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Online loans for the underbanked

Khairani Afifi Noordin
Khairani Afifi Noordin7/17/2017 08:00 AM GMT+08  • 7 min read
Online loans for the underbanked
SINGAPORE (July 17): In 2013, Aidil Zulkefli was running his first financial technology (fintech) start-up called Kreditaja.com, a financial product comparison portal. One of the most common complaints the former Indonesian lawyer received was how difficu
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SINGAPORE (July 17): In 2013, Aidil Zulkefli was running his first financial technology (fintech) start-up called Kreditaja.com, a financial product comparison portal. One of the most common complaints the former Indonesian lawyer received was how difficult it was for people to get loans because financial institutions imposed very specific, inflexible and stringent requirements.

“Indonesia is home to more than 250 million people and, of this number, 203 million earn between US$150 [$207] and US$300 a month. However, 78% of the population remains unserved by the mainstream financial institutions. Just imagine how big the country’s underbanked population is,” says Aidil.

When he crunched the numbers, he discovered that the microlending market was 4% (US$11.6 billion) of Indonesia’s commercial lending market and it was dominated by traditional microfinance institutions. So, he founded UangTeman, which literally means “money friend”, to provide safe and transparent financial relief for underbanked Indonesians.

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