JAKARTA (TheInsiderStories) - Telco operator, PT Telkom Indonesia Tbk (IDX: TLKM), through its subsidiary MDI Ventures, participated in the Series C funding of financial products marketplace, Cermati. Based on various sources, the value of investment is estimating around US$20 million.
“We also support Cermati in offering micro insurance and micro lending products so that they play an important role in Indonesia’s financial inclusion,” said the CEO of MDI Ventures, Donald Wihardja in an official statement released today (05/05) by adding South Korea’ KB Financial Group also took part in the investment through the KB-MDI Centauri Fund.
Cermati is one of the financial technology (FinTech) firms in the country that offers various financial products to more than 20 million users. The services are Cermati.com, Cermati Protec, and FinTech lending business. According to the CEO and co-founder of Cermati.com, Andhy Koesnandar, through Big Data and artificial intelligent, the startup plans to develop micro insurance as well as micro lending products targeting unserved markets.
“We see that Cermati is one of the FinTech companies that has a very large growth potential. With the ecosystem owned by TelkomGroup and KB Financial Group, we can help accelerate financial penetration to the unbanked and underbanked population in Indonesia through Cermati,” adds by the managing partner of the Centauri Fund, Kenneth Li.
Some investment funds rated, Southeast Asia’ fast-growing startup ecosystem still has legs to run on, although the opportunities are shifting and distinct from Silicon Valley. The opportunities are evolving. The e-commerce is due for consolidation in favor of the largest, most established players. The Southeast Asia market differs from other markets, and it is important to be sensitive to those differences.
In Indonesia, e-commerce industry is expected to grow rapidly in the years ahead and therefore Bank Indonesia set new rules to ensure that all firms maintain “the principles of prudence and adequate risk management” in accordance with national interests and consumer protection.
Google Inc. and Temasek Holdings Pte. Ltd., recently released joint research that shows Southeast Asia’s digital economy (which includes a variety of segments including e-commerce, online games, and online advertising) will rise to $200 billion by 2025. Indonesia’ digital market is forecast to account for 40.5 percent or $81 billion of this total market in the region. With an estimated $46 billion, Indonesia’s e-commerce sector will contribute most to the total.
Director of Telkom, Budi Setyawan Wijaya, added that investment in Cermati will complement the digital FinTech ecosystem that is being developed by the unit as TelkomGroup’ venture capital armed. in 2019, MDI Ventures and Korean KB Investment has established a joint fund worth of $30 million for startups in Southeast Asia.
To date, MDI Ventures has invested in more than 50 startups in Indonesia and globally. For 2021, MDI has a focus on investing in the fields of FinTech, AgriTech, Logistics, Health, New Retail and Deep Tech.
Written by Staff Editor, Email: theinsiderstories@gmail.com
