Traveloka Releases Gold Savings Feature, Strengthens Fintech Business

Traveloka invites Pegadaian to launch a new financial product, namely gold savings. This service is considered to have the potential to boost transactions. VP Marketing Financial Services & Transport Traveloka Andhini Putri said, Pegadaian Gold Savings is available and can be accessed through the Traveloka application.

Users can use this new product in the Financial category. Through this new product, users can save gold starting from Rp. 10 thousand. Transactions or purchases can be made through bank transfers, internet banking to Traveloka’s payment service, UANGKU.

Users can withdraw cash or withdraw savings from more than 150 Traveloka banking partners. Users can also choose to print physical gold at the Pawnshop.

“It’s hoped that it will not only make it easier for people to meet their needs, but also encourage the financial literacy and inclusion, which is one of the government’s focuses,” he said in a virtual press conference, Friday (11/5/2021).

Users can Score Physical Gold

Users can also print gold that they already own into physical gold, which will be handled directly by Pegadaian, with a printing fee that adjusts to the denomination of the size of the gold and the type of gold print.

Later, physical gold can be collected at all Pegadaian branch offices. Pegadaian Senior Vice President of Gold Products Division, Luh Putu Andarini, said that saving gold digitally has recently experienced positive growth.

“This is evident from the number of active Gold Savings customers which grew 36 percent year-on-year (yoy) throughout 2020,” he said. Putu believes that collaboration with Traveloka will be able to improve the company’s digital gold business performance.

“This collaboration is in line with our company’s focus on being able to expand access to trusted digital gold investment services to the public and especially those targeting millennials,” he said.

Andhini said Traveloka developed a gold savings product because of its great potential. According to him, gold is one of the investment instruments with low risk and stable asset values.

Gold is also suitable for novice investors, especially millennials and Gen Z. “We believe that using the right technology can expand people’s access to investment instruments, including gold. This is what underlies us to partner with Pegadaian,” he said.

Traveloka President Caesar Indra added, Traveloka developed gold products to expand the scope of financial services. “As part of the lifestyle,” said Indra.

Traveloka Has Provided A Number of Financial Services

In the Indonesian market, Traveloka provides a number of financial services, such as UANGKU, pay later or paylater, wealth management to insurance. For paylater products, Traveloka collaborates with Bank Rakyat Indonesia (BRI).

This unicorn has disbursed loans of IDR 556.8 billion as of June. The number of users penetrated 49,053 people with an outstanding of IDR 433.7 billion. 

Traveloka’s efforts to develop the financial business are in line with the plan to list its initial shares to the public or IPO next year. However, Traveloka reportedly canceled talks about the IPO through a ‘blank check’ company aka SPAC Bridgetown Holdings Ltd. 

“Traveloka’s board of directors has decided not to proceed with the IPO through SPAC,” said several sources familiar with the matter, quoted from Bloomberg, on September (6/9).

“That’s because the enthusiasm in the SPAC market has waned,” said those who did not want to be named because the discussion was a private matter.

However, a Bloomberg source said that Traveloka could review talks with Bridgetown and other ‘blank check’ companies. “If the market recovers,” he said. “Both sides will continue to monitor the situation in the coming weeks.”

Traveloka has been in talks with Bridgetown since around April. Bloomberg reports that the merger agreement between the two could result in a valuation of around US$ 5 billion if it materializes. 

This special purpose acquisition company was previously reported to have discussed with Tokopedia for a merger. However, Tokopedia instead merged with Gojek and formed a new entity called GoTo.