Uplifting the economy
- 500-backed fintech platform Kredivo has collaborated with Standard Chartered Bank Indonesia to offer Buy Now, Pay Later (BNPL) loans to the mass market via digital channels.
- The partnership seeks to increase financial inclusion via convenient access to credit and to support the growth of e-commerce as well as offline retailers.
- Thanks to Kredivo’s AI-driven credit-scoring capabilities, the onboarding and credit application process is 100% digital, with no requirement for face-to-face verification.
- Umang Rustagi, CEO of Kredivo Indonesia said, “This collaboration shows how fintech and banks are synergizing to achieve a harmonious objective to open the widest possible access to credit…we hope that this collaboration can further promote equity and national economic growth.”
- Read the full announcement here.
Good for business
- 500-backed superapp Grab announced a regional partnership with Mastercard to boost digital and financial inclusion in Southeast Asia.
- The partnership seeks to increase digital literacy in the region and drive greater participation in the digital economy by providing access to digital, financial, and business skills.
- Under this agreement, millions of informal workers and small businesses on Grab will gain access to digital upskilling opportunities to create more income opportunities.
- The two-year partnership includes co-created training tools and a business mentorship program for driver-partners and merchant-partners.
- More details about the MoU on Grab.
Making businesses better
- A report on the subscription economy found that it has grown by more than 435% over the last nine years. This shift has been seen by 500-backed fintech startup Curlec. Co-founder and CEO Zac Liew shared that the startup’s business has grown almost four times throughout the pandemic.
- Curlec’s product offering has evolved drastically since its launch in 2018. From focusing on enabling online direct debit, it has become an end-to-end recurring revenue platform that covers payments, payouts, as well as subscription management and billing features.
- “We are now in the process of building an entire Accounts Receivables platform that will help automate subscription billing and management processes,” Zac added. “We plan to expand regionally in Southeast Asia, as well as enabling various payment types that are also localized.”
- Read the full interview on Global Business Outlook.
