Collaborating with banks, OY! Indonesia to push financial inclusion forward
JAKARTA - OY! Indonesia, an integrated payment solution provider, is committed to boost financial inclusion in Indonesia through its collaboration with PT Bank Danamon Tbk (BDMN) and PT Bank Rakyat Indonesia (Persero) Tbk (BBRI), whilst still abiding by regulations and guideline of Indonesian Fintech Association (AFTECH).
“We, as a payment system provider, works closely with banks,” Jesayas Ferdinandus, CEO & Co-Founder of OY! Indonesia, mentioned today (24/1).
According to Ferdinandus, OY! Indonesia, as a fintech aggregator, always attempts to initiate a collaboration between banks, fintech companies, and related vendors to solve latest issues that potentially arise in the payment and cash management segment.
“Each bank has their own target markets, and they have formed a deep relationship with their markets. We only adjust our product with the needs of those target markets,” added Fernandinus.
One of the products launched by OY! Indonesia is cash deposit machine, which allows business owners to store cash directly to their accounts. Technology also enables their cash flow to be updated in real-time.
“Clients have reported of cash flow increase of up to 50%, thanks to this machine and technology,” claimed Indradi Patmawidjaja, Transaction Banking Digital & Customers Experience Head of Bank Danamon, who attended this Press Conference of OY! Indonesia today (24/1).
This cash deposit machine of OY! Indonesia bears similarity with existing cash deposit and withdrawal machine managed by banks. However, Fernandinus believes that cash deposit machine of OY! Indonesia has its own advantage. “Our machine is agnostic; the cash could be channelled to any account of our partnered banks,” he claimed.
This method is known as bank or cash pooling, which is collecting money in one account, making cash flow management easier for a company or a business entity, due to its efficiency.
Amidst the current cashless society trend, the job carried out by cash deposit machine may not be highly visible to end-users. However, this system is still adopted in behind-the-scene of many stores and outlets.
“Our machine are used primarily in places that still rely on cash, including gas stations and convenience stores,” Ferdinandus revealed.
Despite successfully launching several payment solutions, OY! Indonesia aims to move forward with caution; slowly but sure. “2022 and 2023 were quite challenging for technology sector. In 2024, we focus on proving the feasibility of our products to the market and investors, as well as attaining profitability,” Ferdinandus explained.
According to Ferdinandus, OY! Indonesia will continue to solve real problems derived from the markets’ needs through collaboration with other financial institutions, including banks. “Only after scoring positive economic unit through collaboration, would we invite banks to expand the initiative further,” he said. (ZH)
