JAKARTA, July 30, 2021 – During the Covid-19 pandemic, which was accompanied by the imposition of restrictions on community activities (PPKM), it was a driver (Turbo-Charged) for Technology Disruption in the Indonesian financial services sector. This has led to a surge in digital adoption among consumers - especially for electronic payments and online shopping. On the supply side, this has driven a surge in growth for providers of e-commerce and digital payments platforms. Cashlez as one of the Payment Gateways, this year focuses on expanding access to funding or capital for merchants to support the creation of online transaction growth in the community. This time, Cashlez collaborates with a licensed and registered Super Financial App that is developing in Indonesia, KoinWorks.
Through this collaboration, business actors/merchants, both individuals and companies, who are members of Cashlez can apply for financing of up to Rp. 2 billion from KoinWorks through Cashlez with a tenor of up to 24 months and competitive interest.
“One of the drivers of our focus to develop access to this funding is to be able to help business actors, especially MSMEs in developing their businesses in the current situation. According to data from Bank Indonesia, as many as 87.5% of MSMEs were affected. We hope that by cooperating with KoinWorks, it will be able to help the development of MSMEs, especially Cashlez merchants for additional business capital," said Suwandi, President Director of Cashlez.
Based on the latest Financial Services Authority (OJK) statistics, the official P2P lending financial technology industry shows that it is able to continue the trend of monthly loan disbursement growth to Rp13.65 trillion as of May 2021. The number of borrower accounts (borrower) has also increased to 38.7 million entities, from the previous 37.7 million entities in April 2021. This means that funding from P2P lending will continue to increase in line with the community’s need for funding.
Benedicto Haryono, CEO and Co-Founder of KoinWorks said, “KoinWorks and Cashlez share the same mission of financial inclusion to help Indonesian MSMEs. We have been in the SME Digital world since 2016 and there are already more than 250 thousand business users on the KoinWorks app. We as fintech will certainly continue to support the growth of MSMEs with affordable financial access.”
Benedicto Haryono added that this collaboration also strengthens KoinWorks’ commitment to participate in the democratization of financial services in Indonesia, especially for MSMEs who want to develop their businesses to produce commodities that the market needs.
Cashlez has been trusted by more than 9,000 business players from various sectors, ranging from retail, transportation, logistics, F&B, hotels to tourist areas. Going forward, Cashlez will continue to innovate and improve its services, both in terms of receiving payments and on the funding side, for various MSME sectors in Indonesia.
For information, Cashlez is a pioneer Fintech Startup company that lists its shares on the Indonesia Stock Exchange in order to support the creation of an Indonesian Fintech ecosystem landscape that can compete with global players. Currently, Cashlez Worldwide Indonesia shares are owned by institutional shareholders, such as Sumitomo Corporation Japan, PT Mandiri Capital etc. and individual shareholders, and the remaining 26% is held by the public.