Mayapada Group taps Pohon Dana for lending in Indonesia
Mayapada Group, an Indonesian conglomerate that operates across different industries, is investing in fintech through Pohon Dana, an Indonesian firm specialised in lending and payments.
According to The Jakarta Post, the incursion into fintech comes on the back of the rapid growth of the digital economy as smartphones become commonplace in the country. Financial details about the investment were not disclosed.
The firm was registered with the Financial Service Authority (OJK) in August. The service will be provided through PT Bank Mayapada International in Indonesia.
Pohon Dana had disbursed IDR 140 billion ($9.59 million) by August 2018, according to its director Yu Ek.
“We are targeting to disburse IDR 1 trillion ($69 million) to an estimated 20,000 customers next year,” Ek adds.
The financial institution plans to expand its customer base to micro, small and medium enterprise (MSME) players, including farmers in eastern Indonesia, Java and other parts of the country.
Pohon Dana CEO Victoria Tahir says it would also provide loans to survivors of the earthquake and tsunami that struck Palu, Central Sulawesi, and neighbouring cities.
“We are now aiming to finance corn farmers in Palu. We want to help them get back on their feet,” she adds.