1. Startups

Zendmoney Remittance Application Focuses on Bridge Migrant Workers

Have Zmart Store agents in 4 countries acting as "tellers"

The large opportunity to provide remittance services to Indonesian Migrant Workers (PMI), is one of the reasons Zendmoney launched. Founded by Bong Defendy, this service has obtained an operating license from Bank Indonesia. Besides PMI, they are also targeting the SME sector in the export/import business. Basically, remittance services allow users to take advantage of inter-country money transfer services in a safe, fast, and affordable manner.

"Specifically, the countries we are targeting are countries where many PMIs work. Starting from China, Malaysia, Singapore, to Hong Kong. For countries like Malaysia and Hong Kong, most of those who use Zendmoney are migrant workers. Meanwhile for countries like China and Singapore many SMEs are conducting transactions," said Zendmoney CEO Bong Defendy.

Own a Zmart Store

The way Zendmoney works is similar to other remittance services. But what makes the difference is that all partners or agents who join are given special tools. While for other players, most of them use the agent's personal device. Currently Zendmoney has also established a partnership with POS Indonesia.

"We have Toko Semar (Zmart Store) which is managed by agents in 4 countries. Most transactions made by migrant workers abroad are directly through agents or what we usually call Plate. Currently Zendmoney has around 100 active users," said Defendy.

Asked whether the use of user applications has been maximized, Defendy said that applications for users have been launched since 2019. However, due to the addition of features and system development, the application was postponed and only used by a limited circle. Currently, according to information on the Play Store, Zendmoney's ZMART application has only been downloaded by about 50 thousand users.

"This year we will maximize the use of the features available in the application, from purchasing credit, paying PLN, to paying school fees. We hope that all users can control the money sent to their families through the application after the conversion process is implemented," said Defendy.

What was it like? behavior Zendmoney users who make money transfers, it is mentioned that for a fairly regular time scale, many migrant workers do money transfers with nominal amounts that are not too large. Meanwhile, for SME players who do a lot of business with countries such as China and Singapore, the amount of remittances is mostly less, but the nominal amount of money sent is quite large in amount per remittance.

"Overall we didn't do grade each use. However, in line with Zendmoney's focus from the start, migrant workers still dominate the use of remittances on the Zendmoney platform," said Defendy.

Add product for traveler

Zendmoney is currently available in 50 locations in 4 countries. Meanwhile, remittance transactions that have been successfully recorded each month are around Rp. 40 billion.

More Coverage:

Still in the development process, Zendmoney will launch the Zmart Trip card, which can be used by traveler when traveling abroad. The product is planned to be launched soon this year.

"The concept is similar to a credit card. Users can fill in money according to the amount they want, later the card can be used for transactions for all products according to the applicable conversion," said Defendy.

The requirements imposed on users are, simply fill out the e-form and include the personal data of the passport. If they pass the curation process, users can take advantage of the Smart Trip card abroad.

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