Sinar Mas, a conglomerate from Indonesia, banded together with Oriente, a Hong Kong-based financial service startup to launch Finmas. Finmas would be the third financial product by the conglomerate and will serve as an on-demand lending platform aimed at millions of underserved consumers and MSMEs across Indonesia, which currently accounts for 66 per cent of 260 millions Indonesians.
Also Read: Go-Jek funding round aims for US$3 billion
Finmas is a mobile app that seeks to support financial literacy and inclusion in the country, simultaneously support Otoritas Jasa Keuangan (OJK), the Financial Services Authority in Indonesia. It is specifically designed to give access to people with no traditional banking and formal financial services (including bank accounts, credit rating, or credit) history using mobile technology.
It allows the underserved people to have:
- multiple purpose-based financing options
- paperless, collateral-free and available 24×7 service via their own mobile device
- low-interest rates with no hidden fees
- real-time credit-scoring
- choice of the repayment schedule
- funding in as little as 24 hours
“Finmas aims to help millions of Indonesians unlock their financial potential through #SahabatFinansial practices that are founded on core principles of responsibility, security, convenience, and affordability,” said Peter Lydian, President Director of Finmas said, Mr. Hendrikus Passagi, Director Regulation, Licensing and Supervision Fintech of the Financial Services Authority (OJK).
Finmas’ features enable consumers to apply for a cash loan whenever they need access to credit for tuition fees, household expenses, specific consumer goods, emergencies, or to start and grow their small businesses via the app. Consumers are given full control to keep track of their loan application status and repayment schedule.
Also Read: Ofo operating license suspended in Singapore
Gandi Sulistiyanto, Managing Director of Sinar Mas also stated that Finmas will bridge to not only support financial services but also to equip the users with understanding so they can have comfort and privacy protection.
Image Credit: Finmas