2 min read

Daily Markup #325: ICS enters US$20M credit facility to offer affordable loans to fight COVID-19 in Indonesia; Bukalapak to increase credit card approvals & prevent fraudulent activities; Stockbit partners brokerage firm to increase access to capital market investment

Ching Yee Ho



Credit: ICS

Pillars of support

  • 500-backed fintech startup Impact Credit Solutions (ICS) has partnered with Sharia-compliant fintech company ALAMI in a US$20 million credit facility. Together, they are offering affordable financing to hospitals, clinics, pharmacies, and other participants in the Indonesian healthcare sector.
  • The facility is part of the Indonesian Resilience Fund, which ICS manages. US$3.3 million of loans have already been disbursed in the pilot phase.
  • ICS’ lending technology increases disbursement speed and provides investors with real-time transparency.
  • “Partnering with purpose-driven fintechs, like ALAMI, is enabling us to deliver the needed liquidity in the healthcare sector, to ensure communities receive adequate medical care during this pandemic,” said Dewi Wiranti, Indonesia Country Head at ICS.
  • Read the full statement here.

Credit: Digination

Safe and secure

  • Bukalapak shoppers can now transact on the marketplace with a higher degree of confidence. The 500-backed e-commerce startup has partnered with Vesta, claimed to be the only instant, comprehensive transaction guarantee platform for online shopping.
  • Vesta’s solution will enable Bukalapak to maximize approvals of legitimate credit card transactions and prevent fraudulent activities.
  • This partnership comes at an opportune time when there are more than 100 million active users on the site, recording a Total Processing Value (TPV) of US$6 billion in 2020.
  • A report by DBS Insight Asia revealed that increasing e-commerce fraud is a primary reason why consumers are reluctant to shop online in Indonesia.
  • Read the full story here.

Credit: Gizmologi

Stocks for all

  • 500-backed stock trading startup Stockbit wants to increase financial inclusion in Indonesia. It aims to do that by increasing access to capital market investment.
  • To that end, it has joined forces with Indonesian brokerage firm Mahakarya Artha Sekuritas (MAS). Under this partnership, new and existing customers of MAS can participate in the Indonesian Stock Exchange through the Stockbit app.
  • The startup claims that it has 980,000 registered users as of August 5, 2021, with as many as 70% of users aged 18-34 years.
  • Through the app, opening a trading account, buying and selling shares, and fund management can be done completely online. The app’s social networking feature also allows new investors to learn from seasoned investors.
  • Read the full article here.

Ching Yee Ho