Tokopedia, an online marketplace in Indonesia, is turning its sights to fintech, beginning with a credit card application feature launch in late 2016. The firm will soon allow its users to apply for insurance, loans, and investments using its platform.
In the past year, Tokopedia has released several features, including payment channels and services such as selling mobile phones and home electricity credits.
“As we have already known, in Indonesia, the number of credit card ownership still falls below 3%,” Tokopedia CEO William Tanuwijaya told DailySocial. “Sixty million people own bank accounts, while there are 100 million internet users. There is a huge gap between those who have gone online, but are still unable to do payments online.”
Due to the low credit card penetration in Indonesia, it’s much harder to perform transactions online compared to the US and other developed countries, Tanuwijaya added.
To provide more options for its users, Tokopedia has partnered with international banks such as Citibank, HSBC, and Standard Chartered. Future partnerships with local banks are also on the way.
Tokopedia isn’t alone in its push towards fintech, as its competitor Bukalapak has launched BukaReksa.
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