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In India, it had an even more compelling business case. Thanks to the country’s high taxation, the hardware lineup, from iPhones to MacBooks, was among the most expensive anywhere in the world. On the other hand, a burgeoning market for used iPhones meant it had a large number of users still coming into the ecosystem. … Read more
The future is Atome Atome Financial’s success in its key market—Southeast Asia’s 600 million-strong population—is a testament to its Advance.ai engine. With many parts of Southeast Asia either largely unbanked or underbanked, the region has one of the lowest credit card penetration rates—only 1 in 10 people own a credit card. This means that the … Read more
Tapping the B2C gold mine In 2017, even as Advance.ai was still finding its footing, its investors encouraged Chen to launch a consumer-facing business. This, they believed, was where the real growth lay. The company’s first stab at the B2C world came in the form of peer-to-peer lending platform Kredit Pintar. Today, Kredit Pintar is … Read more
The Advance.ai foundation Advance Intelligence got its start in 2016, after co-founder and CEO Jefferson Chen moved to Southeast Asia, hoping to replicate some of the tech boom magic he’d witnessed up close and personal in China. By then, Chen had already built up an enviable CV. He spent close to 14 years in executive … Read more
The company’s flagship business is its AI and big data analytics solutions provider Advance.ai, which uses AI to offer digital identity verification, fraud detection, and credit scoring services. However, the company’s real money-spinner, and what was probably the biggest draw for investors, is its consumer-facing business, Atome Financial. The company’s two subsidiaries—peer-to-peer lending platform Kredit … Read more
To add insult to consumptive loan providers’ injury, the regulator is also pushing for players to disburse more loans to the productive segment. There were once more consumptive loan players than productive, Wijaya of Kredit Pintar. Now, the proportion is equal. On top of that, these consumptive loan players are obliged to disburse 20% of … Read more
“The cutting down of interest does not have any impact on us,” said Reynold Irisan Wijaya, CEO of Modalku, an MSME-focused P2P player. That’s because productive loan players like Akseleran and Modalku are already offering rates well below that cap. Akseleran’s interest rate, for one, hovers at 18% per year, with Modalku’s at 36%. For … Read more
“The industry is working closely with the police, the OJK, the central bank, the Ministry of Communication and Information…to launch multiple initiatives such as www.cekfintech.id (for users to check licensed players), www.cekrekening.id (for users to check the validity of bank accounts)…” REYNOLD IRSIAN WIJAYA, CEO OF MODALKU Though the crackdown continues in Indonesia, new illegal … Read more
In October, President Joko “Jokowi” Widodo brought the issue to the fore by ordering the Financial Services Authority (OJK) to put a moratorium on issuing new licenses for P2P platforms. It’s not clear how the President’s new moratorium differs from the one existing—put in place by the OJK in early-2020. Nonetheless, Jokowi’s statement imbued a … Read more
Where companies don’t want to be the face of their agenda, however, industry bodies often come in handy. Trade organizations such as CII, Ficci, Nasscom, and IAMAI, are among the most prominent. According to internal papers from Facebook, which came to light due to whistleblower Francis Haugen’s revelations, the company used IAMAI—an industry body that … Read more