Bfarm Develops New System to Help Livestock Trading
Soon to launch Bfund, a credit scoring system to help farmers get funding
Prayogo Ryza - 20 February 2019
Bfarm's main objective is to facilitate farmers to have access for market and information. They started as offline business and now a startup providing ads portal for livestock products; rabbit, cow, chicken, fish, and many more.
The project established since November 2017 and prepared to have some solutions. They offer a marketplace for certified livestock products, livestock sales, funding access, and technical problem support with technology.
The first two solutions are; Bfarm is now accessible from bfarm.id. There is listing feature of various livestock products, including information transfer for certified farmers. Furthermore, potential customers can contact and submit offers through provided feature.
"We currently have 3H program (Healthy, Happy & Humane) Certified Partner, a free certification for small-scale farmers to guarantee consumers the livestock products are healthy, animals aren't stressed and are treated properly. Certified farmers in our program will get priority for sales and marketing push," Bfarm's CEO, Fajar Fachruddin said.
Another ongoing product is a bulk/trade solution connecting small-scale sellers with large-scale buyers. It's expected to provide opportunities for sellers to connect with larger markets and consumers.
"In 2018, with the trade program, we're able to distribute 1000 livestock per year connecting supply without long-term intermediate. We believe this number will keep increasing, with the other features needed by farmers. It has great potential in the future to contribute for economy mobility and change the livestock trading pattern in Indonesia," Fachruddin said.
Credit Scoring for farmers
One of Bfarm innovation plans is Bfund. A solution that allows Bfarm to give credit scoring to all farmers through technology.
Bfund tech scoring works by collecting farmers data, run validation, and putting into AI model to produce risk predictions. It'll later be submitted to the potential investors, such as BMT or cooperatives.
"Prediction model creation starts from sample profile data collection of SMEs having smooth or jamming payment, determines related variables, builds and trains the prediction model in case there's a new data, it can predict the risk potential," he added.
In 2019, Bfarm plans to focus on merger and simplification of credit scoring and marketplace service portal. In addition, Bfarm will try to run the 3H certification program to make more benefits for Indonesian farmers.
– Original article is in Indonesian, translated by Kristin Siagian