Amartha launches digital wallet to drive financial inclusion in Indonesia

Indonesian fintech firm, Amartha, has obtained a license and launched a digital wallet allowing it to offer digital payment services.

The firm announced recently that with the license issued by Bank Indonesia, it now officially becomes PT Amartha Financial Group, and will continue to pursue its financial inclusion efforts especially in rural parts of the country.

Amartha mentions that its digital technology has substantially contributed to financial inclusion and the rural economy of Indonesia, supporting over 3.3 million medium and small sized enterprises (MSMEs) across the country. In total, it has reached about 50,000 people in rural Indonesia with different financial services.

“The economic potential of regional and rural communities is enormous, but has yet to be fully realized. Through Amartha Financial, we are now offering more comprehensive digital financial services, specially designed for the needs of rural communities to encourage financial inclusion and stimulate regional economic growth,” company’s founder and CEO, Andi Taufan Garuda Putra, remarked.

“All Amartha Financial services can be accessed via the AmarthaFin app which makes it easier for users to make payments, invest, and access capital.”

The CEO added that the establishment of Amartha Financial is part of their effort and commitment to advance financial inclusion and sustainable development for people at the grassroot.

“We hope Amartha Financial’s technology will further open opportunities for millions in rural villages to access the modern digital economy and connect with both national and global investors, enabling them to realize their potential, transform, and contribute more to shared progress.”

It will be possible, through the company’s subsidiaries, to access productive financing for MSMEs, electronic money, and multi-finance services for MSMEs. Potential investors can use the app to find MSMEs for funding.

President Commissioner of Amartha Financial, Rudiantara, lauded Amartha Financial for its innovation and good practices, adding that the firm “has proven that sustainable business growth can be achieved with integrity, while delivering real benefits to society.”

Head of the Inclusive and Green Finance Department at Bank Indonesia, Anastuty K. restated the bank’s readiness to keep supporting initiatives aimed at enhancing financial inclusion in the country.

Digital wallets are a major driver of financial inclusion. Findings of a study published early this year looked at their role and impact especially on underserved populations often in rural communities.

Digital wallets are also increasingly facilitating financial transactions across Asia.

Indonesia is currently implementing a project dubbed ID for Inclusive Service Delivery and Digital Transformation for which biometrics procurements have been lined up within the next 12-24 months.

Article Topics

Amartha Financial  |  digital payments  |  digital wallets  |  financial inclusion  |  Indonesia