Mastercard Leads Digiasia Bios Startup’s Series B Funding
Mastercard announced its participation as the main investor in the round B series of an Indonesian fintech holding company, Digiasia. Strategic funding and assistance are provided to encourage Digiasia to strengthen financial services and expand opportunities for all levels of society, especially MSMEs in the digital economy.
Digiasia is currently affiliated with several fintech companies in Indonesia, namely KasPro, the payment platform, and digital wallet; KreditPro, a P2P lending and financing platform for SMEs that do not have access to conventional bank services; and RemitPro, an efficient and secure money transfer service through digital channels and offline agents, including telecommunications companies, post offices, and retailers.
All of these services are supported by technology so that they can provide security in transactions, safeguarding parties from risky loans, as well as providing access to funding and transactions both online and offline.
The investment comes when the Indonesian government is focusing on encouraging financial inclusion in the largest economy in Southeast Asia. OJK (Financial Services Authority) reported that Indonesia’s index of financial inclusion exceeding 1.19% from the government target last year.
Since then, there has been special attention to the fintech as an inclusion booster and greater economic opportunity. Digitalizing in commerce can help provide additional GDP in the next five years, according to McKinsey’s data.
Digiasia Builds Partnerships to Support Indonesia’s Digital Economy
Digiasia has built various partnerships that help integrate the digital economy into the daily lives of the Indonesian people, including with several transportation operators to facilitate payment services.
Major vendors such as iRMA and Metrodata that can offer B2B sales with funding from KreditPro; and with money transfer companies such as Western Union and Mandiri Syariah and digitizing the supply chain system from DistroPro.
Through collaboration with various businesses, Digiasia can connect groups of people who have and have not been touched by banking services, as well as those who have been digitally connected and who have not yet been connected online.
Alexander Rusli and Prashant Gokarn, as Digiasia co-founders, revealed that the company felt very proud to to get the chance to work with Mastercard. This partnership can help the company to increase current offers to improve financial inclusion in the country.
The company will always try to build a partnership network that can help connect services with broad financial needs for individuals and businesses. The presence of Mastercard makes the company gain support from the world’s leading digital trading experts.
Mastercard Will Help Digiasia Expand Its Services in Indonesia
Fintech looks forward to working together in expanding its reach in Indonesia and creating a range of financial services that are strong and available to all people from various backgrounds, regardless of their socioeconomic status or how they can be connected technologically.
In addition to investment funding from Mastercard, Digiasia will also benefit from access to the use of banking and business networks, as well as cybersecurity experts from one of the largest payment technology companies in the world.
Division President, Southeast Asia Emerging Markets, Mastercard Safdar Khan revealed that financial inclusion is more than the ability of people to transact via applications or make purchases online, but rather to find simple mechanisms that expand economic opportunities.
That way, everyone at all levels of society can enjoy the modernization of the digital economy. Mastercard has a strong investment in helping Indonesia to go beyond financial inclusion goals. Therefore, Mastercard chose to work with Digiasia, the owner of various financial services that have provided benefits for the daily lives of the Indonesian people.
Mastercard support for the startup ecosystem and the digital economy in Indonesia is not the first time. At the end of 2019, they launched the Mastercard Academy 2.0 program. A program of introduction and improvement of digital financial management capabilities for various segments of society.