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Validus’ Indonesian subsidary Batumbu has received regulatory approval to operate as a licensed digital financing platform from the Indonesian Financial Services Authority (OJK).
Since the launch of its operations in 2019, Batumbu said that it has disbursed over S$207 million to MSMEs and recorded close to 650% annual growth last year.
Validus has received regulatory approval in three markets across Southeast Asia to date. The fintech is also licensed in Singapore as Validus Capital and in Thailand as Siam Validus.
Since its launch in 2015, Validus has facilitated over S$775 million in SME financing across Singapore, Vietnam, Indonesia and most recently, Thailand.
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IFC support to PT. KB Finansia multi finance to help Indonesian businesses, drive economic recovery [EN/ID]
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Jakarta, Indonesia, December 21, 2020 Micro, small and medium sized businesses (MSMEs), in Indonesia will benefit from a timely investment by IFC, a member of the World Bank Group, which aims to address liquidity issues in the nation s multi-finance sector given the COVID-19 pandemic. This will help preserve jobs, boost market resilience, and contribute to a sustainable and inclusive domestic economic recovery.
IFC will provide a loan of up to $50 million to PT. KB Finansia Multi Finance (KBFMF), a key player in Indonesia s multi-finance sector and backed by KB Kookmin Card, one of the largest specialized credit finance companies in South Korea. This loan will enable KBFMF to raise long-term IDR-denominated funding, diversify its funding base, and strengthen its balance sheet. It will further allow KBFMF to continue lending to micro, small, and medium enterprises (MSM