UangTeman Immediately Reopen Credit Distribution, Prepare Sharia Products

At the end of 2018, online loan platform MoneyFriend (PT Digital Alpha Indonesia) has stopped lending in a planned manner in 13 cities other than Jabodetabek. Starting at the end of March 2019, the process disbursement will reopen gradually, starting in 5 cities first.

To DailySocial, SVP Corporate Affairs of UangTeman Adrian Dosiwoda said the temporary suspension was part of the company's plan. Mentioned application credit scoring which has been using mobile phone customer data is considered no longer appropriate and is considered disturbing the user's privacy.

"For that reason we were finally forced to stop the process disbursement in 13 cities that directly affect our business portfolio by up to 60%. However, after all our processes have been adjusted, we are optimistic that the end of March 2019 disbursement We will reopen," said Adrian.

After the reopening of services outside Jabodetabek, the company will implement a process automated credit scoring which is claimed to be more accurate and minimizes the manual checking process for lending.

In the initial checking process, a number of digitized steps, such as E-KYC and digital signatures will be applied.

"We still carry out the survey process for certain cases. But for those who have track record and a good credit record can directly register without going through a survey," said Adrian.

Meanwhile, to facilitate the loan process for borrowers who have a good portfolio, UangTeman will also release the Virtual Credit Line feature. With this feature, customers who have a large enough limit can take their credit in stages or partially without having to repay their previous ongoing loan.

To support this year's plans, UangTeman hopes to complete further fundraising, which is scheduled to be finalized at the end of March.

Previously, UangTeman received Series A funding of $12 million in August 2017. Investors involved include K2 Venture Capital and Draper Associates.

"We also have plans to add more teams, including the IT team, human capital to marketing. The goal, of course, is to increase the number of new users. In UangTeman's own mostly borrowers is repeatborrowers, said Adrian.

Sharia products in Q4

To meet consumer needs, especially from SMEs, UangTeman also plans to release sharia products in the fourth quarter of this year. Later online sellers (online merchants) who have businesses in various marketplace services can apply for sharia-based productive loans.

"UangTeman itself has always been a conventional loan. Why did we finally enter the sharia market so that we could focus on productive financing. In contrast to cash loans, in sharia the contract is profit sharing the model, so it must be given to users who have businesses," said Adrian.