Finture introduces digital banking in Southeast Asia

By Gloria Mathias

Indonesia’s Finture has introduced Southeast Asia’s first digital banking and credit card products to help Japanese companies develop new markets and has gained over 1 million users.

The start-up company has launched digital banking and credit settlement services to its self-developed credit settlement platform YUP, driving digital transformation in the region and enabling Japanese companies to develop new growth markets.

Financial services penetration is still lagging in Southeast Asian countries, and the credit card business is often considered bank-related. According to statistics, Indonesia’s credit card penetration rate is only 2.8%, and the total number of credit cards issued between 2011 and 2015 was around 17 million, showing no significant increase.

Donny Zhang, Co-founder, and CEO of Finture said, “Lacking strong digital risk management, traditional banks in Southeast Asia have strict entry criteria for unsecured retail banking, requiring employees to undergo background checks and a minimum of three to five years of practical experience. They often require customers to undergo rigorous background checks, including those requiring experience, which means there is an unprecedented opportunity for digital banks in a region lacking services for individual customers.”

With the widespread adoption of smartphones, consumer expectations for digitization and personalization are increasing. Without physical branches, digital banks are customer-facing, allowing them to reach customer segments that are inaccessible to traditional banks.

Gavin Guo, Finture’s Chief Financial Officer said, “YUP plans to introduce digital debit card services and savings accounts, while continuing to expand insurance, personal loans and micro-business loans to fill gaps in the Southeast Asian market. We can bring simple, convenient, and affordable financial products to the masses.”

Founded in 2021, the company has emerged as a digital banking and credit payment service provider in the Southeast Asian region, earning it the nickname “Southeast Asia’s Nubank”. The company’s first product, YUP, quickly became the consumer finance app with the largest number of users in Indonesia by effectively addressing the issues faced by domestic users.