The AI-powered fintech is manoeuvring to get a slice of one of the world’s largest unbanked populations.
Financial services technology fintech Atome is integrating Indonesia-based Kredit Pintar in order to tap into Indonesia’s massive unbanked sector.
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In a statement issued today, Atome said it was committed to expanding credit scoring to the ‘credit invisible’. The company added it was looking forward to playing a vital role in helping Indonesia’s legacy and incumbent banks upgrade digital banking capabilities.
Singapore-based Atome bills itself as a fintech company working to break down barriers of traditional banking and promote financial inclusivity through artificial intelligence technology.
Kredit Pintar is a major consumer lending app in South East Asia. The platform originates micro consumer loans and augments the onboarding process using a sophisticated Artificial Intelligence-based risk management platform.
Since its launch in September 2017, the loan originator has experienced fast loan volume growth.
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By GlobalDataA foray into ASEAN’s largest country
To assist with its efforts in Southeast Asia’s largest and most populous country, Atome has appointed Wawan Salum CEO of its Indonesian operation.
Salum was previously DBS Bank’s consumer banking managing director in Indonesia. Prior to that, he spent more than six years at HSBC in various roles, following stints at General Motors, Citibank, and ABN Amro Bank.
The new CEO will focus on growing Atome’s client and partner base among banks, fintechs, e-commerce, and ridesharing segments, as well as talent acquisition, market expansion, and product development, the statement said.
Salum commented:
“Our innovative businesses powered by AI and computer vision will help reach underbanked and underserved segments of the population whose needs have not been well met by traditional financial services. As the middle class grows in Indonesia, there will be tremendous opportunities to move our products and services upstream into more premium segments.”
The most valuable untapped market
Indonesia has been called the most valuable untapped market in Southeast Asia’s digital finance sector.
An estimated Sixty-six percent of the country’s 260 million population are “unbanked,” not having a bank account.
And while 66% of the current population were raised with internet access, fewer than 40% of Indonesian smartphone users have used financial services apps before.
As a result, the number of digital finance apps in the country has grown 6-fold since 2010, bringing the total to 140. Among these, 19 that are from e-money providers that don’t require a bank account.
