Jakarta, 26 January 2023 – KoinWorks is now affiliated with the “Rural Bank Asri Cikupa Karya” (Indonesian: Bank Perkreditan Rakyat – BPR Asri Cikupa Karya) after Benedicto Haryono and Willy Arifin, Co-Founders of KoinWorks acquired the bank.
With the official signing process carried out in September 2022, this strategic step was taken by the co-founders of KoinWorks to develop KoinWorks’ business in the long term and expand KoinWorks’ financing reach to support even more Micro, Small, and Medium Enterprises (MSMEs) in the future. This unique strategy will also further encourage the synergy between BPRs and fintech companies in Indonesia.
“The affiliation between our BPR unit and KoinWorks will greatly help with creating innovations for rural banks to have growth opportunities through participation in the digital economy,” said Benedicto Haryono.
He continued, “It is with every intention that we increase the core capital for the BPR, so it can elevate from BPRKU 1 to a BPRKU 3 rating which will allow for having more products and services to be accessible to the public.”
As the first step, KoinWorks and BPR Asri Cikupa Karya will focus on deposit products. The public can open a deposit account directly at the BPR Asri Cikupa Karya office located in Tangerang Regency, Banten, or through the KoinWorks app which has obtained permission from the Authorized Financial Services as a funding agent.
In January 2023, customers who place deposit funds of 10 million to 2 billion rupiahs with a period of 1, 3, 6, and 12 months will receive interest of 6.25%, according to what is guaranteed by the Indonesia Deposit Insurance Corporation (IDIC). This interest is highly competitive as compared to deposit rates offered by commercial banks.
In addition, this initiative will help KoinWorks gain an in-depth understanding of the behavior and role of rural banks and their customers in this rapidly digitizing financial landscape to help rural banks innovate.
Following the initial digitization of deposit products of BPR through affiliation with KoinWorks, the two companies will continue to create best practices for integrating the banking system with fintech. In the long run, there will be growth opportunities for both parties through participation in the digital economy, and rural banks will benefit from modern principles that will be pivotal to its growth.
