JAKARTA (TheInsiderStories) – Singapore’ financial technology (FinTech) firm, Atome, expanding their businesses in Indonesia through Kredit Pintar, to tap into the Southeast Asia largest economy’ massive unbanked sector, said the company on Thursday (02/06). The local lender will become a new unit of the Fintech company.
To assist its efforts, the company has appointed Wawan Salum as the CEO of its Indonesian operation. Salum was previously worked as the managing director of DBS Bank and has spent more than six years at HSBC in various roles, following stints at General Motors, Citibank, and ABN Amro Bank.
“As the middle class grows in Indonesia, there will be tremendous opportunities to move our products and services upstream into more premium segments,” said the new CEO in an official statement.
Indonesia has been called the most valuable untapped market in Southeast Asia’ digital finance sector. An estimated 66 percent of the country’ 260 million population are “unbanked”.
In 2019, Kredit Pintar has disbursed loans of more than Rp8 trillion (US$571.43 million) from the previous year’ worth of Rp2.2 trillion. Since its establishment in April 2018, the FinTech company has channeled a total loan of Rp8.5 trillion to 1.9 million borrowers throughout Indonesia, of which 60 percent came from Java.
The lender has pocketed a full business license as an information technology-based money lender and loan service provider from the Financial Services Authority on Sept. 30, 2019. Since last year, the FinTech startup has reaches the Philippine market with the Atome brand.
According to the CEO Wisely Wijaya, Philippines has the same characteristics as Indonesia, both in terms of financial inclusion and the risks faced. The startup is also targeting Vietnam and India markets for product diversification and geography that is far greater.
Atome is registered as Neuroncredit Financing Company Inc., and has reached one million registrations. In 2018, the subsidiary of Singapore-based Neuroncredit Pte. Ltd., was launched in the Philippines and to other countries in the region.
Initially, Neuroncredit used Kredit Pintar brand, when entering the Philippines market. But in early 2019 it was changed to Atome, the same brand used by Neuroncredit for its operations in Singapore.
Atome Philippines is integrated with the Philippine government’ credit bureau, Credit Information Corporation.
Several ranks of investors from Kredit Pintra included GSR Ventures, Vision Plus Capital, Provident Capital, and Northstar Group.
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