Chinese Fintech Service WeCash Enters Indonesian Market

Chinese fintech service WeCash, which focuses on developing consumer credit data evaluation products, detection fraud, and consumer lending, entered the Indonesian market by cooperating with JAS Kapital and Kresna Investments. This is WeCash's second expansion step in Southeast Asia after previously being present in Singapore.

Company j between these three parties named PT Digital Tunai Kita (DTK) which will cooperate with banks and multi-finance companies to provide loans with a wider reach. In business model, DTK is similar to MoneyFriend because the source of loan funding does not come from the general public.

"We are excited about the opportunity to contribute to Indonesia's fintech ecosystem and partner with Kresna Investments and JAS Kapital. Both are among those who excel in banking, finance and fintech," said Chief Strategy Officer WeCash James Chan.

JAS Kapital is an e-money service manager Mandiri E-Cash, while Kresna Investments' latest adventure is helping the Ranch Market management group (Supra Boga) set up a service online groceriesGo to Supermarket.

With the support of WeCash technology and local knowledge, JAS Kapital and Kresna Investments are expected to accelerate the financial inclusion program promoted by the government and reach those who have had difficulty obtaining direct loans from formal financial institutions, such as banks.

DTK will be led by Director and CEO James Chan and COO Andry Huzain. Kresna Investments Managing Director Jahja Suryandy is the President Commissioner of DTK, while WeCash Co-Founder and CEO George Zhi is on the Board of Commissioners.

According to Jahja, in 2015 Indonesia's financial consumption level reached $18.8 billion (more than 250 trillion Rupiah) and became $19.2 billion in the first four months of 2016.

WeCash which was founded in 2014 has raised a total of $26,51 million (355 billion Rupiah) in two rounds.

"DTK will help us bring various types of financial services from banking and multi-finance partners into the hands of tens of millions of Indonesians," concluded JAS Kapital Co-Founder Izak Jenie.