The Business Year

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Jasin Halim

Co-Founder & CEO, PT Kioson Komersial Indonesia

We provide leverage to mom-and-pop stores to help them be a part of the digital world, serve their customers, and also enjoy the benefits enjoyed by urban populations. At the same time, we leverage them with financial capabilities to sell and earn more and have a minimum debt stock. Kioson will be fundamental in achieving this national transformation and help increase digitalization in rural areas. When the nation is digitized, the economy will be better and investments will increase. We were the first Indonesian start-up to go public. We have a solid management team that has been in charge for years, and it understands capital markets. We decided to explore the IPO option and realized we could truly do this. We felt local investors investing in a local start-up would appreciate that our value was market determined. From the book-building period to the official day for public offering, we have seen great results.

Teddy Setiawan Tee

President Director, PT Cashlez Worldwide Indonesia

Indonesia is a huge country, with more than 90% of the population still using cash and more than 60% still unbanked. Another characteristic is that card usage is low, even among the 40% banked population. We now see the launch of new products like e-wallets, though the adoption is not there because they have to create new ecosystems. That is why there is no prominent player in the market yet, despite the huge size of the market. The market is flooded by Android and Apple phones, so we began to see that as our processor for payments. We are looking at SMEs, which are still underserved by the banks. We become the agents that deploy to all the merchants, and they do not have to send multiple readers. They indicate which transactions they want to acquire, and we can route it to them via the cloud. We use technology to create efficiency.

Zee Fakier

Managing Director, Zee Fakier

Our platform is being re-developed currently; however, we are different in that we aren’t a sales-driven company. Our competitors focus on revenue and hard selling. We cater to really understanding someone’s financial status and offering them the best solutions possible. We see companies offer their staff bonus and incentives to sell or push loans or products onto Indonesian consumers, but those are not core to our values. The same goes for our expanding SME division. Financial literacy in Indonesia is miles behind the rest of the world. For this economy to thrive, we need to allow it and enable it to do so, from personal banking to commercial and business banking. Right now, many companies are still trying to maximize how to get credit cards to people, which might be the wrong direction and missing the economical zeitgeist of Indonesia completely. This is where we see a lot more entrepreneurship in the ability for traditional banking to become part of digital banking.

Hendra Kwik

Co-Founder & CEO, Payfazz

Start-ups all across the world go to Y Combinator to learn as much as possible from the company. At the beginning, we availed ourselves of the resources that were available on its website. From here, we applied to it and received an invitation for an interview less than a week later. During our interview we explained exactly how and why Indonesia has a huge problem in payment infrastructure. This is a clear problem when we consider that e-commerce is taking off, though 80% of the country remains unbanked. The idea is to allow people to convert their cash into a digital balance by using our network of agents, and then use this digital balance for purchases or for reconverting back to cash using the same network. Our customers can then use their wallets for online purchasing and paying bills. People need sustainable financial solutions, and we are utilizing some of the most sophisticated technology in the space to enable this.

Benedicto Haryono

Co-Founder & CEO, KoinWorks

Compared to banks, we cater to a different asset class. Between peer-to-peer and normal deposits, bonds, or even stocks, I would place our risk and return profile between stocks and bonds. We are quite conservative in the sense of our underwriting approach. Another differentiating aspect of our platform is the social factor. We try to build awareness with our lenders that it is not just about their financial relationship with borrowers; it is also about the social benefits that they deliver to borrowers. We give affordable loans to the under-banked population and segments that are not served yet by banks. In the education loan segment, for example, we are perhaps the first to launch a student loan education market in Indonesia. Thus far, the repayment rate has been great as well. We have also had protection funds since we started the company because we wanted to focus on retail lending to make sure retail lenders can join our platform comfortably.

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