Modal Rakyat Collaborates with Huawei Launch a Mobile Application
PT Modal Rakyat Indonesia collaborates with Huawei. Through this collaboration, this peer to peer lending fintech launched a mobile application for lenders. The goal is to increase the amount of community participation in channeling financing to micro, small and medium enterprises (MSMEs).
Moreover, MSMEs are one of the pillars of our country’s economy, as much as 98.7% are micro-businesses, 1.2% are small businesses, while 0.11% are medium enterprises, and large businesses are only 0.01%.
Registered and supervised by the Financial Services Authority (OJK) since June 2018, Modal Rakyat has channeled funding of more than IDR 450 billion to more than 3,600 borrowers spread across 34 provinces.
As much as 98% of the distribution of Modal Rakyat funding is productive financing. The three largest distribution sectors for Modal Rakyat are real estate, rental business, and service providers; wholesaler and retailer; as well as transportation, trade, and communication.
From the funding side, 58% of Modal Rakyat funders were aged 19-34 years, while based on gender, 70% were men, 30% were women. As many as 80% of the lenders are in Java Island and 20% come from outside Java Island.
“We chose Huawei as one of our partners because Huawei is a brand with the latest technology that is able to compete in the global market,” said Hendoko Kwik, CEO of Modal Rakyat in a written statement on Tuesday (18/8).
Capital CEO Hendoko Kwik said the platform that Huawei App Gallery users can access provides an automatic funding feature so that users don’t spend a lot of time looking for loans. The financier can also make the desired financing configuration.
Make It Easy for Lenders to Distribute Loans
Through this application, lenders can channel funding more flexibly, quickly and practically. Lenders can easily access information regarding the latest funding opportunities. In addition, every transaction starting from deposits, funding, to withdrawals of funds that has been made can also be accessed at any time.
“The presence of Modal Rakyat application in the Huawei App Gallery ecosystem will certainly provide new alternatives in the financial and investment sector for users of the mid to high-end category of Huawei smartphones. Huawei users are in line with our target, so this is the right strategy,” said Christian Hanggra, the CTO.
Modal Rakyat also provides an automatic funding feature to make funding automatically making it easier for lenders in Modal Rakyat without having to spend a lot of time looking for loan opportunities that match their funding preferences.
By using this feature, lenders can make the desired funding configuration. Notification (notification) will also appear automatically when the feature is active.
Lenders can determine several things, such as funding limits, maximum funding to be distributed per loan, loan interest, loan term, and automatic funding validity period. In addition, lenders can choose types of funding ranging from Productive SMEs, Micro Productive, and Consumptive Personal.
In disbursing financing for stalls and grocery stores (micro-businesses), Modal Rakyat collaborates with fintech PPOB Payfazz, which has an ecosystem of more than 1 million stalls spread throughout Indonesia.
Huawei’s Commitment to Indonesia
As one of the well-known companies, Huawei appreciates the presence of various financial applications developed by the younger generation in Indonesia. Apart from Modal Rakyat, the Payfazz application was also launched simultaneously on this occasion.
“Huawei is committed to presenting top applications that are often used by Indonesian consumers. The presence of PayFazz and Modal Rakyat, can provide convenience to consumers who frequently use both applications on Huawei devices,” said Lo Khing Seng, as Deputy Country Director of Huawei Consumer Business Group Indonesia.
Lo Khing Seng appreciates the presence of these applications in the Huawei AppGallery ecosystem. The availability of these two applications (Payfazz and Modal Rakyat), of course, departs from a common vision, namely to provide convenience and provide a digital experience to consumers.