Intensify Micro Financing, Cashlez and Fintech P2P Lending Barn Dana Sign Cooperation Agreement

JAKARTA, November 25, 2021 - To start a real step of "Gotong Royong" cooperation in order to improve and provide integrated services in digital transactions in the financial sector, Cashlez and Lumbung Dana today (25/11/21) signed a cooperation agreement carried out by President Director Cashlez Suwandi and Co-Founder/CEO of Lumbung Dana Yoga Mahesa P. Kurniarto at Cashlez office, Jakarta.

Collaboration with fintech P2P Lending Lumbung Dana is Cashlez’s quick response to cross-platform and cross-selling, as well as to assist Merchant partners in getting easy, cheap and unsecured access to capital or funding so that Merchants, especially MSMEs, are able to develop and improve their business. This collaboration is a win-win solution or a way out to answer the impact of Covid-19 on the sustainability of MSME businesses, especially in access to capital.

"The issue of Liquidity and the Lending Gap of SMEs during this pandemic is a problem that we answered by signing the "Gotong Royong" cooperation today. The addition of the MSME funding service feature will provide a sense of comfort for Merchants and is also a manifestation of our commitment to helping MSMEs to continue to increase their business and drive the Indonesian economy," said Suwandi, President Director of Cashlez.

Suwandi added that this collaboration is a synergy to be able to support the growth of market share or customers for digital payment and funding services and get a bigger reach for both parties, in the end it will affect each platform to provide more efficient and maximum services. This shared strength will be a milestone of “new strength” in digital financial services and acceleration of financial inclusion in Indonesia.

Based on data from the Central Statistics Agency (BPS), the Indonesian economy in the third quarter of 2021 grew positively by 3.51% (YoY). One of the drivers of this growth is the Consumer Confidence Index (IKK). As is known, Bank Indonesia (BI) noted that the IKK in October 2021 was 113.4, up from the level of 95.5 in the previous month. In addition to increasing from the previous month, this has also entered the optimistic zone or the index is above 100.

Suwandi explained that the economic conditions that began to slowly grow and the conditions that began to improve from the decline in Covid-19 cases in Indonesia were a breath of fresh air as well as enthusiasm for business owners in moving the wheels of the economy back which had been hampered by this pandemic.

"Therefore, in the midst of this optimism, we are also aggressively providing access to this financing to business owners, especially MSMEs who are members of the Cashlez ecosystem, so that they can grow again while making a positive contribution to the Indonesian economy." he explained.

Co-Founder and CEO of P2P Lending Lumbung Dana, Yoga Mahesa said that MSMEs are Lumbung Dana’s priority in disbursing funding, which has been difficult and unserved by the banking world. The role of the organizer of this information technology-based fintech peer-to-peer (P2P) lending platform has a huge opportunity in reaching financing to the micro, small and medium enterprise (MSME) segment because all processes are carried out online and do not need to be face-to-face.

"The financing model we provide is micro financing for working capital where our capital financing is always available and the process of applying for capital is faster and less complicated, transparent and without collateral, because all data has been profiled in an integrated data system. and certainly useful in reducing the risk of default.” he added.

Yoga Mahesa added that MSME merchants in the Cashlez ecosystem can apply for working capital financing up to a nominal value of IDR 50 million with a loan tenor of 1 month. So that through this collaboration, it is able to provide business development opportunities for MSME business owners during a pandemic, and provide opportunities for startups in cross-platform and wider reach in providing access to financing services for micro financing spread throughout Indonesia.

The “Gotong Royong” collaboration between Cashlez and Lumbung Dana is expected to be a milestone in accelerating the rise of MSMEs and can help more “unserved and unbanked” MSMEs to gain access to financing. This collaboration is also in line with the vision and mission of both parties to promote MSMEs and play a role in accelerating financial inclusion services and play an active role in providing equitable access to finance for MSME business owners.

"We will continue to strive to accelerate concrete cross-platform collaboration and continue to open opportunities for all parties, including financial and banking institutions to be able to work together to expand MSME micro financing access services and contribute to driving MSME businesses and Indonesia’s economic progress." closed Suwandi.