FinVolution Group [NYSE: FINV] disclosed that its Indonesian financial application, AdaKami, has inked a strategic cooperation agreement with PT Bank Jago. The main mission of the firms through these collaborations is to bolster cooperation within the digital financial environment, help credit access to support the economy, and speed up the process of financial inclusion.
The strategic partnership of FinVolution and PT Bank Jago also expands the presence of AdaKami across different market segments in Indonesia, including retail, mass-market, and others. Bank Jago is a tech-based bank gained a reputation as a provider of life-centric finance application which makes money management easy, cooperative, and groundbreaking.
Furthermore, FinVolution Group has earned a reputation as a prominent fintech platform in China and globally linking needy debtors with financial institutions. FINV contemplates that the partnership with Bank Jago not only improved its financing capacity by 100 billion Rupiah but also allow it to infiltrate various market sections in Indonesia.
In addition, the firm believed that this partnership is consistent with its objectives, as the firm is striving to proactively cut its products’ interest rates as it has decided to move towards better-quality borrowers and further expand its product contributions. Through broad channels partnership, FINV will be well balanced to reach a broader user base and expand its market share in Southeast Asia.