OCBC Bank issued a statement on Tuesday (June 4) saying that this is the first time Ant International has cooperated with commercial banks in Indonesia. The two sides expect the cooperation to benefit thousands of Indonesian small and medium-sized enterprises in the coming years.
According to data from the municipal research agency Mordor Intelligence, the Indonesian e-commerce market is growing rapidly, with the total transaction volume expected to grow from US$58.4 billion (S$75.3 billion) in 2024 to US$95.8 billion (S$123.5 billion) in 2029.
This cooperation also continues OCBC's layout in the field of SME Embedded Financing. Since the launch of this plan in Singapore and Malaysia in 2023, banks have issued nearly 200 million yuan in loans to hundreds of companies by the end of 2024.
According to the statement, the cooperation will combine OCBC's long-term business in Indonesia, in-depth understanding of SMEs and customer franchise rights, as well as Ant International's capabilities in alternative data modeling, dynamic credit strategies and automated credit decision-making, to provide differentiated financing services to SMEs in the digital ecosystem.
OCBC Bank (OCBC) and Ant International will launch embedded financial services for small and medium-sized enterprises in Indonesia to promote the financial inclusion process in this important Southeast Asian digital economy.
The statement said that more than 90% of the merchants currently serving are small and micro enterprises. In recent years, the company has continuously developed artificial intelligence-driven financial and credit solutions to broaden financing channels for small businesses.