Heaptalk, Jakarta — KoinWorks announced its strategic affiliation with eFishery to provide financing access devoted to Indonesia’s fish cultivator. These entities will enable eFishery’s fish farmers in the Kabayan program to get funding to elevate their business operations.
Indonesia’s aquaculture industry, especially the MSME segment, has contributed to the country’s GDP. Besides, the archipelago is also the second largest contributor of freshwater fish, reaching 3% or one-third of the total freshwater fish market in the world. As is well known, Indonesia’s fisheries sector has grown significantly, reaching US$30 million in the last year. This growth contributed to 3% of Indonesia’s overall GDP.
In response to this collaboration, The CEO and Co-Founder of KoinWorks, Benedicto Haryono, said, “Our partnership with this Indonesian aquaculture startup is a strategic step to expand our services this year to a specific MSME sector, namely aquaculture with great potential. We aim to provide funding solutions that are more up-to-date and tailored to the needs of entrepreneurs in the archipelago,”
Coinciding with Financial Inclusion Month, this collaboration is also part of KoinWorks’ service expansion through its buy now pay later (BNPL) product, KoinPaylater. According to this fintech startup, this BNPL product is essential in providing financial support to local MSME players, proven by the ten-fold growth of KoinPaylater from January – September 2023.
In more detail, together with eFishery, KoinPaylater will facilitate loans to fisheries MSMEs in the Kabayan program with fast approval for a limit of up to US$12,585, approximately Rp200 million. These fund provisions are intended to expedite the production process from fish breeding to harvest. This collaboration is expected to strengthen the aquaculture industry more advanced, encourage sustainable growth, and open access to finance for fish farmers.
This peer-to-peer lending (P2L) startup perceived eFishery existence in advancing an aquaculture ecosystem through an end-to-end platform to provide access to fish feed, funding, and markets for fish and shrimp farmers. As a result, this fishery startup has helped more than 200,000 farmers in Indonesia.
Moreover, the Demography Institute, Faculty of Economics and Business, the University of Indonesia Research 2022 also revealed that a comprehensive eFishery ecosystem had bolstered the country’s GDP by 1.55% in the aquaculture industry.
“We are also preparing the Kabayan Lite as the newest loan program for aquaculture business actors in the micro-segmentation. We hope that the financing generated through KoinWorks services can increase the growth of the fish farming business in Indonesia,” affirmed eFishery CFO Dhianendra Laksmana.
