Rising economies need new economic models that support them. In line with this, KoinWorks, the leading fintech platform in Indonesia, announced two weeks ago the launch of KoinWorks NEO and NEO Card which takes “One Click to Grow Your Business.” This innovation will be the first offering of its kind that gives the more than 65M entrepreneurs, especially emerging minorities that include freelancers, artists, and digital content creators in the country access to financial tools and lending services to help fuel the next generation of wealth in the region.
Throughout the Covid-19 pandemic, demand for KoinWorks' offerings exploded as more businesses were looking for digital solutions to survive. Now coming off the heels of its $108M Series C (around 1.6 trillion rupiah), KoinWorks is uniquely positioned as the country's only one-stop inclusive digital business solution for SMEs in Indonesia. Powered by Mastercard and BNI, and further supported by a trusted network of top partners, the KoinWorks NEO breaks down the finance barriers to entry for millions of small to medium businesses in Indonesia with a complete, end-to-end integrated financial service experience.
“Digital entrepreneurs represent our country's greatest asset, yet traditional financial institutions don't understand them or can't fulfill the growing needs of their businesses,” said KoinWorks' CEO & Co-founder Benedicto Haryono. “With Koinworks NEO platform and NEO Card as the key feature, SMEs finally have a comprehensive platform to scale and grow their business, with access to all the tools they need to run ads, purchase products, transact online, and so much more.”
Creating Economic Equity for a New Generation Entrepreneurs
Although home to one of the world's largest and fastest-growing economies, as of 2021, only 6.1% of Indonesia's population had access to credit and loan, and two-thirds of SMEs in the region lack access to financial services. The absence of financial tools and literacy, as well as access to credit, presents a significant barrier for the country's deserving entrepreneurs who need a better way to scale and grow their businesses.
Housed inside a simple, easy-to-use app, KoinWorks NEO includes features like sending money, having a chance to get promo prices from merchants, generating of financial health statements, in-app expense reports, payment links, and all financial literacy tools business owners need to be successful.
KoinWorks NEO features the following services:
- Money Management: Automatically generate invoices for financial consolidations and money movement, and receive client payment from any method to NEO, with support across top payment providers.
- Instant and Easy Access to Business Loans: SMEs have access to a range of loans for business-specific purposes, including installment loans, earned wage access (EWA) for their employees or factoring loans, where business owners can get an advance payment ahead of a pay cycle.
- NEO Card as virtual card: Functioning as a prepaid and charge card supported by Mastercard and BNI to make online transactions easier through the Virtual Card Number (VCN) feature. In addition, NEO Card can be used to process local and international payment transfers for free.
While celebrating the launch of this transformative digital solutions platform, Navin Jain, Country Manager, Indonesia, Mastercard, shares his thoughts about the NEO Card's features: “Mastercard is pleased to collaborate with KoinWorks and BNI to launch NEO Card, an innovative payment product that gives business owners access to financial tools and banking services to transact safely and securely online. The NEO Card helps enable financial inclusion in the growing entrepreneurship community. This partnership helps us all make significant strides towards advancing the country's commitment to digital and financial inclusion for all.”
BNI also expressed support for SMEs through this collaboration. “BNI supports this collaboration as one of BNI's innovations to encourage transactional activities through the KoinWorks application. BNI believes that the collaboration with KoinWorks using Virtual Card Number (VCN) will be a breakthrough for transactional needs for KoinWorks users. Beside increasing financial inclusion, this innovation is expected to assist economic equity and digital transformation in the future,” said Corina Leyla Karnalies as BNI's Director of Consumer Business.
Alongside the launch of KoinWorks NEO, KoinWorks officially unveiled its latest contribution to accelerating the development of SMEs in Indonesia via a competition titled KoinWorks NEO Inspire that invites participants from six categories: grassroot SMEs, women-led SMEs, content creators/influencers, startups, educators, and freelancers. Each category of participants will go through a series of selection rounds before they are chosen to join a bootcamp with mentors and then advance to the final round. KoinWorks prepared grants with a total value of 2 billion rupiah across all winners at the end of the competition.
To join the millions of users who are already using KoinWorks, download the application and activate your KoinWorks NEO account in minutes. SME players and potential participants of KoinWorks NEO Inspire can register through koinworks.com/neo.
KoinWorks is the first Super Financial App with over 1.5 million users, serving as a one-stop shop for SMEs who are kicking off their entrepreneurial journey all the way to scaling their business. KoinWorks was founded in 2016 originally as a peer-to-peer lending company to support various levels of Indonesian society in achieving their financial goals. In just one application, KoinWorks can provide solutions and easy access for multiple financial needs. The company is headquartered in Jakarta with Holding in Singapore and has Tech offices in Yogyakarta, New Delhi, and Ho Chi Minh City.
PT Bank Negara Indonesia (Persero) Tbk or BNI was founded on July 5, 1946 and became the first state-owned bank that was born after Indonesia's independence. BNI had functioned as a central bank and commercial bank as stated in the Government Regulation in Lieu of Law no. 2/1946, before finally operating as a commercial bank since 1955.
As of December 2021, BNI has 2,255 domestic outlets spread across 34 provinces and 420 regencies/cities as well as 7 overseas outlets spread across various countries. BNI has 23 Commercial Business Centers (SBK), 27 SME Business Centers (SBE), and 12 Consumer Loan Centers (SKK). BNI also has Agen46 network (Branchless Banking) in 157,632 locations.
BNI now has 16,392 ATMs spread across 34 provinces and 521 districts/cities including 6 (six) ATMs overseas, namely 4 ATMs in Hong Kong and 2 ATMs in Singapore. The ATM network can also serve debit card transactions bearing the GPN, Link, ATM Bersama, and Prima logos.
BNI as a holding company has 4 subsidiaries, namely BNI Multifinance (financing), BNI Life (insurance), BNI Remittance (remittances), and BNI Sekuritas (capital market). BNI Asset Management (Investment Manager) is a subsidiary of BNI Sekuritas.
About Mastercard (NYSE: MA), www.mastercard.com
Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. Our decency quotient, or DQ, drives our culture and everything we do inside and outside of our company. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all.
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