Parent Kredivo Become a Stock Controller of an International Business Bank

PT FinAccel Teknologi Indonesia is solidifying its steps to enter digital banking this year. After increasing its share ownership, the parent company Kredivo and Kredifazz is officially the controller of Bank Bisnis Internasional Tbk (IDX: BBSI).

Based on the disclosure on the Indonesia Stock Exchange on February 14, 2022, FinAccel increased its share ownership in Bank Bisnis by 1,15 billion shares, equivalent to 35% shares.

Previous, FinAccel annexed 24% of Bank Bisnis's shares in May 2021. Then, the company again increased its ownership portion to 40% in October 2021. Thus, FinAccel now controls 75% of Bank Bisnis's shares.

The structure of share ownership after the acquisition of shares is as follows; FinAccel Teknologi Indonesia owns 75% with 2,48 billion shares, Sundjono Suriadi owns 4,91% with 162,4 million shares, PT Sun Antarnusa 4,17% (138 million shares), and the public 15,92% ( 526,3 million pieces).

"This share takeover proposal has been submitted to the OJK on February 10, 2022 and has been approved by the OJK," the statement said.

Advanced round of digital bank competition

Previously, the strategy of controlling bank shares was carried out by PT Akulaku Silvrr Indonesia against PT Bank Neo Commerce Tbk (IDX: BBYB). Step by step, Akulaku officially controls BNC shares in July 2021.

The acquisition of FinAccel will enable Business Banks to leverage technology, data, and customer base owned by FinAccel to target markets that have not been served by online merchants in Indonesia.

Currently, FinAccel houses the product paylater Kredivo and lending Kredifazz. Kredivo recorded to have 5 million users last year with the availability of services at more than 1.000 merchants in Indonesia.

Kredivo has been integrated in almost all leading e-commerce in Indonesia, such as Bukalapak, Lazada, Tokopedia, Blibli, Bhinneka, to Sociolla. The above achievements strengthen the position Kredivo as the master of the credit card market share, which so far has low penetration in Indonesia.

In summary DailySocial.id, the digital bank battle has started since last year, at least starting with the commercialization of services from Bank Neo Commerce (Neo+), Bank Jago (Jago App), Bank Seabank Indonesia (SeaBank), and BCA Digital (blu). For the initial stage, digital banks enter through saving products and financial regulation features with an average target market in the retail, millennial, and mass market.

Towards the end of 2021, digital bank competition is getting tighter with more and more mini-bank acquisitions to meet the bank's minimum capital requirements and the transformation of subsidiaries. Some of them are Bank BRI through its subsidiary BRI Agro (now Bank Raya), BNI annexing Bank Mayora, and the action rights issue Hello Bank.

With the dynamics that occur throughout 2021, it is possible that digital banks will start a new chapter by entering loan products (lending). Last year, digital banks penetrated the market with products saving as an early stage exploration effort to build a customer base.

One of which is Jago Bank which plans to promote service partnerships and product ecosystems, including products lending this year. Lastly, Bank Jago is noted to have collaborated with 19 partners from various verticals, ranging from e-commerce, lendingand investment.