Modalku and PEFINDO Credit Bureau Announce Official Partnership to Create a More Inclusive Financial Ecosystem

By : Aldi Firhand Alqudri | Thursday, December 28 2017 - 21:06 IWST

Kerjasama Modalku dan Pefindo (dok
Kerjasama Modalku dan Pefindo (dok - Jakarta, December 27 2017 – Modalku, pioneer of peer-to-peer (P2P) lending in Indonesia, and PEFINDO Credit Bureau, a highly-regarded credit information organization, have announced a collaboration to build a more efficient and data-driven P2P lending infrastructure so more people will have access to quality financial services. The partnership gains Modalku access to PEFINDO’s credit reports, consisting of credit history, credit scores, and applicant borrowers’ backgrounds. Information from PEFINDO Credit Bureau will add to Modalku’s database, making credit analysis more refined and accurate.

 With a faster and more accurate credit assessment process, Modalku can support more quality local Micro, Small, and Medium Enterprises (MSMEs). MSMEs without financing history in the national database system can qualify for credit access. The partnership also builds efficiency while lowering risks for lenders, as PEFINDO Credit Bureau’s reports can be utilized in the loan assessment process to reduce risk of default.

 Indonesian MSMEs lack sufficient working capital loans to expand their businesses. According to OJK data, there is an annual credit need of Rp 1.700 trillion for Indonesian MSMEs. Existing financial institutions currently only have the capacity to cover Rp 700 trillion of that need, creating an annual lack of financing of Rp 1.000 trillion per year for local MSMEs. The situation is not only detrimental to small businesses, it also weakens the national economy. A study by Oliver Wyman and Modalku finds that lack of financing access for Indonesian MSMEs with potential to grow created a 14% loss of total national GDP in 2015.

 P2P lending can answer the needs of local MSMEs by widening access to working capital financing in Indonesia. Platforms such as Modalku connects potential MSMEs and those searching for alternative investments through a digital market. By financing MSME loans, Modalku lenders get an alternative instrument with returns up to 35% per year, while MSME borrowers receive up to Rp 2 billion in business loans with no collateral requirements through a fast and simple online process.

 Because P2P lending’s credit analysis focuses on financial health, not collateral, P2P loans are suitable for the MSME segment, many of which lack sufficient assets for secured loans. P2P loans’ short-term tenors and fast processing, from application to disbursement, are also aligned for MSME needs.

 Through P2P lending, growing MSMEs can start applying for and receiving working capital loans to build credit history. The more an MSME grows, the more financial products it can access, including bank loans. Progress of the MSME sector and synergy between the banking and P2P lending industries will support a healthy and inclusive financial ecosystem. Additionally, P2P lending creates an accessible alternative investment for the Indonesian society.

 Hendrikus Passagi, Director of Regulation, Licensing and Supervision of Financial Technology at the Financial Services Authority (OJK), stated that the partnership between Modalku as a Fintech lending provider with PEFINDO Credit Bureau as an organization which assesses credit risk of individuals and institutions is a collaboration model that, in the short term, will create a healthier FinTech ecosystem. In the longer term, it can maximize support for a digital economy ecosystem, which includes the e-commerce industry, one of Indonesia’s future economic strengths.

The collaboration also builds momentum for knowledge and experience sharing. PEFINDO Credit Bureau has strong experience in analyzing credit risk profile based on past finances. Meanwhile, Modalku with its information technology and advanced algorithm, has advantages in analyzing risk profile based on available public information from various payment systems, telecommunication providers, social media, and online shops. “The partnership will create a data exchange mechanism that will improve the credit risk analysis quality of both parties. We urge Fintech lenders to follow this collaboration model,” added Mr. Passagi.

 Stefanus Warsito, Chief Risk Officer of Modalku, said “Indonesian MSMEs have a high need for financing. The banking industry has done its best to provide loans for the segment and the emergence of P2P lending will offer an alternative financing solution to support MSME business development. When the P2P lending and banking industries work together, they can support financial inclusion and the Indonesian economy.”

 On Modalku’s partnership with PEFINDO, Mr. Warsito added: “We want to provide the best to both user sides of Modalku, borrowers and lenders. We have utilized advanced technology and alternative data in credit analysis, but we always want to do better. Our collaboration with PEFINDO will increase the quality of P2P lending infrastructure, as it will become easier for us to spot high-quality and creditworthy MSMEs. Our partnership increases security for lenders as well. In addition, Modalku and PEFINDO are working a pilot project supported by OJK.”

 Yohanes Arts Abimanyu, President Director of PEFINDO Credit Bureau, stated: “PEFINDO’s vision is to expand access to inclusive financing for all industries, including for Indonesian MSMEs. A wider financing access will fuel MSME business growth and expansion. PEFINDO Credit Bureau and Modalku has the same vision; we want to create financial inclusion in the country and support the local MSME sector. Because of the similarity of our vision, we completely believe in this partnership. We hope our accurate and valueadded credit data reports can support the progress of Indonesia’s financial ecosystem. With our services, we want to help make unbankable MSMEs into bankable businesses.”

 Further, Mr. Abimanyu adds, “Through the information we provide, one can thoroughly and quickly review an applicant borrower’s credibility from his credit history to facilitate easier loan assessment. Our services are supplemented by credit score, information on an applicant borrower’s risk category, and probability of default, which can reduce the rate of non-performing loans while increasing operational cost efficiency. Our reports in individuals reflect their credit reputations, building positive behavior and financial responsibility. They also act as control mechanisms for data accuracy.”

 Modalku is the largest P2P lending platform in Indonesia and Southeast Asia. Modalku also operates in Singapore and Malaysia under the name Funding Societies. On a regional scale, Modalku has crowdfunded more than Rp 960 billion into more than 1,720 MSME loans in Southeast Asia. Since early June 2017, Modalku has been officially registered at the Financial Services Authority (OJK). In September 2017, Modalku won the Global SME Excellence Award from ITU Telecom, an organization of the United Nations. Modalku is the first and only Indonesian startup to have won the award, showing that the positive impact created by FinTech solutions such as P2P lending are acknowledged globally.


About Modalku


  Founded at the tunnels of Harvard Business School, Modalku (Funding Societies) is led by Harvard and Stanford graduates from Southeast Asia. Modalku (and Funding Societies) operate in Indonesia, Singapore, and Malaysia, with each country led by a team of local industry veterans. It focuses on underserved MSMEs looking for working capital loans and underserved retail investors seeking alternative investment. In August 2016, Modalku (Funding Societies) received the largest series A funding for a Southeast Asian peer-to-peer (P2P) lending platform from Sequoia India and Alpha JWC.  

 Modalku (Funding Societies) has grown to become the largest P2P lending platform in Southeast Asia. Modalku (and Funding Societies) have collectively disbursed more than Rp 960 billion to more than 1,720 MSME loans in Southeast Asia. It has recently picked up several awards, including the FinTech Award from MAS (Singapore regulator), the Best Customer Experience Award from Retail Banker International, and the Digital Innovation Award from Warta Ekonomi Indonesia. 

 Modalku is a trademark owned by PT Mitrausaha Indonesia Grup. Legally, Modalku is registered in Financial Services Authority (OJK) as peer-to-peer lending based on technology. Modalku’s mission is to empower SMEs through their peer-to-peer lending platform. Modalku is committed to become a center of solutions for SMEs, lenders, and regulators. 






For further information, please contact: 


Ariani Ratna Hadioetomo

Head of PR and Offline Marketing Modalku 

Tel. (0812) 9148 2383 / (0817) 825 673 (WA)

Email: [email protected]



About PT PEFINDO Credit Bureau


PT PEFINDO Credit Bureau (PBK) is a credit information management organization, the shares of which are owned by PT Pemeringkat Efek Indonesia (PEFINDO), PT Pegadaian (Persero), PT TASPEN (Persero), PT Sigma Cipta Caraka (Telkom Sigma), PT Consumer Information Consulting, and the Indonesian Financial Services Association. PBK received its operating license from OJK on December 22, 2015.

 In running its operations, PBK collects credit data from financial institutions and non-credit data from several public organizations and institutions that has agreed to partner as data sources. The data is then processed and served in the form of reports and scores, which are accessible to PBK members.


PEFINDO Credit Bureau’s mission is to manage and provide credit data and other value-added relevant data while becoming the largest and most accurate organization of its kind in Indonesia in order to support strong and consistent national economic growth.


 PEFINDO Credit Bureau currently offers four main credit information products, including:

  • PEFINDO Score & Report: Complete and comprehensive credit reports, which include identity information, credit and non-credit facility information, payment history, rate of credit risk, and possibility of default.
  •  PEFINDO Profiling: Request-based data analysis for reference in business development and policy making.


For further information, please contact:


Juni Hendry 

Corporate Secretary & Communication PT PEFINDO Biro Kredit

Telephone : +62 816 113 8801

Email : [email protected]

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