Chinese fintech company FinVolution, through its Indonesian subsidiary AdaKami, has signed an agreement with PT Bank Permata (PermataBank). The partnership aims to promote innovation in the digital financial ecosystem by utilizing data analytics to speed up the transition to financial inclusion in Indonesia. It will boost FinVolution’s financing facility by IDR 100 billion (USD 6.5m). FinVolution hopes to seize significant opportunities in Southeast Asia as the consumer lender expands its institutional funding base and fosters international relationships.
FinVolution, which was established in 2007, claims to be a pioneer in China’s online consumer financing sector, while its Indonesian subsidiary AdaKami is a peer-to-peer lending platform that offers Indonesians loan products without the need for collateral. Meanwhile, PermataBank is one of Indonesia’s major banks, and provides a full range of banking services and products in both Sharia-compliant and conventional forms.
(Sources: FinVolution; Retail Bank International)