Standard Chartered partners with Kredivo to offer BNPL in Indonesia

Assets of fintech players in the country grew by more than IDR1t or by over $70m.

Standard Chartered Bank Indonesia has partnered with digital credit platform Kredivo to offer Buy Now, Pay Later (BNPL) loans to the mass market segment.

Customers can enjoy a fully digital onboarding and credit application process, with no face-to-face verification requirement, made possible through Kredivo’s retailer network and AI credit-scoring capabilities, mixed in with Standard Chartered’s 150 years of experience as a retail bank in Indonesia.

The partnership rides on the accelerating adoption of digital financial services in Indonesia.  Data from Indonesia’s Financial Services Authority revealed that assets of fintech lending players grew from $229.2m (IDR3.25t) in July 2020 to $306.06m (IDR4.34t) in July this year, whilst outstanding loan channelling assets increased from $842m (IDR11.94t) to $1.7b (IDR24.22t) over the same period.

(US$1 = IDR14,180)