Standard Chartered Bank Indonesia has partnered with digital credit platform Kredivo to offer buy now, pay later (BNPL) loans to the mass market.

The partnership is aimed at offering access to credit via digital channels to support the growth of both online and offline retailers.

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

The firms will enable fully digital customer onboarding and credit application processes, without face-to-face verification.

Standard Chartered head of consumer, private and business banking Indonesia Jeffrey Tan said: “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.”

According to Indonesia’s financial regulator, from July 2020 to July 2021 assets of fintech lending firms increased from $229m (IDR3.25 trillion) to $306m (IDR4.34 trillion).

For the same period, outstanding loan channelling assets increased from $796m (IDR11.94 trillion) to $1.7bn (IDR24.22).

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Kredivo Indonesia CEO Umang Rustagi said: “This collaboration shows how fintech and banks are synergizing to achieve a harmonious objective to open the widest possible access to credit. With Standard Chartered’s experience and Kredivo’s expertise, we hope that this collaboration can further promote equity and national economic growth.”

Earlier this week, Indonesia’s Bank INA joined forces with cloud banking platform Mambu to offer digital banking services.

In August this year, Kredivo launched operations in Vietnam via a joint venture with family investment office Phoenix Holding.