Indonesia’s fintech firm Cermati Fintech Group announced launching a BaaS platform that will embed banking services in e-commerce major Blibli’s website. In a separate development, the central bank in the Philippines has ordered social media platform Lyka to halt its operations until it secures registration as an operator of payments system.
Indonesia’s Cermati Fintech Group launches banking tech platform
Cermati Fintech Group (CFG), one of Indonesia’s integrated financial technology companies, is launching a Banking-as-a-Service (BaaS) technology platform that will embed banking services in e-commerce major Blibli’s website.
The integration of banking services in an e-commerce platform is the first of its kind in Indonesia, the firm said. Cermati has teamed up with digital bank BCA Digital and Blibli for the offering that will embed banking services in addition to insurance and BNPL services.
The integration within Blibli will allow users to open an account, transfer funds, or make an app and QRIS payment, without the need to download or switch to another app, CFG said in a statement.
Last year, Cermati partnered with Blibli to launch Blibli Paylater, a BNPL-as-a-service powered by Indodana.
“It’s a natural progression to expand the partnership with Blibli, through partnership with BCA Digital, to offer banking services… Embedding banking services within one of the largest e-commerce ecosystem is the manifestation of our commitment to leveraging technology in increasing financial inclusion in Indonesia,” said CFG CEO Andhy Koesnandar.
CFG owns and operates a group of fintech companies that serve over 20 million Indonesians. Cermati.com, for instance, is the highest-trafficked financial marketplace in the country.
PH central bank orders Lyka to halt operations
The central bank of the Philippines has ordered social media platform Lyka to suspend its business as an operator of payments system (OPS) pending the necessary registration.
Lyka is a popular app in the Philippines owned by a Hong Kong-based company that allowed people to earn Lyka GEMs or gift cards in electronic mode for posting, sharing, and liking content. These GEMs could be used to purchase goods.
However, the Monetary Board of the Bangko Sentral ng Pilipinas said these activities make Lyka an OPS and thus is required to register with the central bank.
BSP Governor Benjamin Diokno said the BSP ordered Lyka to suspend its activities as an OPS and invited the company to apply for registration before it can be allowed to continue with its activities.
Lyka’s marketing arm in the Philippines, Digital Spring Marketing and Advertising Inc, said it is continuously communicating with the BSP regarding its OPS application. It added that the firm will continue to fulfill its obligations with its partner merchants in the country.