Xendit, an Indonesia-based financial technology company that provides payment solutions, said Thursday it has made a strategic investment in Bank Sahabat Sampoerna, an Indonesian private bank that focuses on micro, small and medium-sized enterprise (SME) businesses, as well as banking-as-a-service for technology-enabled businesses.
Through this strategic investment, Xendit will be Bank Sampoerna’s technology partner to develop world- class technology infrastructure and continuously enhance Bank Sampoerna’s internal processes and existing product offerings, both parties said in a statement.
Both Bank Sampoerna and Xendit will continue to run independently, with no changes to existing products and services, it added.
It also said they will work together to set a long-term strategic direction.
“Xendit and Bank Sampoerna have been partners since the early days of Xendit in Indonesia. With this investment, Xendit is proud to be able to support Bank Sampoerna in developing the bank’s digital infrastructure and continuously contributing to the nation’s digital economy’s growth” said Moses Lo, Chief Executive Officer and Co-Founder of Xendit.
Meanwhile, Bank Sampoerna Chief Executive Officer Ali Rukmijah said that collaboration has been a central point of Bank Sampoerna in serving the micro and SME businesses.
“Support from Xendit certainly will leverage our service capabilities. The enhancement will come in terms of the service capacity, coverage, and not less importantly, quality and innovation,” he said.
Xendit is a financial technology company that provides payment solutions and simplifies payment processes for businesses in Indonesia, the Philippines and Southeast Asia, from micro, small and medium enterprises (MSMEs), startups, e-commerce to large corporations.
It enables businesses to accept payments, run marketplaces and more, through an easy integration platform backed by 24-hour customer service. Amidst Southeast Asia’s fragmented payments landscape, it enables businesses to accept payments from direct debit, virtual accounts, credit and debit cards, eWallet, QRIS, retail outlets and online installments.
By building a digital payments infrastructure in Southeast Asia, Xendit is driving digital transformation in the region by addressing the access, reliability and regulatory needs to enable more businesses to thrive.
As the first Indonesian startup to qualify from YCombinator and supported by global investors and venture capital firms in the Southeast Asia region, the company supports the fastest growing brands in Southeast Asia including Traveloka, Wish, and Grab.
Bank Sampoerna is a private bank that focuses on developing micro and SME businesses through digital technology. It is supported by two notable shareholders: the Sampoerna Strategic Group through PT Sampoerna Investama and the Alfa Group through PT Cakrawala Mulia Prima.
Having a network of 21 branches in major cities, Bank Sampoerna has established a strategic partnership with KSP Sahabat Mitra Sejati, which has a network in 28 provinces throughout Indonesia.
Built upon the GPN network and cooperation with the Prima and BERSAMA networks, Bank Sampoerna customers can use ATM services and EDC machines managed by any bank. IT continues to carry out digital transformation and collaborates with various partners, including FinTech, to support and develop the digital financial ecosystem.
For many years, the bank has continued to innovate and take the initiative to develop innovative banking transaction services by optimizing technology in various digital products and services. It is done through technical integration and different formats the bank provides.