Wecash enters Indonesia through JV with Kresna Investments

China’s Wecash Group has entered the Indonesian market by way of a joint venture (JV) – PT. Digital Tunai Kita (DTK) – with Indonesian firms PT JAS Kapital and PT Kresna Usaha Kreatif, a subsidiary of PT Kresna Graha Investama Tbk (Kresna Investments).

The JV was launched by Wecash (Southeast Asia) Pte. Ltd., the Singapore-based Southeast Asian arm of Wecash, which uses big data and machine learning to evaluate consumer credit, detect fraud and co-underwrite consumer loans.

This is Wecash’s second foray into international markets and its first in Southeast Asia after setting up its regional headquarters in Singapore, following on  its recent entry into Brazil.

According to a Wecash representative, the company has “developed and honed its lending robot to convert data and capital into cash flow and profits for our funding source partners”, while also enabling consumers to improve their lives through responsible credit.

Wecash Chief Strategy Officer James Chan said, “We are delighted to have the opportunity to contribute to Indonesia’s fintech ecosystem and partner with Kresna Investments and JAS Kapital, both of whom I consider to be leading players in their respective fields in banking, finance and fintech.”

This JV will see the use of Wecash’s technology platform and co-underwriting engine with JAS Kapital’s and Kresna’s market knowledge and local know-how in banking, finance and fintech.

Through the JV, DTK aims to improve financial inclusion and expand its pool of Indonesian consumers through responsible credit.

In providing better financial services to the “missing middle” and beyond through mobile internet, big data and machine learning to the Indonesia archipelago, DTK will work closely with funding sources such as banks and multi-finance companies, as well as loans collection companies to improve the risk-pricing and accessibility of unsecured cash and white goods loans, while decreasing non-performing loans and improving collections.

Jahja Suryandy, Managing Director of Kresna Investments, will serve as DTK’s President Commissioner.

“In 2015, Indonesia’s consumer finance levels were more than $18.8 billion, rising to over $19.2 billion in the first four months of 2016. I am heartened by the growing trend of multi-financing and credit options in Indonesia and believe that the increased financial inclusion provided by DTK can only be more empowering for middle-class Indonesians,” Suryandy said.

The DTK team will be led by its Director and CEO James Chan and COO Andry Huzain, while George Zhi will serve as Commissioner. Apart from growing its Indonesia team, the company is in talks with banks and multi-finance companies and expects to launch its consumer-facing product soon.

Also Read:

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.