Wednesday, August 23, 2024 — According to OJK’s Banking Statistics report, there are 1,426 rural banks, and the Central Bureau of Statistics reports that there are 130,354 active cooperatives in Indonesia. Given the large number of rural banks and cooperatives, Fintelite and Openbank+ have collaborated to create a more effective and efficient work system for these institutions. Fintelite has officially signed a collaboration agreement with Openbank+. The signing of the agreement was held in the Openbank+ office, with Nadia Amalia, CEO of Fintelite, and Myeong Jun Lee, CEO of Openbank+, in attendance. This collaboration intends to increase AI-powered document processing, significantly enhancing the operational efficiency of Indonesia’s rural banks and cooperatives.
This initiative aligns with the OJK regulation POJK No. 25/POJK.03/2021 and the industry development roadmap for BPR (rural banks), which encourages the digitalization of rural banks in Indonesia to help them adapt to and face the challenges of the evolving financial industry. Leveraging Fintelite’s advanced AI capabilities, this partnership with Openbank+ is expected to accelerate the digital transformation of rural banks and cooperatives across Indonesia.
Nadia Amalia, CEO of Fintelite, Nadia Amalia, CEO of Fintelite, expressed the main objective of this collaborations is to build a digitalization system that can be adopted by all rural banks and cooperatives in Indonesia, “We hope that this collaboration will facilitate access to digitalization for rural banks in Indonesia without requiring large investment. With Fintelite’s AI technology, rural banks can speed up the lending process and gain deeper insights into risk assessment, increasing their competitiveness in the banking industry” said Nadia.
Fintelite emphasizes that this partnership with Openbank+ will bring significant efficiency to the digitalization of rural banks. Nadia added, “Openbank+ has a strong user base and high credibility in Indonesia’s rural banking sector, as well as a commitment to innovation and security. These pillars align with Fintelite’s focus. By combining Fintelite’s smart data management abilities with Openbank+’s integrated digital services, we will create a secure and efficient digital platform for BPRs, benefiting all stakeholders involved.”
Myeong Jun Lee, CEO of Openbank+, stated that this collaboration will greatly improve the quality of service for financial institutions, particularly rural banks and cooperatives, “Fintelite is an innovative business that understands the competitive banking market, both in Indonesia and internationally. With Fintelite’s advanced AI document processing and bank statement analyzer, rural banks and cooperatives will greatly benefit from direct access to these cutting-edge tools,” he explains. “The KYC (Know Your Customer) process is crucial for effective risk management. It requires a thorough understanding of our customers. Fintelite’s tools enable efficient customer authentication and expedite document processing for loan applications, such as e-statements.”This collaboration enables Openbank+ to prioritize the digital transformation of Indonesia’s banking sector, specifically targeting financial institutions that have been unable to invest in advanced technology. It offers significant advantages to the 118 rural banks that are current Openbank+ customers.
Fintelite, with its powerful AI-driven document processing capabilities, has successfully processed and analyzed vast amounts of data. Openbank+, as a robust platform, excels in open banking and open API integration, focusing on enhancing rural bank and cooperative operations. This partnership is committed to advancing digitalization across rural banks, cooperatives, and the broader financial industry.
About Fintelite
Fintelite is an AI solution designed to suit every business, with a focus on processing various types of documents, especially those related to lending. Fintelite efficiently handles the large volumes of documents that businesses typically manage. With top-tier products like OCR and the Bank Statement Analyzer, Fintelite automates document processing, providing exceptional speed and accuracy in analysis and verification.
About Openbank+
Openbank+ is a financial technology company focused on supporting the operations of rural banks and cooperatives. Currently, Openbank+ serves 118 rural banks and 6 cooperatives, providing powerful features such as e-KYC and credit scoring, which are crucial steps in their financial processes.
By implementing open banking and open API concepts. Openbank+ makes it easier for rural banks and cooperatives to collaborate with service providers, including commercial banks. The platform’s strong emphasis on security has made Openbank+ the number one choice for these institutions. Allowing users to connect directly with service providers and banks to process transactions seamlessly.
To further facilitate the digitalization of BPRs, cooperatives, and other financial services, Openbank+ partners with certified providers who fulfill its customers’ specific needs. Openbank+ serves as a key platform for transforming rural banks and cooperatives in Indonesia towards digitalization, allowing them to grow and thrive in an increasingly digital era.
