JAKARTA, 4 September 2020 - In accordance with Cashlez’s commitment to become the best partner for Banks / non-Banks and the latest integrated business solutions for business actors (“Merchants”), Cashlez is collaborating with Commonwealth Bank to expand access to capital through “CommBank BizLoan ”in the Cashlez application. CommBank BizLoan is an unsecured loan product from Commonwealth Bank to provide business capital loans to Merchants. Merchants who are registered under Cashlez and have met certain criteria will have the opportunity to apply for CommBank Bizloan to develop their business.

Tee Teddy Setiawan as CEO of Cashlez said, “We are working with Commonwealth Bank to develop a productive loan feature without collateral specifically for Cashlez merchants. Through Commbank BizLoan, Cashlez Merchants, especially MSMEs, have the opportunity to get loans ranging from IDR 10 million - IDR 200 million ”.

Teddy added that this feature is a form of Cashlez’s contribution in helping ease of access not only from the payment acceptance side, but also from the capital side. MSMEs are the main focus, where the hope is that they can help develop MSMEs in supporting the nation’s economy. Indonesian people have begun to understand how to apply for loans online. Referring to data released by the Financial Services Authority (OJK) as of September 2019, the accumulated loan disbursement using the P2P lending model is valued at IDR 60.40 trillion. This value grew 166.51 percent year to date (ytd) compared to December 2018 which amounted to IDR 22.66 trillion. [1]

Commonwealth Bank Chief of Digital and Strategy Ming Chen explained that this cooperation is a form of Commonwealth Bank support to encourage the development of sustainable Indonesian MSMEs and can contribute greatly to Indonesia’s economic growth. In addition, this collaboration is also in line with the Commonwealth Bank’s strategy in realizing the mission of "to be the market leader in providing Digital Financial Solutions for our Retail & SME target customers" and the Bank’s purpose "to improve the financial wellbeing of our customers and communities".

"We are very pleased to be working with Cashlez and supporting the capital needs of Cashlez Merchants. We hope that our products can help Cashlez Merchants to grow their business, especially in today’s challenging conditions, ”said Ming.

In addition to the loan feature, Cashlez provides a free mobile Point-of-Sale feature, integrated and up-to-date payment acceptance features (card, QR, Virtual Account / VA, CashlezLink) and real-time recording features. In running its business, Cashlez has a license from Bank Indonesia (BI) with license number 21/142 / DKSP / Srt / B and PT Bank Commonwealth is a bank that is registered and supervised by the Financial Services Authority (OJK).

[1] "Peer to Peer Lending Loans Translucent Rp. 60 Trillion As of September 2019", https://money.kompas.com/read/2019/10/29/120000826/pinjaman-peer-to-peer-lending-tapai- rp-60-trillion-per-september-2019.

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