Indonesian customers can grab small loans through a partnership between FinTech Standard Chartered and digital credit platform Kredivo, which was announced on Thursday (Oct. 28), according to a finews.asia report.
“While Standard Chartered already enjoys a strong position in the retail affluent segment, we are strengthening and expanding our distribution channels to serve mass-market customers more efficiently,” said Jeffrey Tan, Standard Chartered head of consumer, private and business banking (CPBB), Indonesia.
The partnership means customers will go through a fully digital onboarding and credit application process with no face-to-face verification required, using Kredivo’s coverage of retailers and artficial intelligence (AI)-fueled credit scoring capabilities.
Earlier this month, Standard Chartered teamed with buy now, pay later (BNPL) platform Atome on a suite of financial services for consumers and merchants across Asia.
In August, Kredivo moved into Vietnam through a joint venture with investment company Phoenix Holding. FinAccel, Kredivo’s parent company, also announced plans to go public via a $2.5 billion special-purpose acquisition company (SPAC) merger. It also raised $90 million in 2019 through Series C fundraising to boost its expansion across southeast Asia.
Related news: Standard Chartered Signs 10-Year Deal With BNPL Firm Atome Financial
Standard Chartered’s 10-year partnership with Atome Financial made it the first major bank to jump into the sector across Asia.
Standard Chartered will invest an undisclosed amount of equity in Atome and Indonesian digital lending platform Kredit Pintar. The company will also offer $500 million to support Atome Financial in the expansion of its merchant and customer bases.
The Standard Chartered-Atome partnership will launch with BNPL services in Indonesia, Malaysia, Singapore and Vietnam in the next few months before expanding into digital lending.
Standard Chartered also recently partnered with working capital FinTech Demica on a new, fully digitized, end-to-end Supplier Enrollment online portal to streamline access to the bank’s supplier finance program through dashboards that allow for monitoring and real-time updates.
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