Jakarta, March 30, 2023 – KoinWorks launched its first Impact Report entitled “Leveling Up Beyond Finance” which reveals the startup’s track record for sustainable business practices and its roadmap for its environmental, social, and governance (ESG) commitments. Among its ambitious goals for the future, KoinWorks also announces its aspiration to become the most impactful fintech in Southeast Asia.
Benedicto Haryono, CEO and Co-Founder of KoinWorks shared, “The business model of KoinWorks has always put inclusion and social impact as a priority. Our newly launched Impact Report is an important step toward our impact goals. As we build an inclusive digital ecosystem, we want our partners, shareholders, and users to have access to the viable strategies and best practices we have employed.”
The Impact Report launch event was attended by relevant stakeholders, including Danang Sri Wibowo, acting Assistant Deputy for Cooperatives and MSMEs Coordinating Ministry for Economic Affairs; Humprey, Chief of Strategic Office Wifkain; and Avina Sugiarto, Partner at East Ventures, who also joined as speakers in the talk show. With the discussion centering on how KoinWorks has set a viable and inspiring example for successful ESG efforts with MSMEs via its newly launched Impact Report, the speakers delved into how government and the private sector synergizing its priorities would bolster Indonesia’s inclusive and sustainable economic development.
Mr. Danang shared how MSMEs play an important role in creating inclusive and sustainable economic development. “MSMEs are an important pillar of the Indonesian economy. To realize a sustainable economy, innovation for MSMEs is certainly needed, and inclusive collaborative efforts should be implemented with a validated business framework,” he said.
KoinWorks First Impact Report
By commissioning its own impact report, KoinWorks ensured that the impact benchmarks are clear, relevant, measurable, and with stringent policies for data security. “We adopted the international standard of ESG frameworks for startups because we want to express our sustainable literacy and financial inclusion the same way as the global community, so we can work with unified goals for our shared future,” said Angelique Timmer.
Angelique added that, “KoinWorks will become more adept at ESG-focused innovations and attract investment capital to support our efforts in order to improve the environment and society in Indonesia while maintaining business growth.”
Besides highlighting KoinWorks’ impactful returns, East Ventures, one of the early investors of KoinWorks, believes that this Impact Report showcases KoinWorks’ significant contribution in creating and supporting sustainable digital economic growth.
“KoinWorks shows how technology can support financial access, especially in solving the problems faced by MSMEs, such as limited access to capital. We are thrilled to have KoinWorks, as one of our portfolio companies, in launching the Impact Report. KoinWorks presented a positive record of its commitment to open access to financial services and empower the nation in achieving financial inclusion,” said Avina Sugiarto, Partner at East Ventures.
Collaboration with partners has also been one of KoinWorks’ essential approaches to creating more comprehensive solutions to serve the underserved segment. A prime example for creating impactful growth is KoinWorks’ collaboration with Wifkain, a manufacturing-as-a-service platform for fashion factories and brands, to provide supply-chain financing.
“We always look for ways to support our factory partners and fashion brands, so we really appreciate being able to work together with KoinWorks, who shares the same mission as us, through supply-chain financing. With this facility, our partners and clients can manage their cash flow better, particularly in relation to textile procurement, manufacturing, and logistics,” said Humprey.
Going forward, KoinWorks aims to be carbon neutral and encourage MSMEs to have a sustainable and environmentally friendly business model. KoinWorks also aims to achieve the Golden Certificate Cerise, an international standard guide for consumer protection, as one form of its commitment. By 2025, KoinWorks aims to have more than 2 million MSMEs join their inclusive digital ecosystem and achieve a better percentage for representation with a commitment to having at least 40% gender diversity within the company.
KoinWorks 2022 Impact Report “Leveling Up Beyond Finance” has been published and can be accessed via koinworks.com/impact-report-2022.
