Crowdo and BFI Form Partnership to Offer Loans for Vehicles and Fixed Assets

Crowdo, one of the largest and most established regional peer to business lending platforms in South East Asia and BFI Finance, one of the largest multi-finance companies in Indonesia, today announced a new strategic partnership. This partnership will offer a new line up of financial services in Indonesia and allow customers to access loans for vehicles such as motorbikes and second-hand car as well as fixed assets like houses. The collaboration between BFI Finance and Crowdo will significantly improve access to finance by SMEs. This is especially significant given that in Indonesia SMEs account for more than 60% of GDP.

“This is a tremendous opportunity for us to extend our reach across the country to new customers. Crowdo is always looking at ways in which we can improve our customers experience and our relationship with BFI Finance will allow us to do this in new and exciting ways. Crowdo’s new agreement with BFI harnesses the size and strength of Crowdo “Deepening our partnership with BFI should speed the delivery of solutions for our customers especially for small businesses and merchant clients, and add meaningful value to Crowdo. Through this partnership, we are strongly committed to overcoming barriers from accessing financial services and encouraging businesses to participate in developing the national economy”, said Cally Alexandra, Crowdo Indonesia’s General Manager.

Mahendra Kesumah, Business Strategy Department of BFI stated that, “The Partnership will expand the SMEs financing opportunities for both companies and employees following POJK No. 29 / POJK.05 / 2014, whereby the business activities of Financing companies are not only financing vehicles as is commonly known to the public, but in the form of investment financing, working capital and multipurpose. This is in line with BFI's vision to be a trusted financial solution partner that contributes to improving people's lives. BFI sees Crowdo as one of key P2P Lending partners that share the same vision to help SMEs. We also consider Crowdo's experience in the fintech industry, which not only understands the market in Indonesia, but also in Malaysia & Singapore.”

According to Head of the Police Traffic Police Corps (Kakorlantas) Inspector General Pol Agung Budi Maryoto, the population of vehicles in the country has reached 124,348,224 units. Each year, vehicles growth is 6 Million units per year. 10-15 percent of it is contributed from cars[1]. While according to The Association of Indonesia Automotive Industries, car sales in Southeast Asia in the period from January to March 2017, car sales in Southeast Asia grew 11 percent. With this growth, sales became 826,545 vehicles. In Indonesia, car sales grew 8% in March 2017. The sales figure exceeded 100,000 units at the time, which also reinforced indications of a recovery in market growth[2]. This indicates that the advantages of large market for vehicles in Indonesia.

Crowdo collaboration with partners is part of a long-term plan to build a broad ecosystem of financial technology partners, enabling seamless activity – ultimately delivering a smoother, faster process. “We are constantly working to expand future partnerships to provide funding for SME communities in Indonesia”, Cally commented.

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Sources:
[1] Kompas

[2]Gaikindo