KoinWorks: Going Beyond Financial Services to Providing a “One-Stop Shop” for Business Development and Support
Indonesia-based credit-led MSME neobank KoinWorks provides a one-stop offering spanning financial services and business development support for underserved MSMEs.
As of 2020, USD 90 billion is needed to close the gap for the unmet credit needs of Indonesian MSMEs. Many MSMEs lack access to formal financial institutions because they cannot provide collateral and relevant credit history. Women entrepreneurs face barriers to participating in the formal economy, including challenges with securing external financing, meeting bank qualifications, and unavailable human resources. At present, the Government of Indonesia also aims to have 62.9 million MSMEs in the country adopt digital payments by 2025.
KoinWorks connects borrowers to willing lenders so that small businesses can get access to the credit they need to finance growth, especially underserved businesses without access to banks. KoinWorks provides financial support through access to digital lending, investments, neobanking, billing, and learning products in its app. MSMEs on KoinWork’s platform can access point-of-sale systems, EWA products, and human resources management systems tailored to small businesses. KoinWorks offers a route for trustworthy access to financial solutions for underserved MSMEs, bolstered by rapid digitisation, supportive policies and regulations, and broadened access to the digital ecosystem.
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