Indonesia: Crowdo Launches Incorporates Digital Banking with SME Services

Crowdo has announced the launch of a new platform in Indonesia that is described as the first “SME digitalization platform powered by Neobank technology.”

According to Crowdo, the platform seeks to help businesses digitalize their operations that improve supply chain operations with financial and banking products. The platform is said to be the first of its kind in Indonesia.

Crowdo states that the majority of Indonesia’s SMEs manage their data and transactions offline. This undermines productivity. Crowdo’s Digitalization Platform allows companies to set up bank accounts quickly, digitally manage all invoices and purchase orders, and request/receive payments at a touch of a button.

Like most countries, Indonesia’s SMEs play a crucial role in the econom but they continue to be underbanked by traditional financial institutions. Crowdo notes that the Financial Services Authority (OJK) estimates the financing gap for SMEs is around 2.300 Trillion IDR. Crowdo aims to help SMEs with fast credit facilities at competitive rates, but also with tailored financing and banking product recommendations based on Crowdo’s artificial intelligence system.

“We have been at the forefront of Indonesia’s digital innovation in the Fintech sector since 2017. We are committed to delivering technology innovation that will benefit Indonesia SMEs who play such an important role in the country’s economy. Today’s Neobank launch also demonstrates our commitment to support the government’s push to digitalize the SME sector,” stated Reona Shimada, Group CEO of Crowdo.

In Indonesia, Micro and SMEs (MSMEs) employ 97% of the workforce and are the backbone of the economy. Many of these MSMEs have been impacted by COVID-19 restrictions. Crowdo hopes to play a unique role to support struggling MSMEs.

Nur Vitriani, Chief Operating Officer of Crowdo Indonesia, says their platform is a game-changer:

“We also are proud to play a proactive role in the government’s digitalization push so that SMEs emerge out of the pandemic more digital and stronger than before.”

Crowdo predicts that 2021 will be a record-breaking year for the business and expect to double its credit facility.

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