KoinWorks, Mastercard, BNI launch NEOCard for influencers in Indonesia

With a virtual card from Mastercard, which is connected to BNI accounts, the product breaks down the credit barrier to entry for small to medium businesses in Indonesia, complemented by an end-to-end mobile banking experience. To join the 1.5 million users currently using KoinWorks NEO, customers download the app and create their account within minutes.

Housed inside an app, KoinWorks’ NEOCard allows for seamless personal and bank-to-bank transfers, discounts on top merchants, financial health statements, in-app expense reports, personal payment links, and all financial literacy tools business owners need for their financial affairs.

Company officials stated that although home to one of the world’s largest and fastest-growing economies, as of 2021, only 6.1% of Indonesia’s population had access to a credit card, and two-thirds of SMEs in the region lack access to financial services like bank accounts. The absence of financial tools and literacy, as well as access to credit, presents a barrier for the country’s entrepreneurs who need a better way to scale and grow their businesses.

NEOCard features services such as money management to automatically generate invoices and receive payments form any method, instant access to business loans including instalment loans, instant referral fee (up to USD 34) and cash back promotion, and a debit and credit card supported by Mastercard to make purchases and payment transfers from any local or international market.

Koinworks recently raised USD 108 million for their Series C round in January 2022 and its latest products are designed to ensure financial inclusion for the region’s talent who’ve been traditionally locked outside of the banking system, according to the company.