Bank DBS Indonesia and Kredivo Increase Joint Financing Limit to US$70m

Bank DBS Indonesia (DBS Indonesia) and Kredivo are pleased to announce a joint financing of up to US$70 million to be channeled to customers of Kredivo, the leading digital credit platform for retail borrowers in Indonesia. This collaboration is a part of a commitment from DBS Indonesia to create innovative and inclusive financial products that help a wider range of customers achieve their financial needs. For Kredivo, this collaboration will help further the company’s commitment to expand credit access to tens of millions of users in the next few years both through its market leading buy now pay later (BNPL) and personal loan products.

Rudy Tandjung, Consumer Banking Director, Bank DBS Indonesia said, “Since the joint financing collaboration between Kredivo and DBS Indonesia took place in September 2020, we have always been committed to always providing the best and innovative services to meet the growing needs of customers, especially in distribution of financing credit to the community. With this limit expansion of the cooperation scheme from US$35m to US$70m, we hope that we able to reach a wider community and increase financial inclusion.”

Umang Rustagi, CEO, Kredivo Indonesia said, “The shared vision between Kredivo and DBS Indonesia to provide easy, fast, affordable financial services is a strong foundation for this collaboration. This joint financing facility will accelerate growth, expand the services and the credit access to millions of new customers throughout Indonesia. In addition, this collaboration is proof of trust in fintech and a form of real synergy between fintech and banking.”