Moxa's “Digital Venture” Hypothesis Combines Astra and Non-Astra Ecosystems

One more year Moxa, digital ventures from the Astra Group, debut to the public. Now they are strengthening their identity as a model for the group as an open ecosystem, which means opening up opportunities for collaboration with solutions outside of Astra in an effort to increase the penetration of financial literacy in Indonesia, which is still small.

Positioning not only as a platform wealthtech, Moxa wants to prove the hypothesis that has been compiled above, through collaboration with the Astra Financial and non-Astra ecosystems, being able to open access to financial products to more people.

When compared, Moxa's position is different from most subsidiaries under Astra Financial. Moxa, like Tokopedia, does not have a product, only a platform that provides a variety of financial products supplied by groups and non-groups. Even compared to players fintech else, nothing is exactly the same. CheckAja and Pay attention it focus on site website and financial product comparisons.

“In the group actually already open ecosystem, but in retail it's not that open yet. There isn't any yet platform-its, while Moxa as a highly retail financial platform and open to collaborate. The platform offers buying power, with Astra Financial, everyone has purchasing power with their own capacities and risks. This will be a distinct advantage," Moxa CEO Daniel Hartono told DailySocial.id.

Currently, there are 27 financial products available at Moxa, ranging from life and general insurance, financing without and with collateral, cash loans, rentals, car and motorbike financing, Umrah and Hajj trips, and others.

The majority of these products are provided by 12 subsidiaries under Astra Financial, such as FIFGROUP, TAF, ACC, Astra Life, and Astra Insurance. Outside the group, currently working with Bank Permata, Baznas, Dompet Dhuafa to provide Sharia features available in the separate Moxa Mabroor application.

However, in series consumer journeys Moxa, searching for financial products as part of their daily lifestyle is not a common thing for Indonesians. It is very difficult to find people who want to buy insurance products, for example, as part of their lifestyle. So Moxa's next job is to improve daily usage from users to want to continue visiting Moxa, until finally a person's financial life cycle develops.

Learning from these conditions, Moxa recently started tweak proposition by presenting printer products traffic high which serves to increase daily usage. Some are already underway and many more are in the pipeline. One of them is inserting a function E-commerce offers electronic products from FIFADA, products E-commerce installments without a credit card belonging to FIFGROUP.

Since this feature was released, it is claimed to be able to increase the number of visits to Moxa until it is in third place, after motorbike installments and opening digital accounts. To shop using this feature, consumers can use the facility paylater provided by MauCash, or pay with AstraPay e-money or payment gateway as one of the options.

“We want to improve daily usage. Currently Moxa has car and motorbike insurance, which it doesn't daily usage. FIFGROUP which has an integrated catalog e-commerce-it's on Moxa. But Back-end still using FIF, we are trying to use our back-end so that the consumer experience is better seamless pattern," said Daniel.

In the future, we will release investment product features, starting from mutual funds, gold, shares and others. Currently, only gold investment products are available which are provided by AMITRA, a sharia financing company from PT Sharia Multifinance Astra and which is part of FIFGROUP. His party will look for partners who are competent in providing this investment product. Partnerships with non-Astra will also continue to be added to other financial products.

This different approach is based on internal company data which found that Moxa users come from the age group of 18-35 years. That is, the group is first jobber, who is accessing financial products for the first time because he wants to pay his first item in installments from the salary he earns. In sharp contrast to the profile of consumers at Astra Financial who are aged 35 years and over, the majority have taken out at least motorbike and car installments.

"So for capture new consumers, the product cannot be compared with the current Astra product because it is not compatible. That's why we focus on opening accounts, savings, e-commerce, investment, when this segment is ready financial lifecycle"It will go up and be served by Astra."

It is claimed that the number of Moxa application downloads has reached more than 14 million, with monthly active users (MAU) in the range of 1,3 million-1,4 million people. User locations are dominated in West Java and Jakarta, the rest are spread throughout Indonesia.

Enter sharia services

One thing that is interesting about Moxa is its seriousness in working on the sharia market, by releasing a separate application, Moxa Mabroor, at the beginning of this year. So far the application is still in a trial version beta, while preparing all aspects of compliance in order to obtain a business license with sharia principles from the regulator.

Daniel revealed that the reason why he specifically worked on this market was because there was no application in Indonesia wealthtech which really provides complete financial solutions, aka half-and-half. Even before it was taken seriously, the party conducted internal research with consumers. The results concluded that even though the percentage was less than 50%, it turned out that consumers were interested in sharia products, but wanted this product to be separate from the main Moxa product.

The main issues regarding this sharia-based financial product are not many, they are also scattered. At Astra Financial itself, all business lines already have sharia products, their competence has also been proven. This is an opportunity for Moxa to work on it.

“But our responsibility cannot be pure business, must build sharia literacy. So before launch we strengthen the literacy base, both in terms of content and so on. We still have a lot to prepare beforehand launch official."

Moxa Mabroor is not much different from the Moxa application, both are equipped with financial products from Astra Financial and non-Astra such as motorbike financing for the Hajj, insurance and sacrificial financing. Plus there is an Islamic menu, such as zakat payments in collaboration with Baznas and Dompet Dhuafa, the nearest mosque, Qibla direction, daily prayers, prayer times to support daily worship, to increase daily usage-New.

Recently the company also collaborated with Bank Syariah Indonesia (BSI) for a solution BaaS (Banking-as-a-Service). Enables Moxa Mabroor consumers to open BSI accounts digitally. The same solution offered by Moxa with Bank Permata which was launched previously, can be used for opening accounts and savings. Joining Bank Jasa Jakarta into the Astra Financial business unit, also allowing its presence in the Moxa application.

“Moxa has financial products that are all API-based, so imagine any platform, including banking, if you want to have a product non-banking Can integrate via Moxa. This is it complementary for the bank itself because of us grab a market that banks cannot serve.”

Plan to raise funding

Daniel said that to support Moxa's growth, the company needs strategic partners who have an added value ecosystem to partner with Moxa. So it's not just about raising funding to get external funds.

“For example, there is businesses which has a very different ecosystem from Astra, why not collaborate. Or they have different technology than Astra, that's possible leveraging Also. What we are looking for is what we have value, not necessary direction fund not really. The point win winhis got. "

Internally, Moxa is currently preparing all the excess and minus value when raising external funds, considering that there will be a portion of shares taken from investors later. Once they have got the formula, the team will then proceed to the parent, which has actually given the signal.

"We are still cleaning up the kitchen, while seeking blessings from Astra. But the concept is how Moxa is open to collaboration, coming out of the Astra ecosystem is the spirit that we bring."

If this fundraising is successful, Moxa will become the first startup under Astra Financial to receive funding from external sources outside the parent company. "We are a digital venture whose term is trying to be different from what Astra has been doing so far. Open collaboration, cultureits a startup, no very corporate. Signature Treatment Flagship StoreIt's different, but you have to stick to the signs comply with the rules because the Astra brand must be strictly maintained trust"It's there," concluded Daniel.

Moxa's core team currently consists of 16 people. Even though they are small, they are all assisted by a dedicated team from all Astra Financial subsidiaries, totaling 130 people.