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Daily Markup #638: Ringkas simplifies the tedious home mortgage application process in Indonesia with technology

Ching Yee Ho



Credit: e27

A match made in mortgage

  • Purchasing a home is an important milestone for many of us, but in Indonesia, one of the major barriers to home ownership is the country’s complicated paper-based mortgage application process.
  • Determined to solve this problem is 500-backed digital mortgage platform Ringkas, which translates to ‘concise’ or ‘shortcut’. True to its name, Ringkas simplifies Indonesia’s complicated mortgage application process and keeps things simple by providing easy-to-use tools for agents, property developers, customers, and banks.
  • Before Ringkas: A prospective home buyer looking to submit a mortgage application to a bank goes through multiple steps involving a lot of paperwork, resulting in a lengthy manual process. And they repeat this process with every bank.
  • With Ringkas: They fill out just one application form digitally and submit it to multiple banks.
  • The Ringkas platform then intelligently pre-screens customers and matches them to the right bank based on their risk profile. Think of the Ringkas platform as a matchmaker for mortgages!
  • “Our goal is to provide tools for all stakeholders in the industry to facilitate the mortgage application process and make it faster, more transparent, and efficient,” explained Co-founder Ilya Kravtsov.
  • For property developers and agents, this allows them to focus more on their core business of selling, and less on assisting customers with paperwork and worrying about the high rejection rates from banks — which, in several cases, could reach up to 40%!
  • Today, Ringkas is focusing on Indonesia but plans to expand to other regional markets when the opportunity arises. According to the team, they have secured several billion USD in the supply of houses in 34 cities across Indonesia. They’re also working with well-established banks, including Mandiri, BSI, OCBC, Danamon, Permata, UOB.
  • Read the full story on e27.

Ching Yee Ho