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Fintech Start-Up Starts to Take Over the Function of Banks

Abraham Viktor found a job in an investment bank when he plans to create a technology-based wedding finance company. The established work has been abandoned. In 2014, with two friends, Bram - as he was usually called - founded Wedlite under PT Indonesia Bara Sejahtera.

Wedlite provides loans to those who need marriage fees but do not have enough savings. As a young teenager under 30, Bram understands how expensive marriage is, so many are forced to postpone their marriage because of the cost.

Like a company that provides a loan, Bram certainly sets interest. But the numbers are not high, starting at 0.99% per month. This interest is quite competitive with the bank interest for unsecured loans (KTA). Some KTAs even offer interest in excess of 1% per month.

To obtain a Wedlite wedding financing service, potential customers can register directly on the Wedlite official website. A number of data must be provided, including the amount of funding submitted.

The data is then processed for two days to obtain the response to the received or rejected request.

If accepted, customers must enter the provider's data. Wedlite will make payments directly to sellers, not to customers.

In terms of financing, Bram relies on two publicly traded finance companies. There is no special link, Wedlite can work with other finance companies, or even with banks.

A year later, fundraising activities managed by Bram and his friends included not only marriage, but home renovations, mortgages, education, deliveries, vacations and Umrah, motor vehicles and business loans. He also changed his name from Wedlite to Taralite.

What Bram and his friends have established is a financial technology start-up (fintech). The Financial Services Authority (OJK) reports that there are at least 20 start-up financial technology companies in Indonesia. Some of them are named uangteman.com, cekaja.com, bareksa.com, doku wallet, etc. There are those who lend, there is a market for mutual fund sellers, some act as insurance agents.

OJK is ready to watch fintech fighters

by the fintech start-ups that are developing more and more, the OJK is also ready to assume the supervisory function. Capital requirements will also be defined. This is certainly in order to protect consumers and the financial sector itself.

Firdaus Djaelani, director general of the non-bank financial sector supervision sector, said his party would adopt a fairly light rule for Fintech businessmen to register their companies with the OJK.

"With technology, this start-up startup is becoming a kind of insurance agent that also gives credit, we can not ban it, because it energizes the financial sector," said Firdaus recently. OJK will encourage financial technologies to develop, but with the rules of the game.