Indonesian lender PT Super Bank Indonesia (Superbank) has partnered microfinance technology platform PT Amartha Mikro Fintek (Amartha) to offer working capital loans to women micro-entrepreneurs in Indonesia.
The duo said in a statement that Superbank has reaffirmed its commitment to expanding access to inclusive financing for underbanked communities in Indonesia through the strategic partnership with Amartha.
This collaboration aims to tap into the potential of over 1 million women micro-entrepreneurs currently served by Amartha, providing them with the working capital loans they need to fuel the growth of their business.
Cited data from the Cooperatives and Small and Medium Enterprises Ministry, along with the Women’s Empowerment and Child Protection Ministry, the statement noted that Indonesia is home to more than 64 million micro, small and medium enterprises (MSMEs), contributing up to 60 percent of Indonesia’s gross domestic product (GDP).
Notably, 52.9 percent of the micro businesses and 50.6 percent of the small businesses are led by women, underscoring the pivotal role of women in driving the growth of the nation’s economic development.
“As a newly transformed digitally-focused bank backed with one of the most extensive ecosystems in Southeast Asia, we are committed to bridging the financial gap for underbanked communities to improve the welfare of more Indonesians,
“This strategic partnership with Amartha is specifically designed to empower women micro-entrepreneurs,” said Sukiwan, Chief Business Officer of Superbank.
By providing access to safe and trusted financing solutions, he believes the firm can uplift women-led micro-entrepreneurs businesses and unlock their full potential.
Highlighting the importance of catering the segment’s needs, the statement also noted that the Finance Ministry data revealed that over 95 percent or more than 6.4 million borrowers of the government’s ultra-micro financing (UMi) program are women entrepreneurs.
“Amartha realizes that achieving equitable access to inclusive financial services requires a lot of collaboration, one of which is what we are doing with Superbank,
“Through this partnership, we can combine technology assets and expertise to simplify the loan application process, making it more efficient and accessible for ultra-micro entrepreneurs in Indonesia,” said Julie Fauzie, Chief Funding Officer of Amartha.
She also said Amartha is optimistic that this collaboration can have a sustainable impact on grassroots MSMEs, and serve as an inspiration for other institutions to collectively promote grassroots economic growth through inclusive financial access.
It is also noted that the partnership aligns with Superbank’s dedication to further bolstering the growth of MSMEs as the backbone of the national economy.
“We will continue to innovate and collaborate with partners such as Amartha to further our contribution in the development of the MSME sector and empower underbanked communities with inclusive and relevant financial solutions,” Sukiwan concluded.
Superbank is a bank that’s currently transforming into a digital-based services bank.
The bank is the new brand that replaces PT Bank Fama International, a commercial bank that was founded in Bandung, 1993 which was taken over by the EMTEK Group, Grab and Singtel in 2021.
As a newcomer in the Indonesian digital banking sphere, Superbank aims to expand access to credit for MSME customers in managing their businesses, provide innovative solutions for retail customers, and foster collaboration through the industry’s extensive ecosystem.
Amartha was established in 2010 as a microfinance company. In 2016, the firm transformed into a financial technology company and was licensed under the supervision of the Financial Services Authority.
Amartha is a prosperity platform company that aims to bring inclusive digital financial services to grassroots communities through technology, inclusivity, and sustainability.
Amartha has disbursed the working capital of more than 12 trillion rupiahs ($790.67 million) to over 1.6 million women-led small and medium-sized enterprises (SMEs) in 42,000 villages in Indonesia.
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