Mobilewalla was excited to be at the 2019 Indonesia FinTech Show. The event saw a mix of exhibitions and speaking sessions from local government and trade associations as well as large financial institutions, FinTech companies and solution providers across the region.
VP of Sales and Head of APAC for Mobilewalla Soumita Roy Choudhury held a fireside session to share her thoughts on consumer data and some of the innovations in the FinTech space. Together with Iswara Gozali, Head of Product at Kredivo - the leading digital credit card and digital consumer lender in Indonesia, they explored on the current FinTech market in Indonesia, the exciting innovations we can expect from Kredivo, and how they are leveraging data and science to better understand their customers and improve their products and technology.
The Growing FinTech Market In Southeast Asia
FinTech market growth in Southeast Asia is expected to reach as much as $70 billion by 2020.¹ Soumita kicked off the session with some questions around Kredivo’s differentiation in the market and Iswara’s motivation behind the products they are building to stay on top of the game.
Iswara pointed out that Kredivo is focused on reinventing financial services in Southeast Asia. They offer instant credit financing to users for eCommerce purchases and personal loans through an all-digital, fully automated application and approval process based on real-time decisioning, powered by their proprietary technology.
Iswari is responsible for the product development of the company’s digital credit card. Being with the company for over three years, with a background in engineering and work experience with a successful startup in Indonesia, he said that putting customers as the first priority (rather than just purely focusing on the product) is what leads to a successful and ever-growing product.
As Kredivo is accessed through an app and not on a website, it makes it easier for them to capture consumer behavior. They use this to design and develop their product and market to their consumers. With Mobilewalla as a partner, they are able to better understand and segment their consumers, tailor the customer experience and cross-sell other digital solutions post acquisition.
Indonesia is Southeast Asia’s largest economy with a population of over 260 million people², has growing mobile phone and internet penetration rates, and digital payments and peer-to-peer lending as its top two sectors (The State of Play for FinTech Indonesia, fintechnews.sg). Yet, a substantial percentage of the population still has no access to credit cards, loans or mortgages. For Iswara, he sees this as a huge opportunity for Indonesia’s FinTech growth and the ability to offer more comprehensive digital solutions in the market such as savings and investment apps.
Emphasizing the rapid growth of mobile data and connectivity throughout this region that help bridge the financial inclusion gap especially in Indonesia, Soumita closed out the session with a question on where we will see FinTech go in the next couple of years, Iswara ended with his thoughts that “FinTech will be more than just about credit, but will serve a multitude of other financial needs.”
Are you a FinTech company and want to learn more about the benefits enriched data can bring to your company? Talk to us and we’re happy to help!
Sources:
1. https://finovate.com/fintech-in-asia-from-payments-and-lending-to-the-challenge-of-financial-inclusion/
2. https://fintechnews.sg/27928/infographic/fintech-news-network-12-infographics-showcasing-the-state-of-fintech-around-the-world/
