The Koinworks loan service KoinPaylater is part of the collaboration between the two parties in providing new payment options for MSMEs using Wifkain.
Heaptalk, Jakarta — Fintech lending platform KoinWorks announced the provision of loans for Wifkain users, namely MSMEs in the fashion industry, through KoinPaylater. With a buy now pay later scheme, loans are allowed to a limit of up to Rp2 billion, approximately US$131 thousand (US$1 equivalent to Rp15,251).
This pay-later service can be accessed by Wifkain partners, including factories, convection, garment, and fashion brands, which are spread across Java, Bali, and major cities in Sumatra and Kalimantan.
CEO of KoinWorks Benedicto Haryono stated that his party is expanding services with Wifkain to provide loans that are more relevant to the current needs of MSME players. “The market for the fashion industry, from textiles to becoming a fashion brand, is surely vast. Therefore, with KoinPaylater, they can obtain raw materials in advance, without worrying about financial disruption,” said Benedicto.
Meanwhile, the CEO of Wifkain Sara Sofyan is optimistic that through this collaboration, Wifkain will be able to distribute pay later services of Rp100 billion or around US$6.5 million in 2023. Throughout 2023, Wifkain has served the fashion retail and wholesale business with more than 200 textile and garment factory partners.
Sara conveyed, “This collaboration is based on our shared mission with KoinWorks which continues to support MSMEs. KoinPaylater also has a high speed of service or SLA (shorts for service-level-agreement). Therefore, it can provide our customers with easy manufacturing solutions.”
KoinPaylater disbursed US$3.4 million loans in H1 2023
According to the Ministry of Industry, the textile and clothing industry is one of the priority sectors in the Making Indonesia 4.0 program to prepare for the digital industry 4.0 era. Therefore, this collaboration is expected to reinforce the implementation of this mission.
Previously, Wifkain teamed up with KoinWorks as a supply chain financing service partner in 2022. This pay-later service is part of the collaboration between the two parties in providing new payment options for Wifkain users.
In the first half of 2023, KoinWorks through KoinPaylater has disbursed a total financing of Rp52 billion, approximately US$3.4 million. Currently, KoinPaylater features a fully digitalized application system for loans of up to Rp50 million.
Founded in 2020, Wifkain is a manufacturing service provider platform for the diverse production needs of the fashion business. The platform also acts as a financial partner that helps fashion business owners achieve their financial goals to grow their businesses.
