Recognized as Indonesia’s pioneer of FinTech that helps extend financial services to the unbanked and underserved
SINGAPORE, Nov. 19, 2021 /PRNewswire/ — PT Bank Amar Indonesia Tbk (“Amar Bank“), Indonesia’s first and only pure-play digital bank, was awarded the Innovative Tech Companies of the Year award, at the Asia Corporate Excellence & Sustainability (ACES) Awards 2021.
Organized by MORS Group, the ACES Awards honours inspiring companies and individuals for excellence in leadership and sustainability. The Innovative Tech Companies of the Year award recognises companies that showcase significant technological innovation in their business and demonstrate a clear vision in their approach to software and technology.
Amar Bank is committed to revolutionizing the banking experience, educating people to improve their financial awareness/security and saving habits through state-of-the-art technology. Since its acquisition by Singapore’s Tolaram Group in 2014, the bank has undergone a significant digital transformation to become Indonesia’s pioneer in FinTech, with the launch of Tunaiku. Tunaiku provides unsecured personal loans to the underserved segment and MSMEs by leveraging big data and predictive analytics. Tunaiku has disbursed a total of more than Rp6.6 trillion loans and distributed more than 700,000 loans, which are mostly for home renovations (36%), business capital (25%), and education (13%).
“The use of FinTech in microcredit is a powerful way to help people with little or no access to conventional loan systems. Microcredit allows borrowers to prove their creditworthiness in increments, without exorbitant finance rates. In providing a well-managed, fair channel to the people of Indonesia, Amar Bank has found a need, and is filling it ethically and respectfully”, said Shanggari B, CEO of MORS Group.
Upon receiving the award, Vishal Tulsian, President Director of Amar Bank said, “We are honoured that our technological innovation is being recognized by ACES Awards 2021. We believe that technology plays a pivotal role in improving people’s lives and helping them to achieve their financial goals, resulting in better and robust economic growth. We are committed to continuously innovate to serve underserved communities by widening access to financial services and literacy.”
Adopting the new technology of AI and cloud, in August 2020, Amar Bank partnered with Google to launch Senyumku, Indonesia’s first digital bank on the cloud. Senyumku encourages good savings habits while augmenting discipline for better control of personal finances.
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