Cuan Ala Platform Fintech Berbasis Keuangan Mikro
Djoin, startup fintech berbasis di Bali, mengumumkan pendanaan awal dari 500 Global. Investasi ini dinilai akan mempercepat kinerja Djoin ke depan.
Sebelumnya pada pertengahan 2022 lalu, Djoin juga mengumumkan perolehan pendanaan angel round dari investor yang tidak disebutkan.
Bagaimana ekspansi Djoin ke depan? Seberapa menarik peluang cuan yang bisa diserap pasca pendanaan?
Sebelumnya pada pertengahan 2022 lalu, Djoin juga mengumumkan perolehan pendanaan angel round dari investor yang tidak disebutkan.
Bagaimana ekspansi Djoin ke depan? Seberapa menarik peluang cuan yang bisa diserap pasca pendanaan?
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TVTranscript
00:00Thank you for joining us at CreateUp, and this time we're going to talk about Chuanala Platform, a fintech-based micro-finance platform.
00:13We're joined by Mr. Farzika Surono, Co-Founder and President at JoinID. How are you, Mr. Farzika?
00:21I'm good, thank you for having me.
00:25Thank you for joining us at CreateUp, and this time we're going to talk about the needs of micro-finance institutions to transform or digitize.
00:35What are the needs so far?
00:38That's an interesting question.
00:40So, if we look at it, a lot of people are sceptical about whether micro-finance institutions are needed in Indonesia.
00:48But, if we look at the data from the Ministry of Cooperation, for example, the number of cooperations in Indonesia has always increased by 5-10% since the last 10 years, outside of the years of COVID-19.
01:03So, this is an indicator and also an answer that micro-finance institutions are still very much needed, especially in the grassroot communities in Indonesia.
01:16Be it cooperation, loan-keeping cooperation, village credit institutions, then bundes, and various other micro-finance institutions in Indonesia.
01:28Well, if we look at the challenges or needs for them to transform, there are actually two main challenges.
01:38First, how can these micro-finance institutions provide faster and more efficient services to their members?
01:47Because, of course, this is the benchmark for the success of these micro-finance institutions to be able to guide more members.
01:55The second challenge is, how high is the credit match rate in LKM right now?
02:01So, we can see browsing everywhere, credit match rate here, credit match rate here.
02:07And this is actually the basis of why JOIN was formed a few years ago.
02:15Okay, in doing a transformation, what is needed by a micro-finance institution to transform in the digital era right now?
02:26Yes, based on our experience, there is nothing more important than the commitment to the human resources.
02:36So, we see a lot of micro-finance institutions, cooperatives, bundes, which if you look at it, why is it so small?
02:45RUKO or something like that, but the commitment to the investment of human resources is extraordinary.
02:51When there is an investment in the micro-finance institution, and the willingness and commitment of the micro-finance institution to be able to embrace this technology...
02:59...ultimately makes any service that we offer can be used and can really increase their operational.
03:09So, that's the first one.
03:10So, we do see that if there is a desire for digital transformation, it cannot be denied that the development of human resources is one of the most important.
03:21The second is what we see, what is needed is an accurate digital platform.
03:28I say accurate because a lot of people now offer the super app model.
03:32Wow, there is a super app, whatever.
03:35This super app, this super app, this super app.
03:37But what we see is that these micro-finance institutions have a very different persona.
03:47Of course, they are not like the people in the urban community, for example, who are very beautiful with technology.
03:56So, providing a super app service that is comprehensive, but has a lot of features, sometimes it actually makes them reluctant to adopt technology.
04:08So, they see, wow, it's so complicated, it's better if I just use paper, it's better if I just use paper, or from paper, it's better if I just use Excel.
04:18Because it's not exactly useful, because it's too focused on something that is comprehensive,
04:23in the end, a lot of micro-finance institutions are like, wow, let's do it later, let's do the digital transformation later.
04:31Okay, this is then too complex, in fact, it makes them reluctant in micro-finance institutions.
04:39Okay, what kind of transformation is offered by JOIN to friends in micro-finance institutions, and what are the features in it?
04:49So, JOIN itself offers a digital transformation that is suitable for LKM, for micro-finance institutions.
04:55We focus on two main issues earlier, the first is a problem related to how to promote the ability of micro-finance institutions to provide faster and more efficient services to their members.
05:12For this problem, what we do is we develop a digital banking platform, which we call CoopMax, which has core banking, m-banking, as well as a collector application used by field staff.
05:24The second is how we answer problems related to the ratio of credit match.
05:30We see it ourselves, we have been coming to the field for years, we see it not only in Java, but also in Bali, in NTT.
05:40We see that micro-finance institutions are very difficult to do an effective credit assessment.
05:48Not like in fintech or banks in general, where they say, oh yeah, I have a credit scoring engine or whatever.
05:57In these micro-finance institutions, their credit decisioning process is almost non-existent.
06:04So what happens is, oh yeah, I know Zika, Zika is the son of my co-founder or my mother's father, okay, I'll give it to him.
06:12Without the mother's father, without thinking, oh, this has a KYC implication, there is an implication that he has a credit history elsewhere or not.
06:20So that makes the non-performing loan or the credit match ratio very high in micro-finance institutions.
06:27And finally, we offer the second solution, which is a credit decisioning engine, which we call Kocek.
06:34So this join collects a lot of alternative data that can help micro-finance institutions to improve their credit assessment process.
06:46As well as lowering the ratio of non-performing loans and strengthening their financial stability.
06:51Since we started, we have managed to reduce non-performing loans from our other micro-finance institutions to 56%.
07:04So it is indeed the strength of our credit decisioning engine that can help these corporations manage the credit match ratio even better.
07:16Okay, if I'm not mistaken, there is one more feature that has not been mentioned.
07:20Yes, the third one.
07:21Okay, we will continue the next session, Mr. Zika, and with us, we will be right back.
07:27I am still talking with Mr. Farzika Surono, Co-Founder and also President at Join ID.
07:32There was one more feature that was offered to the users. Please continue, Mr. Zika.
07:39Okay, thank you, Mas.
07:40So one more service that we provide to our clients is how to connect micro-finance institutions with banks or other lenders through our loan channeling service.
07:52So we see that if the risk management is good, if the loan allocation is good, because of the digitalization that we encourage,
08:01then the ability of these micro-finance institutions to get access funding from third parties will be much better.
08:11And finally, we hope to reduce the cost of fund that leads to a decrease in the flow rate given to members of the LKM itself.
08:23In terms of features, you have already mentioned and also in terms of benefits that are felt from the features offered, you have also explained.
08:28What is the model of cooperation with users like?
08:32Buy and sell, or a cooperation contract, or something like that?
08:37We actually have quite a tight partnership with our clients.
08:43There are two schemes that we offer.
08:45The first is software as a service for our digital banking system, for Co-op Max.
08:52The second is a transaction-based model for Co-Check.
08:55Why are there two models like this?
08:57Because our mission is to be able to grow with the micro-finance institutions that become our clients.
09:03With a transaction-based model, we believe that as they grow, as the micro-finance institutions grow, we grow as well.
09:13So we hope they grow, the disbursement increases, the management is better, the credit risk is lower.
09:20Automatically, we also get benefits from that.
09:25That's why we have two models, because our mission is to be able to really grow with the micro-finance institutions.
09:31Okay, so the business model is only limited to that, right?
09:34Selling services in the AAS model.
09:37Correct.
09:38And the transaction-based model.
09:40You have received two series of funding so far.
09:45Can you tell us the story behind this funding?
09:49The story behind the funding is of course very interesting and challenging in the condition, as we know,
09:58startups around the world are facing what we call a tech winter.
10:04So of course we really appreciate the latest funding from FiveHundred Global,
10:10which is also a recognition of the great potential of the solution we offer.
10:15We are also very proud to be able to get this funding when it's tech winter.
10:20And moreover, this is a non-Jakarta startup, right?
10:25Usually startups are from Jakarta, from Harvard, MIT, IT League, etc.
10:33And we see that we are people who also build friends from Bali, East Java, NTT,
10:42so this is really a solution that we hope can also be useful for the Akro Rumput community.
10:46That's why we are very proud to be able to get support from FiveHundred Global for this funding.
10:53The funding will of course be used for future joint expansion,
10:56to provide even better services to the users.
10:59Okay, Mas Zika, there are actually still a lot of questions, but then the time is limited.
11:04Thank you for joining us.
11:06Good luck to you and your friends at JOIN.
11:08You too, Mas.
11:10Stay healthy and see you soon.
11:14And before we end this CREATAP, we will look back at the movement of IHSG,
11:19from the movement in the opening of the C1 store until now,
11:25in 9 more than 28 minutes, when Indonesia is in the West,
11:28IHSG is moving weakly, 0.15% at level 7246,
11:32and also some that are in the TOTGENES list,
11:35such as NES, ISA, TELCOM, MSJA, HARUM, FILM, KPIG, INKO, ITMG, and also TENS.
11:41The top losers so far are AMAN Mineral International,
11:44then there is also SMEL, DOSS, HUMI, BUKA, TSPC, SMRA, BRIS, BP, and also JTP.
12:00Yes, it's been 90 minutes, we are with you in Power Breakfast.
12:03I hope today's discussion can be a reference and source of information for you.
12:07Stay up to date with your information only on IDX channel,
12:09on Trustworthy and Comprehensive Investment Reference,
12:11and don't forget to watch the Market Review program.
12:14It will air at 10 o'clock in the West.
12:17And because the matter of the future must move forward,
12:19I am Investor Saham, I am Wiki Adrian, see you.
12:33Investor Saham
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12:58Investor Saham