Traveloka Continues to Expand Cooperation with Banking

Traveloka is increasingly collaborating with local banks. Last week, they had just strengthened their relationship with Bank Rakyat Indonesia (BRI). This time the deal succeeded in bringing OTA's service Traveloka login in the application mobile banking BRImo.

BRImo users can now book various types of accommodation, ranging from planes, hotels, to buses/shuttles without having to switch applications via the "Travel" menu. BRImo itself also has a mission to become a financial super apps in order to serve various customer needs in one application.

BRI's Director of Consumer Business, Handayani, said that the strategic collaboration with Traveloka is expected to be a solution for customers who want to celebrate Eid al-Fitr in their hometown.

"With this strategic partnership with Traveloka, we hope to be able to provide value additional services to customers and this is part of BRI's transformation to provide convenience in conducting transactions through BRImo SuperApps which has been integrated with Traveloka, so that customers no longer need to switch applications to purchase tickets," said Handayani.

Previously, the collaboration between Traveloka and BRI had existed since 2019, when the two of them jointly launched the Paylater Card credit card. BRI was also reported to be in the middle explore strategic investment to Traveloka --- but when we tried to confirm with the related parties, they refused to comment.

Cooperation with Bank Jago

After a week, Traveloka again announced its collaboration with Bank Jago. The goal is to expand credit distribution through Traveloka Paylater. This was done in the midst of the rapid growth of these financing services. It is claimed that Traveloka Paylater has grown up to 10 times since it was first launched in 2018 and is targeting the public underbanked who are constrained by financial problems.

"Partnership with Bank Jago has expanded lending opportunities to the public underbanked in Indonesia, especially Traveloka Paylater users who often have difficulty accessing finances to meet their travel and lifestyle needs [...] Through this collaboration we are optimistic that we can contribute to financial inclusion and hope to increase the business value of both parties, "said CFO Traveloka & President of PT Caturnusa Sejahtera Finance Doan Lingga.

PT Caturnusa Sejahtera Finance is a finance company under Traveloka that has a license to provide technology-based loan services.

Support Allo Bank's digital debut

Earlier this year, Allo Bank received strategic support from various digital businesses, including Bukalapak, Carro, and Grab. Not wanting to be left behind, Traveloka is also involved in supporting the debut of digital bank products which will soon be launched to the public by Allo. The support is not as capitalized as the others, but there is the possibility of integration with super app lifestyle in the Traveloka ecosystem.

In his remarks regarding collaboration with Allo Bank, Traveloka Co-Founder & CEO Ferry Unardi said, “I am excited to welcome Allo to Traveloka. As super app lifestyleWe are an independent platform with various credit providers in Indonesia and we will work closely with Allo to tailor these loan products to the lifestyle needs and aspirations of our users."

Lini fintech potential to be big business

More than just an OTA, Traveloka's ambition to build a comprehensive lifestyle application continues to be shown. No exception through innovation fintech which continues to be strengthened to support the transaction system. In addition to the three banks above, there are actually other parties that previously provided special support to Traveloka's financial line, namely BNI, which also supported the product. paylater they.

In a opportunity at the end of 2019, even one of the Traveloka executives once boasted that the line fintech Traveloka ---included in it paylater-- has come close to becoming a $1 billion business.

Through PT Caturnusa Sejahtera Finance, Traveloka is also quite free to innovate with financing services and derivatives. In POJK 35 of 2018, the OJK explained that finance companies were given the freedom to add variations to financing products, namely multipurpose. Multipurpose is a type of financing for goods and/or services required by the debtor for use/consumption and not for business purposes or productive activities within the agreed period.

The support of financial institutions such as banks can clearly give Traveloka more strength to optimize business potential fintech-his. Because collaboration with banks can also be realized in various forms, as has been done previously including expanding access to credit and loan channeling.