Heaptalk, Jakarta — SkorLife startup and Bank Mayapada collaborated to launch their official card, the Mayapada Skorcard credit card. Developed through strategic partnership, the credit card aims to serve the underserved mass-affluent segment in Indonesia. With a current credit card penetration below 3% in a population of over 270 million, this credit card is expected to tap into more than 25 million individuals in the archipelago.
Despite over 80% of people in the archipelago now considered included in the formal financial sector, SkorLife’s Co-Founder and President, Karan Khetan, revealed that a significant portion remains reliant on high-interest credit options like BNPL and P2P lending.
“Our mission extends beyond launching the financial inclusion narrative into one of real economic empowerment and ensuring access to affordable credit for a broader population segment,” added Karan.
The Mayapada Skor card aims to address the need for credit access and an enhanced card experience for prospective cardholders. The credit card offers users unparalleled control over spending, including spend categorization and personal budget management. This card also introduces a hyper-personalized, dynamic reward engine with gamification elements, making financial management both rewarding and engaging.
Prior to broadening its strategic collaboration to grow financial inclusion in the country, this credit-scoring startup, in affiliation with Indonesia’s Fintech Association (AFTECH), released three digital guidebooks to manage credit scoring efficiently devoted to society. The launch of these digital guidebooks aligned with the rise of online lending. However, the company viewed that comprehensive information related to the practical method of building good credit scores still needs to be widely accessible.
In October 2023, SkorLife announced its newest achievement by securing a seed funding round worth US$4 million. The startup will allocate the fresh injection to further its product development, build its brand awareness, expand its team, and propel company growth.
As additional information, Bank Mayapada is a fully licensed credit card issuer in Indonesia. Both parties have diligently ensured the highest information security and privacy standards, while Skorcard has gained PCI-DSS certification from a reputable third party.
