February 29, 2024

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Fintech Empowering Indonesia’s Fisheries Sector

Image credit: www.efishery.com

An Indonesia-based financial technology start-up (fintech lending) partners with a tech-based company in the fisheries sector to empower SMEs in the country.

The companies said that the collaborated service is neobank or digital banking with artificial intelligence (AI) based credit scoring engine, a fully digital underwriting process, access to funding, and a supply chain digitisation platform. The service allows SMEs to conduct supply chain transactions online while receiving specific recommendations for financing and banking products.

Fish breeders can focus on improving cultivation technology, while the fintech company’s solution will be utilised to accelerate their business from day one. The fintech start-up will strengthen the Kabayan or Kasih, Pay Later programme from its partner’s funding campaign. Kabayan is a programme to purchase aquaculture needs such as feeding equipment and fish feed, with a tenor system. In this case, the fintech start-up provides direct loan facilities to farmers through the Kabayan feature.

The tech-based fisheries company said that fish farmers have had difficulties in obtaining financing because business patterns are considered to provide uncertain risk. Whereas with the right approach, the fish farming business can be very profitable.

This is the first platform to integrate operational digitisation solutions with financing and banking products targeted for SMEs in emerging markets. SMEs can easily perform supply chain transactions online while receiving specific recommendations for financing and banking products seamlessly through the platform.

Through data and technology, the fisheries tech company can connect farmers with financial institutions and open access for fish cultivators to finance. This collaboration is expected to be able to provide support for cultivators to increase their cultivation business and in the end, the fisheries industry can be more productive through real financial inclusion.

According to the Directorate General of Fisheries and Aquaculture, the COVID-19 pandemic has negatively impacted the margins of fish and shrimp farmers by 20 to 30% due to lower retail prices and increased costs. This situation harms fish farmers who need more capital to buy fish feed while market consumption is decreasing.

The government, through an accelerated programme to increase aquaculture production and linkage fisheries, is trying to revitalise this industry. The tech-based fisheries company, with its aquaculture acumen, and the fintech start-up, with its supply chain digitisation and banking and financing solutions, have a unique role to play in supporting these government goals.

As reported by OpenGov Asia, people in Indonesia are turning to digital services during the COVID-19 pandemic, one of which is non-cash payments. Financial technology companies saw a 267% increase in the number of users.

Growth marketing experts of these companies said the number of users in Indonesia was more than 10 million per month during the fourth quarter of 2020. Companies recorded an increase in the number of users. According to them, there is a substantial addition of new users throughout 2020.

In total, the application for a specific fintech service is already used on 115 million devices. They believed that the number of users increased because people switched to digital services during the pandemic. They also recorded an increase in the number of partner merchants by 95% on an annual basis (year on year/YOY) last year.

As digital payment platforms, these fintech companies encourage MSME players to digitise, especially adopting digital payment methods. They said that their companies saw that there was a great potential for MSME players to enter the digital realm. These are also in line with the targets of the Ministry of Cooperatives and SMEs. The Ministry is targeting 30 million MSMEs to enter the digital market by 2023.

PARTNER

Qlik’s vision is a data-literate world, where everyone can use data and analytics to improve decision-making and solve their most challenging problems. A private company, Qlik offers real-time data integration and analytics solutions, powered by Qlik Cloud, to close the gaps between data, insights and action. By transforming data into Active Intelligence, businesses can drive better decisions, improve revenue and profitability, and optimize customer relationships. Qlik serves more than 38,000 active customers in over 100 countries.

PARTNER

CTC Global Singapore, a premier end-to-end IT solutions provider, is a fully owned subsidiary of ITOCHU Techno-Solutions Corporation (CTC) and ITOCHU Corporation.

Since 1972, CTC has established itself as one of the country’s top IT solutions providers. With 50 years of experience, headed by an experienced management team and staffed by over 200 qualified IT professionals, we support organizations with integrated IT solutions expertise in Autonomous IT, Cyber Security, Digital Transformation, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.

Well-known for our strengths in system integration and consultation, CTC Global proves to be the preferred IT outsourcing destination for organizations all over Singapore today.

PARTNER

Planview has one mission: to build the future of connected work. Our solutions enable organizations to connect the business from ideas to impact, empowering companies to accelerate the achievement of what matters most. Planview’s full spectrum of Portfolio Management and Work Management solutions creates an organizational focus on the strategic outcomes that matter and empowers teams to deliver their best work, no matter how they work. The comprehensive Planview platform and enterprise success model enables customers to deliver innovative, competitive products, services, and customer experiences. Headquartered in Austin, Texas, with locations around the world, Planview has more than 1,300 employees supporting 4,500 customers and 2.6 million users worldwide. For more information, visit www.planview.com.

SUPPORTING ORGANISATION

SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister​ of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.

PARTNER

HashiCorp provides infrastructure automation software for multi-cloud environments, enabling enterprises to unlock a common cloud operating model to provision, secure, connect, and run any application on any infrastructure. HashiCorp tools allow organizations to deliver applications faster by helping enterprises transition from manual processes and ITIL practices to self-service automation and DevOps practices. 

PARTNER

IBM is a leading global hybrid cloud and AI, and business services provider. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Nearly 3,000 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity and service.

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