FinVolution Group (“FinVolution,” or the “Company”) (NYSE: FINV), a leading fintech platform in China, today announced that its Indonesian subsidiary, AdaKami, signed a strategic cooperation agreement with PT Bank Permata Tbk (“PermataBank”) (Indonesia Stock Exchange Code: BNLI). PermataBank is among Indonesia’s top 10 banking institutions in terms of assets and a leading digital bank with innovative products and services, serving millions of customers in 62 cities across the country.
The cooperation will increase FinVolution’s financing facility by 100 billion Rupiah and aims to drive innovation in the digital financial ecosystem, leveraging data analytics to accelerate the process of financial inclusion in the Indonesian market.
Mr. Feng Zhang, Chief Executive Officer of FinVolution Group, commented, “Our partnership with PermataBank has further expanded our funding base in the international markets and validated our successful transition to better-quality borrowers. Throughout 2022, we have implemented multiple measures such as diversifying our product offerings, offering attractive interest rates and enhancing our technologies for credit risk assessment and customer acquisition to complement the transition. These approaches are starting to bear fruit, with the proportion of better-quality borrowers increasing to 68% in the third quarter of 2022 from 54% in the first quarter of 2022. Moving forward, we are confident that as we broaden our institutional funding base and cultivate global partnerships, we will capture the enormous opportunities in Southeast Asia.”