The partnership enables Ayoconnect to provide its clients with access to BRI’s digital financial services, such as direct debit, online account opening, and bulk transfer. The collaboration between Ayoconnect and BRI gives a living example of the power of Open Finance.
As reported by Accenture, Open Finance is expected to be the future of the financial services industry across the world, including in Indonesia. The study, which was published in June 2021, found that the implementation of Open Finance unlocks the potential of revenues of up to USD 416 billion for the financial services industry globally, and that 76% of banks worldwide expect Open Finance API usage to increase by 50% or more in the next three to five years.
Despite possessing an ecommerce market value of USD 19 billion powered by its 277 million population, Indonesia’s card penetration remains low at 0.64 debit cards per capita and just 0.06 credit cards per capita. Consequently, the majority of Indonesian consumers who would like to shop virtually have to go through a series of steps before completing their purchase or pay for the goods and services using cash. With Open Finance, Indonesian consumers will reportedly have greater flexibility, lower cost, and accelerated process to any financial services that they need.
Established in 2016, Ayoconnect has raised a total of USD 15 million from leading local and international institutional investors, one of which being BRI’s venture capital arm BRI Ventures.
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