Heaptalk, Jakarta — KoinWorks partners with Indonesian B2B e-commerce IDH.ID to provide easy payments via the IDH Paylater service for shop owners and resellers in Indonesia through the IDH Paylater and KoinPaylater services.
In the detailed strategic affiliation, these services will channel loans devoted to about 380,000 Indonesian entrepreneurs who distribute Fast Moving Consumer Goods (FMCG). This process will be carried out in stages, with quick approval, and has a limit of up to USD126,159 (around Rp2 billion). By providing this service, Cash flow management and purchasing power of shop owners are expected to improve significantly.
“KoinWorks continues to support the growth of the business ecosystem in Indonesia, especially the FMCG sector, which is thoroughly integrated into the sales and distribution ecosystem,” said the CEO and Co-founder of KoinWorks, Benedicto Haryono.
Through distributors across Indonesia, IDH.ID has provided supplies to customers in Java, Bali, Sumatra, Kalimantan, and Sulawesi. The overall members of IDH.ID are distributors with long experience, firm infrastructure, and good customer relationships.
As IDH.ID’s first partner in providing buy now, pay later products, KoinWorks through KoinPayLater, is expanding its reach to the FMCG sector this year. This step is a strategic decision for the two companies to provide more flexible payment solutions for business actors.
As one of the buy now, pay later services, this P2P company released the KoinPaylater service in Q4 of 2022. This service allows customers to obtain a loan limit of up to US$126,159 and a maximum tenor of 180 days. As a result, this pay later service recorded total financing of US$3.4 million for local MSMEs in the first half of 2023.
Currently, KoinPaylater features a fully digitalized application system for loans of up to Rp50 million. With the instant approval mechanism, users can apply for loan limits and receive approval on the same day. Around 80% of users have used this feature to support their business operations.
“Collaboration with KoinWorks as our first partner for pay later reflects our shared objectives of expanding financial services to local MSMEs. We believe this step can revolutionize the FMCG industry in Indonesia,” said the CEO of IDH.ID, Jack Ng.
