BANDUNG-PT Astra International Tbk (Astra), one of the largest holding companies with business diversification in Indonesia, through its subsidiary PT Sedaya Multi Investama (SMI), and WeLab, a leading technology company in China and Hong Kong engaged in consumer finance, announced the establishment of a company in the field of fintech, PT Astra WeLab Digital Arta (AWDA).
AWDA aims to provide financial products and solutions through the development of the latest big-data technology to help consumers who do not have access to loans to achieve financial freedom through better and more efficient access to loans. AWDA will offer loan products that can be accessed through mobile applications to retail consumers and also provide technology-based financial solutions to corporate consumers.
Given the rapid growth of smartphone users (CAGR growth of 10.5% up to 2021), high internet connectivity (internet penetration rate of 55%) and the large population of young people who are active users of digital platforms, Indonesia is an attractive market for the development of fintech innovation . AWDA aims to meet loan needs in the market by providing loans to consumers through innovative mobile platforms.
AWDA is officially registered in the Financial Services Authority (OJK) with registration number S-626 / NB.213 / 2018 and is expected to launch its mobile application, Maucash, in the third quarter of 2018. Maucash (website: www.maucash.id & Instagram : @maucash) is expected to provide experience in obtaining a comfortable loan that is entirely done online, so consumers can get loans anywhere and anytime quickly. AWDA uses big data analysis to produce an in-depth understanding and better assess the appropriateness of the recipient consumers.
AWDA can benefit from Astra's brand domestically, its extensive distribution network and Astra's strong reputation in the field of financial services and automotive distribution, while utilizing proprietary credit technology and fintech know-how owned by WeLab to produce innovative financial products.
"We hope to expand our digital portfolio to further encourage financial inclusion in Indonesia," Astra Director Suparno Djasmin said in a press release on Thursday (6/9).
"WeLab is very pleased to be able to bring our rapidly growing business by expanding outside of China and Hong Kong and opening our third market in Indonesia. This expansion shows that we have the scalability of big data risk management technology and technology models. We believe our advanced technology, combined with Astra's operational experience in running various leading businesses in the Indonesian market along with Astra's good reputation, can provide new experiences for consumers of Indonesia in obtaining loans, "concluded Simon Loong, founder and CEO of WeLab. jo