KoinWorks Strategy to Manage Idle Funds, Cooperating with Mandiri
Together with his new partner, the fintech financing company known as the KoinWorks brand has launched an automation feature on its platform. Through this feature, the investment funds that settle belong to the lender or lender can be channeled to mutual fund investments at MMI.
The rapid flow of lenders’ funds to several financial technology or fintech companies is not always able to be rolled out quickly. As a result, money is idle. To make the funds productive, PT Lunaria Annua Teknologi cooperates with Mandiri Investment Management (MMI).
Koinworks Chief of Marketing Officer Jonathan Bryan said the Financial Services Authority (OJK) arranged that lender cash balances on fintech lending accounts should not settle for more than two days. KoinWorks is also looking for ways that the lender’s cash balance can be transferred.
“We thought hard and found very good integration,” Jonathan said in a video conference on Wednesday (6/10).
Companies Create New Features for Lenders
KoinWorks makes a feature that allows lenders to invest funds to deposit them automatically in the form of mutual fund instruments in Mandiri Investment Money Market 2 (MIPU 2) products.
Currently, the project is already underway so that lenders do not need to check one by one. If lenders want to fund, their funds can be immediately used without the need to disburse the mutual fund first.
Mutual fund unit ownership is automatically reduced according to the number of funds channeled. In addition to overcoming additional rules, according to Jonathan, this automation feature can add alternative funding in the productive sector. It is hoped that investors will also grow in the capital market through the fintech lending platform.
PT Mandiri Management Investment Director Alvin Pattisahusiwa said his collaboration with fintech lending would expand the mutual fund investment market, especially from the retail market. “This is optimizing funds from P2P to become short-term cash funds,” Alvin said.
The process is claimed to be easy so that it can attract investors in mutual funds. According to him, the product value that was automated through collaboration with KoinWorks namely MIPU 2 has been moving liquidly in the last few months.
As of last May, the value of under management funds or assets under management (AUM) from MIPU 2 amounted to Rp 51 billion. “Our AUM target of MIPU-2 is Rp 200 billion this year. But it can go up again,” Alvin said.
Face New Normal, Fintech KoinWorks Predicts Number of Users Up 40%
A financial technology company (fintech lending) KoinWorks made by PT Lunaria Annua estimates an increase in borrowers (lenders) and lenders (lenders) up to 40% in its platform when new normal conditions aka new normal.
“It is estimated that users (users) increase 40% when new normal in the application,” KoinWorks Chief of Marketing Officer Jonathan Bryan said via video conference on Wednesday (10/6).
He revealed that until now the users of the KoinWorks application have numbered 450 thousand consisting of borrowers and lenders. This number will continue to grow because many MSMEs need loans to restart their businesses. “New normal acceleration of borrower needs increases,” he said.
To prevent the risk of default, KoinWorks also tightens the loan so as not to increase the risk of default. The company conducts credit scoring based on which industry sector is affected by Covid-19 and the new normal.
KoinWorks Loan Reconstruction to Help Borrowers
Meanwhile, during the pandemic, KoinWorks revealed that it had restructured loans to its borrowers to ease the burden on borrowers who were affected by Covid-19 while minimizing the risk of default.
Even so, Jonathan said that only a few CoinWorks borrowers were restructuring their loans. “In terms of the percentage of borrowers who are proposing restructuring no more than 5%. The portfolio at KoinWorks is still very safe,” he said.
Meanwhile, CoinWorks CEO and Co-Founder Benedicto Haryono said that in tightening corporate loans, actively applying processes that combine digital data with proven banking techniques.