Krungsri taps into network strength and partnerships to expand consumer loan portfolio in Indonesia
Krungsri (Bank of Ayudhya PCL and its subsidiaries) is tapping into PT. Home Credit Indonesia's strong network with the aim of growing its loan portfolio and increasing its retail customer base in Indonesia. A recent Krungsri acquisition, PT. Home Credit Indonesia is a significant player in the consumer finance industry in Indonesia and Krungsri aims to leverage its leadership in point-of-sale loan to further enhance access to financial services and deliver products and services to meet the needs of Indonesian customers.
Mr. Wanchairabin Jitwattanatam, Krungsri Head of Regional Business Division, said, "Home Credit Indonesia has been operating in the consumer finance sector in Indonesia since 2013 and has established strong brand recognition among consumers. As of August 31, 2023, the company has extended total loans over 3,015 billion rupiah, approximately 7.2 billion baht, which represented a growth of 12% in new loan volume compared to the same period last year. Home Credit Indonesia is the leader in the point-of-sale lending market, boasting a network of 21,000 points across Indonesia, including partnerships with over 11,400 retail stores. It has established a strong position which provides a platform for Krungsri to broaden the customer base by introducing products and services and grow our loan portfolio too."
Home Credit Indonesia services over 6.1 million customers and is recognized across Indonesia, achieving 95% brand awareness rate according to a 2023 consumer opinion survey. The company offers consumer loan products and services, including point-of-sale loans (POS Loans), cash loans, credit cards, electronic money (e-Money), and protections. Notably, Home Credit Indonesia holds 55% of its portfolio in the point-of-sale loan which is focused on providing loans for consumer products such as mobile phones, electronic devices, home appliances, and furniture.
"With the growing trend of expanding product trading through online channels, we recognises the opportunity to leverage Home Credit Indonesia's network strength through digital platforms by collaborating with leading e-commerce partners in Indonesia such as Tokopedia, Bukalapak, and Blibli, and combining this with Krungsri's consumer finance expertise. This will strengthen our marketing, sales channels, and risk management capabilities, which will facilitate the development of products and services to meet Indonesian customer's needs. Krungsri is committed to responsible lending practices and fairness, ensuring the sustained high quality of the loan portfolio to contribute to the growth of the credit market and support sustained prosperity for Indonesians." Mr. Wanchairabin concluded.
For more information about Krungsri's ASEAN businesses and network, please visit: https://www.krungsri.com/th/assean
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