The licence comes two years after Pepper Advantage entered the Indonesian market.

Indonesia has 112 non-bank fintech credit providers offering secured and unsecured credit products. Non-bank lenders are becoming an increasingly popular option since they can reach people with limited access to traditional financial institutions.

Fraser Gemmell, CEO of Pepper Advantage, commented: “Demand for credit in Indonesia is rising rapidly, with Bank Indonesia (Indonesia’s central bank) recording credit growth of 11.35% on the year to December 2022. This, coupled with an unbanked population of over 130 million and a relatively low inflationary environment, creates an exciting opportunity for Pepper Advantage.

“We’re proud of the Indonesian team’s enterprise and dynamism in developing market-leading credit intelligence for a widening pool of asset classes”, Gemmell added.

Pepper Advantage and the issue of unbanked Indonesians

According to GlobalData’s “Indonesia Cards and Payments: Opportunities and Risks to 2026” report, around 76.5% of Indonesia’s transaction volume took place in cash, while debit card penetration in the country stood at 92.7 cards per 100 individuals in 2022. 

However, cash payments declined between 2018 and 2022, with more people now opting for electronic payments.

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Aaron Milburn, managing director of Pepper Advantage, also welcomed the news about the licence.

“Securing the AFPI licence is a fantastic achievement given the high standards and exacting requirements set. This underlines the strong proposition Pepper Advantage brings to the Indonesian market. We are experiencing significant interest from fintechs for our services, seeing us grow to work with 25 institutions to manage and support their 250,000 customers”, Milburn said.

Pepper Advantage is a global credit intelligence company offering credit management services and technologies across Asia, Europe, and the United Kingdom.