How Akulaku is revolutionizing digital banking in Southeast Asia and other countries.
In just 4 years, Akulaku has shown a gigantic progress. It captured a very huge segment of people and helped them to upgrade their lives with various financial aids. With sheer hard work and consistency, it has generated very positive word of mouth and credibility. Check out more about it in detail.
What is Akulaku?
Akulaku is one of Indonesia’s biggest P2P (person-to-person) money lending organisations and has helped hundreds of thousands of people to get themselves out of sticky financial situations. All you need to do is login to Akulaku and complete a few formality procedures to avail an instant loan. It is now in plans to expand its impact across Southeastern Asia and is continuing to grow at an enormous pace.
The company has reportedly been set to launch the digital banking services in Q4 during 2020 in Asia. Their plan has been just confirmed by the fintech firm to offer digital banking services in Southeast Asia.
History of Akulaku:
Akulaku was launched four years ago and has been trying to focus on expanding the operations of the digital banking sector. During the month of November, 2018, Akulaku led a consumer financing firm which is located in China. They finalized a 70 million dollar Series C funding round during that year. The company had already been serving the online consumers financing platform to focus on the Indonesian and Southeast Asian markets as well. It is also one of the first financial technology companies in China to tap into the Southeast Asia market. Yanxin technology from Shenzhen created this platform as it is the by-product of this company.
Akulaku company was established by the CEO named William Li back in the year 2016. The head office of Akulaku is based in Indonesia as the firm provides other services in the areas of the Philippines and Vietnam and Malaysia as well. The company has claimed around 6 million users and it handles around 1.5 billion dollars on a per annum basis in the transactions. Akulakus digital services have been aiming to fill the critical gap which is found in southeast Asia due to the consumers who have been underbanked or unbanked. The CEO told KR Asia that his company is planning to offer the consumers affordable as well as comprehensive financial service just for the Indonesian consumers. Akulaku is widely embraced by Indonesians as this offers them “pinjaman uang cepat” or in English term “fast money loans”.
It has been found that an approximate of two-third or some may say even 66% of Indonesian residents have been unbanked. These people who are living in Southeast Asia do not even have an established credit history for that matter. The CEO had noted that most of the people who are living around this region need to borrow money from friends or neighbours or even their family members. He further added that the company will have to think of a more efficient way to evaluate the potential customer and is creditworthiness to approve their loan applications in the fastest and most durable way possible.
Progress of Akulaku:
During the previous year, Akulaku had acquired BVB which is an Indonesian based commercial bank. This company has claimed that the number of credits from the user accounts have fluctuated with an increase from 30,000 to 3,00,000 within a year or less. Li confirmed that the company has been trying to the transformation of BVB into an all digital banking platform. She also had a first version of the digital banking app which said that this should be launched during the Q4 which is going to be held in the year of 2020.
During the year 2019 in march, Akulaku manages to announce that it would be acquiring Indonesian landing Bank Yudha bhakti for around the price of 11 million dollars. And in the year 2020 in January the private lending institution PT Bank Yudha Bhakti Tbk (BYB) had already revealed the strategy which helped in delivering a lot of prime outcomes or even results. There are two organizations which had duly been noticed as they developed BYB’s hand on application by Yudha Bhakti. This application consists of mobile banking solutions to provide online savings and credit services to the active workers.
“Ant Financial, from day one, we are positioned as a tech company. But previously we just wanted to make sure we are using the tech to be innovative, to create examples, to redefine financial services that people can feel, can touch,” Ant Financial chief executive Eric Jing had included back in November.
As a result, Ant has been investing in technologies including blockchain and wants to provide services to the financial services industry. We want to be a platform … to benefit more people.
But while business has been booming, the company posted rare earnings before tax loss of 2.4 billion yuan (USD 353 million) for the quarter ending Sept. 30. Alibaba blamed it on the cost of capturing growth.