Fintech Finantier Startup Officially Becomes AFPI Member

A startup engaged in the financial technology (fintech) Finantier has officially become a member of the Indonesian Joint Funding Fintech Association (AFPI) as of July 2022.

Finantier is an Open Finance API platform provider that is claimed to be one of the leading in Southeast Asia.

“We hope that Finantier can provide new solutions for lenders to onboard their customers by joining us on the list of members of the Fintech ecosystem at AFPI,” said Finantier’s Co-founder and COO, Edwin Kusuma, in a statement, Friday (8/7/). 2022).

He said that by becoming an official AFPI member, the company would also provide guarantees for P2P lenders (lenders) who wish to use Finantier’s services.

Finantier carries the main product Innovative Credit Scoring which has been registered with the Financial Services Authority (OJK) as a provider of Digital Financial Innovation (IKD) services. This product serves to present secondary data as material for credit analysis.

In the process of working, the Innovative Credit Scoring service will access the required data as an assessment variable. The Innovative Credit Scoring Platform from Finantier will manage data from various sources, especially transaction data which is usually done through digital applications.

Some examples of processed data sources are records of mobile phone credit transactions, PLN electricity payments, purchases of goods in e-commerce, and others. Of course, these data are obtained with the permission of the user.

After the required data is collected, the system will perform analysis and assessment. Here, the platform will utilize technologies such as Artificial Intelligence (AI) and Machine Learning to speed up the process.

Then, the results of the analysis will be displayed by giving scores to prospective customers according to predetermined criteria

Apart from Innovative Credit Scoring, Finantier also has three other products, namely Income and Identity Verification, Account Aggregation, and Recurring Payment. The four products can be applied to various use cases in many financial services.

Push to Accelerate Financial Inclusion

Financial inclusion involves providing access to a variety of safe, convenient and affordable financial services for disadvantaged and other vulnerable groups.

People who fall into this category include low-income people, rural residents, and people who have not been served by the formal financial sector (unbanked).

With the Innovative Credit Scoring product feature in the Open Finance ecosystem, this financial inclusion mission can be achieved more quickly.

The reason is, Open Finance opens up opportunities for people in the unbanked category to gain access to various financial services such as providing credit or loans.

The inclusion of Finantier in the ranks of AFPI members means that all operations carried out by Finantier will be following the standards and certifications that apply at AFPI.

That way, financial services or fintech that will use Finantier products do not need to doubt the validity of the features in it. This is because every AFPI member has been confirmed to agree with the OJK rules and is strictly forbidden to violate them.

There are currently 102 members, according to the official website. This number is certain to increase in line with the development of the digital economy which is estimated to continue to grow to IDR 4,500 trillion in 2030.

In addition, in carrying out the mandate from OJK, APFI certainly has responsibilities and uses. In general, AFPI’s duties and functions include serving as a liaison between national and international fintech institutions

Then as a policy-related research institute; organizer of special Fintech events for implementing members; become a means of complaint; supervising Fintech implementers; and active participants in collaborating in every activity that promotes fintech progress.

Fintech and Crypto Apps Grow 1.74 Billion Downloads

The market of fintech app has shown continuous growth in recent years globally. Since the Covid-19 pandemic, the growth rate of fintech applications has been increasing.

This is according to a report titled State of Fintech and Crypto Apps 2022 from the mobile application market research company Sensor Tower.

According to the report, worldwide fintech app downloads exceed 6.1 billion in 2021. That represents a 25.2 percent year-over-year increase.