Fintech
Axiata Group’s Fintech Arm, Boost Sets to Accelerate MSMEs’ Financial Inclusion and Digitalization to help the underserved market in Indonesia
Boost, a leading regional full spectrum fintech arm of Axiata, is proud to announce its unwavering dedication to bolstering the growth of Indonesia’s MSMEs. These enterprises, serving as the driving force behind the nation’s economy, often face financial underservice. Recognizing this pressing need, Boost is fully committed to transforming the sector by offering a comprehensive range of financial solutions, with a specific focus on productive P2P lending.
MSMEs hold a strong position in Indonesia, employing 60% of the workforce and contributing over 60% to the country’s GDP. However, many struggle to obtain financing for their businesses with 77.6% of MSMEs in Indonesia have yet to receive banking credit and only less than 35% are included in the digital economy ecosystem. Therefore, financial inclusion and digitalization as the industry’s key challenges have become more important than ever for Indonesia to overcome the hurdle. As a fintech company, Boost aims to accelerate this process by financially empowering the underserved MSMEs across the country.
Sheyantha Abeykoon, Group CEO of Boost said, “Since its inception, it is our purpose and mission to serve the underserved, by digitally transforming our merchants to be unstoppable in achieving their goals in our operating countries, including Indonesia. With the ever-evolving digital landscape, it is crucial for them to be able to get access to the right tools and solutions needed to embrace digitalisation. We hope to contribute to the efforts of simplifying financing solutions powered by AI and machine learning for the Indonesian market.”
Boost was founded in both Malaysia and Indonesia in 2017 with the aim to spur growth for MSMEs through financial services and merchant-focused solutions. In Indonesia, Boost offers two financing services through P2P lending, namely invoice financing and supply chain financing, where borrowers (Boost Merchants) can apply for up to IDR 2 billion in financing within 3 months. These services allow MSMEs to obtain financing for business activities, expand their stores, pay employees, and realize their entrepreneurial dreams.
Boost Merchants will also benefit from Boost Kedai, a digital platform designed to streamline supply chain processes for MSMEs in the digital economy era. Boost Kedai connects Boost Merchants with suppliers and offers convenient payment methods through Boost Tempo for cash flow management.
Stefanus Warsito, CEO of Boost Indonesia said, “At Boost, we always have been at the forefront of innovating our financing services to digitally empower businesses, especially amongst the underserved community. Currently, we are partnering with ecosystem players to see how we can transition our latest fintech lending model into value-added merchant solutions and products for MSMEs in Indonesia to grow without limits.”
“Over 40% of Boost’s customers in Malaysia and Indonesia have never received credit from other financial service providers before. We seek to reach more MSMEs across the country through our holistic fintech solutions that can help them be unstoppable in their business growth,” added Stefanus.
Boost possesses an excellent track record of serving the underserved at scale. As of 2023, the company has disbursed nearly IDR 9 trillion worth of loans in Malaysia and Indonesia since its inception, with over 40% or around IDR 3 trillion of this amount being disbursed in Indonesia alone.
Trust in the company continues to increase with 90% repeat rate on short-term micro-financing for Malaysia and Indonesia. To date, Boost has witnessed a year-on-year increase of over 40% growth in its loan book. With average monthly disbursements of IDR 208 billion, Boost solidifies its position as one of the top fintech players in Indonesia.
As a fintech leader, Boost continues to be a pioneer in the fintech space by reimagining technology to simplify the lives of both its users and merchants and bringing them into the digital economy. This is through ensuring Boost’s offerings solves pain points, especially for businesses through merchant solutions and digital financial tools.
Plug and Play, a global accelerator platform and one of the most active early-stage investors globally, has announced a strategic partnership with Gujarat International Finance Tec-City (GIFT City). Through the partnership, Plug and Play will establish and run the International Fintech Innovation Hub (IFIH), GIFT City’s FinTech Incubator and Accelerator, which aims to foster research and innovation in financial technology, reinforcing GIFT City’s role as a premier global fintech hub.
GIFT City’s MD and Group CEO, Mr. Tapan Ray, said, “Our vision at GIFT City is to drive fintech innovation by creating a climate-resilient, inclusive ecosystem that empowers diverse entrepreneurs and builds workforce competitiveness in emerging technologies. With the support of prominent partners in fintech education and incubation, we are committed to nurturing a new generation of talent that will be well-equipped to meet the needs of an evolving global economy.”
Manav Narang, Head of Financial Services for Plug and Play APAC and Program Lead for the GIFT Incubator and Accelerator added, “We are thrilled to bring Plug and Play’s global expertise to GIFT City. Our vision is to create India’s largest industry-wide fintech program – a collaborative platform where banks, payments corporations, venture capital and corporate venture capital firms, accelerators, and ecosystem partners unite. Together, we aim to catalyze transformative fintech solutions and nurture fintech unicorns that will shape the future of finance in India.”
The program will support fintech startups with resources, mentorship, capital, and networking to navigate and excel globally in the dynamic fintech landscape. The first batch of startups will be unveiled in January 2025.
The post Plug and Play and GIFT City Launch “IFIH,” a Global Fintech Incubator and Accelerator appeared first on .
Doo Group’s brokerage brand, Doo Financial is thrilled to announce its expansion into Indonesia by acquiring a reputable Indonesian broker to expand the business. This move brings its global investment services to local investors. Backed by the strength of Doo Group’s extensive international presence, cutting-edge technology, and 10 years of expertise, Doo Financial is well positioned to support investors at every level.
As a brand encompassing investment services offered by various legal entities within the Doo Group, Doo Financial provides a comprehensive range of global brokerage services. This wide range of products empowers investors to pursue their financial goals.
With a diversified portfolio, Doo Financial empowers investors to navigate various market conditions effectively, manage risks, and focus on long-term growth. This entry into the Indonesian market reflects Doo Financial’s commitment to supporting investors with flexible, high-quality investment options tailored to today’s dynamic financial landscape.
Supervision by International Regulatory Institutions to Ensure Top-Tier Safety
As a global leading finance group, Doo Group has licensed entities regulated by top regulatory authorities worldwide, ensuring a secure and reliable trading environment.
Our global credentials include licenses from the U.S. Securities and Exchange Commission (US SEC), the Financial Industry Regulatory Authority (US FINRA) in the U.S., the Financial Conduct Authority (UK FCA) in the UK, the Australian Securities and Investments Commission (ASIC), the Hong Kong Securities and Futures Commission (HK SFC), Badan Pengawas Perdagangan Berjangka Komoditi (BAPPEBTI) in Indonesia. These licenses enable us to provide secure and reliable financial services globally.
Dedication to Shape the Industry with Innovative Solutions
Doo Financial’s expansion into Indonesia brings advanced technology and a global perspective to empower local investors. As an international investment firm committed to secure and seamless trading, Doo Financial offers a diverse range of products and services to help diversify portfolios and open up new opportunities.
This growth elevates opportunities for Indonesian investors by offering seamless access to global markets and advanced trading platforms within a secure and regulated environment. It broadens investment choices and enhances the trading experience, aligning it with international standards and empowering local investors with comprehensive tools and resources for success.
Driven by unwavering commitment, this growth marks a significant milestone in Indonesia’s investment landscape, equipping our clients with the tools to navigate global markets. We remain dedicated to delivering exceptional service, exploring new opportunities, and driving future breakthroughs. With continued support from the FinTech community, we are excited to innovate and shape the future of finance.
Stay updated with the latest insights from Doo Financial. Join our community of empowered investors and let us be your trusted partner!
E-mail: [email protected]
The post Doo Financial Now in Indonesia: Offering Local Investors A Gateway to Global Markets appeared first on .
Fintech is on an accelerated trajectory of investment, collaboration, and innovation. This pulse tracks the most significant developments in the sector, from high-profile investments to global platform expansions. Each update in this briefing serves as a key indicator of where the industry is headed.
1. European Fintechs Face Regulatory Pressures Amid New Investment Surge
The European fintech sector finds itself at a crossroads with increasing scrutiny and rising costs due to stringent regulations. While investments continue to flow into the continent’s financial technology companies, challenges in meeting new compliance requirements, especially around data privacy and cybersecurity, create a complex landscape for scaling. This tension between opportunity and operational limitations might affect European fintechs’ growth strategies.
Source: Financial Times
2. Shopify, Slack Founders Join Peter Thiel in Fintech Investment Push
Tobi Lütke of Shopify and Stewart Butterfield of Slack, along with investor Peter Thiel, have co-invested in a new fintech initiative that aims to bolster small business access to capital. By merging technology with a streamlined funding model, this new initiative targets underserved SMBs, highlighting a broader trend of high-profile tech leaders pivoting to fintech investment. The participation of Lütke and Butterfield signals increased cross-sector collaboration in fintech, bringing expertise from e-commerce and communication technology into the financial arena.
Source: Yahoo Finance
3. Lean Technologies Raises $67.5 Million to Drive Fintech Innovation in the Middle East
Riyadh-based fintech platform Lean Technologies recently secured a $67.5 million Series B investment round, aiming to expand its operations across the Middle East. This funding reflects growing investor interest in emerging markets and the potential of Middle Eastern fintech to bridge regional gaps in financial services access. As Lean Technologies broadens its service offerings, the funding will support further technological integration and scalability across financial ecosystems in the region.
Source: Fintech Global
4. Apollo Global Management Invests in Fintech for Private Offerings Support
Apollo Global Management has taken steps to enhance its services for private offerings by investing in specialized fintech solutions. This development signifies a growing trend among private equity firms to adopt fintech as a core component in their service expansion, particularly for personalized client services. Apollo’s strategy of integrating fintech solutions into private offerings marks a strategic shift toward digitalization within traditional financial sectors.
Source: Bloomberg
5. Juniper Research Names 2025’s Future Leaders in Fintech
Juniper Research has revealed its picks for the top future leaders in fintech for 2025. This list emphasizes innovation in fields such as AI, open banking, and decentralized finance, highlighting startups that exhibit potential for reshaping industry standards. As these up-and-coming firms push the boundaries of traditional finance, they exemplify the rising tide of next-generation financial technology poised to become industry mainstays.
Source: Globe Newswire
Conclusion
The convergence of seasoned tech giants with fintech, new funding rounds for region-specific platforms, and the rise of future industry leaders underscore the momentum of the fintech sector. Each of these stories reflects a broader narrative: fintech is not only diversifying in services but also rapidly integrating into traditional finance and tech, paving the way for a transformative era.
The post Fintech Pulse: Evolving Fintech Investments and Partnerships Signal Industry Transformation appeared first on HIPTHER Alerts.
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