FinVolution Subsidiary AdaKami Enters into Strategic Funding Agreement with PT Super Bank, Indonesia
PR Newswire
SHANGHAI, Oct. 29, 2024
SHANGHAI, Oct. 29, 2024 /PRNewswire/ -- FinVolution Group ("FinVolution, " or the "Company") $(FINV)$, a leading fintech platform, today announced that its Indonesian financial application, AdaKami, has entered into a strategic funding agreement with PT Super Bank Indonesia, a leading digital-focused bank in Indonesia.
Under the terms of the agreement, Superbank will provide AdaKami with a funding facility of 500.0 billion Rupiah (approximately US$32.0 million). This funding arrangement highlights AdaKami's recognition by a leading local bank following its successful transition to serving better-quality borrowers. With this agreement, Superbank will become AdaKami's strong funding partner in Indonesia, validating Adakami's successful strategy of transition to better-quality borrowers. Currently, AdaKami has established cooperation with multiple lenders including Superbank, Seabank, Bank Jago, Bank Permata, OCBC NISP among others.
Mr. Tiezheng Li, Vice Chairman and Chief Executive Officer of FinVolution Group, commented, "We are proud to collaborate with Superbank to serve our growing customer base in Indonesia. With our transition to better-quality borrowers, we continue to attract reputable partners in the region, strengthening our reputation while diversifying our funding sources and improving our funding costs. By expanding our footprint and strengthening our local relationships, we are steadily advancing our mission of promoting financial inclusion while growing our business."
About FinVolution Group
FinVolution Group is a leading fintech platform with strong brand recognition in China and the international markets connecting borrowers of the young generation with financial institutions. Established in 2007, the Company is a pioneer in China's online consumer finance industry and has developed innovative technologies and accumulated in-depth experience in the core areas of credit risk assessment, fraud detection, big data and artificial intelligence. The Company's platforms, empowered by proprietary cutting-edge technologies, feature a highly automated loan transaction process, which enables a superior user experience. As of June 30, 2024, the Company had over 191.3 million cumulative registered users across China, Indonesia and the Philippines.
About PT Super Bank Indonesia
Superbank, formerly known as PT Bank Fama International, is a bank with digital services in Indonesia with over 2 million customers as of October 2024. Founded in Bandung in 1993, Superbank entered a new era of growth joining the Emtek Group in 2021, followed by Grab and Singtel in early 2022, and KakaoBank in 2023 as part of the consortium. With a mission to expand credit access for retail customers and MSMEs, Superbank empowers its users through innovative solutions and strong collaborations within one of the largest ecosystems in the industry. Superbank's commitment to security is evidenced by its ISO 27001 certification, ensuring international standards in information security.
For investor and media inquiries, please contact:
In China:
FinVolution Group
Head of Investor Relations
Jimmy Tan, IRC
Tel: +86 (21) 8030-3200 Ext. 8601
E-mail: ir@xinye.com
Piacente Financial Communications
Jenny Cai
Tel: +86 (10) 6508-0677
E-mail: finv@tpg-ir.com
In the United States:
Piacente Financial Communications
Brandi Piacente
Tel: +1-212-481-2050
E-mail: finv@tpg-ir.com
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SOURCE FinVolution Group
(END) Dow Jones Newswires
October 29, 2024 04:30 ET (08:30 GMT)
