Pos Indonesia to Introduce Three Fintech Services

Consist of payment, remittance, and "peer-to-peer lending" scheme payment; targeting mid to low class

Yenny Yusra - 26 November 2018

PT Pos Indonesia, through its subsidiary PT Bhakti Wasantara Net (BWN), plans to launch fintech services. The objective is to expand business using the current access and network. BWN is an internet provider company in Indonesia, previously known as Wasantara Net.

BWN's to-be-launched fintech services include payment, remittance, and peer-to-peer (p2p) lending scheme. BWN to target the mid to low class, particularly stall owners and migrant workers in need for a trusted platform to transfer fund across the country.

"There are 7 million Indonesian migrant workers. There is almost $ 10 billion getting into this country's pocket per year. Some through expensive and insecure financial protocols by agents. Well, Pos must provide this remittance. Since we are more relevant to the villages," Gilarsi Wahyu Setijono, PT Pos Indonesia's President Director, said as quoted from Liputan6.

PosPay as starter

Previously, PT Pos Indonesia has launched PosPay, an app for all payments, such as electricity, water, and shopping bills at some online stores. PosPay has more than 4800 network of Pos Indonesia and 40 thousand agents in all around the country.

In term of business, Pos Indonesia now depends merely as e-commerce support, although still requires some restructuring and rate adjustment to be a profitable logistics company. According to McKinsey, the Indonesian e-commerce sector is predicted to be worth $ 65 billion in 2025, with the online package delivery reaching 4.4 million per days.

Original article is in Indonesian, translated by Kristin Siagian

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