the promising growth potential of digital credit penetration in Indonesia.
Rudy Tandjung, Consumer Banking Director, Bank DBS Indonesia said, "Along with market developments, Bank DBS Indonesia is also committed to taking an active role in supporting the growth of access and inclusive credit distribution in Indonesia through a joint financing scheme with Kredivo. In the last 2 years, we have seen a significant impact in accelerating lending in the retail sector through Kredivo, so Bank DBS Indonesia increased the limit for joint financing to Kredivo to Rp2 trillion. Furthermore, given the shared vision of both parties in providing innovative financial access through technology, we see that there are still many strategic opportunities to strengthen collaboration with Kredivo which is in line with Bank Indonesia's 2025 Indonesian Payment System (SPI) blueprint for the development of open banking through interlinks between digibank by DBS and fintech through the Open API Standard.”
The two companies have collaborated since 2020, Bank DBS Indonesia has for 2 consecutive years increased the joint financing limit for Kredivo, which also proves the optimism of the world-class bank towards the strategic role of fintech in accelerating retail lending. Previously, in 2020 Bank DBS Indonesia first disbursed funding of Rp500 billion, and has increased the joint financing limit in 2021 to Rp1 trillion. (LM)