Jakarta, 27 March 2018 – FinAccel, the parent company of Kredivo, the leading ecommerce checkout and digital lender in Indonesia, today announced its official registration with Otoritas Jasa Keuangan (OJK) as of 21 March 2018. As written on the “Proof of Registration of PT FinAccel Digital Indonesia” letter number S-236/NB.213/2018 by OJK, Kredivo becomes the first digital credit payment product that is registered and supervised under OJK under its Regulation No. 77/POJK.01/2016 concerning information technology based loan services.
This registration implies that Kredivo has met the government’s strict qualifications in terms of electronic systems, risk mitigation, human resource feasibility and other operational infrastructure to run the business. Most importantly, this also demonstrates Kredivo’s leadership position as the fastest growing and a trusted digital credit payment product for Indonesian millennials.
Akshay Garg, Co-founder and CEO of Kredivo said, “We are grateful for the opportunity to be officially registered and supervised by OJK. We highly appreciate OJK’s coordination and support to us in regards to building a trusted digital credit card that promotes financial inclusion for Indonesian millennials.”
“OJK has been very open and supportive in terms of regulations for fintech, an industry that is quite novel to the majority of the country’s population. Since less than 3% of Indonesia’s population has access to credit cards, we intend to fill in the credit gap by providing credit access in a convenient, affordable, and safe way, in line with OJK’s goals for financial inclusion,” Akshay added.
As a digital credit card, Kredivo makes it possible for consumers to apply online for a reusable credit line at transparent, below-market rate without having to go out and fill out an application form for a credit card at a local brick-and-mortar institution. Instead, consumers can just apply online by connecting their digital accounts via Kredivo’s mobile or web app. After an approval process that takes minutes, they can utilize a simple 2-click checkout at over 160 e-commerce merchants including top Indonesian e-commerce sites such as Lazada, Bukalapak, Shopee and Blibli and pay back over 30 days up to 12 months.
FinAccel is a financial technology company that leverages deep data analytics across users’ digital footprint to automate credit risk scoring and access to credit in Southeast Asia, the 7th largest economy in the world and home to nearly 10% of the world’s population. FinAccel’s flagship product, Kredivo “Buy now, Pay later”, enables ecommerce buyers to apply and qualify for instant credit and pay back over time. Merchants using Kredivo benefit from providing Point of Sale financing using a 2-click checkout to all eligible buyers. FinAccel is backed by leading investors such as Jungle Ventures, NSI Ventures, GMO, AlphaJWC and 500 Startups. To know more about Kredivo and FinAccel, visit www.kredivo.com and www.finaccel.co..