The Hong Kong-based financial service startup Oriente joins Sinar Mas to launch lending platform Finmas, that would be the third fintech product from the conglomerate

Sinar Mas, a conglomerate from Indonesia, banded together with Oriente, a Hong Kong-based financial service startup to launch Finmas. Finmas would be the third financial product by the conglomerate and will serve as an on-demand lending platform aimed at millions of underserved consumers and MSMEs across Indonesia, which currently accounts for 66 per cent of 260 millions Indonesians.

Also Read: Go-Jek funding round aims for US$3 billion

Finmas is a mobile app that seeks to support financial literacy and inclusion in the country, simultaneously support Otoritas Jasa Keuangan (OJK), the Financial Services Authority in Indonesia. It is specifically designed to give access to people with no traditional banking and formal financial services (including bank accounts, credit rating, or credit) history using mobile technology.

It allows the underserved people to have:

• multiple purpose-based financing options
• paperless, collateral-free and available 24×7 service via their own mobile device
• low-interest rates with no hidden fees
• real-time credit-scoring
• choice of the repayment schedule
• funding in as little as 24 hours

“Finmas aims to help millions of Indonesians unlock their financial potential through #SahabatFinansial practices that are founded on core principles of responsibility, security, convenience, and affordability,” said Peter Lydian, President Director of Finmas said, Mr. Hendrikus Passagi, Director Regulation, Licensing and Supervision Fintech of the Financial Services Authority (OJK).

Finmas’ features enable consumers to apply for a cash loan whenever they need access to credit for tuition fees, household expenses, specific consumer goods, emergencies, or to start and grow their small businesses via the app. Consumers are given full control to keep track of their loan application status and repayment schedule.

Also Read: Ofo operating license suspended in Singapore

Gandi Sulistiyanto, Managing Director of Sinar Mas also stated that Finmas will bridge to not only support financial services but also to equip the users with understanding so they can have comfort and privacy protection.
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Image Credit: Finmas

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Startups that launch products hurt the reputation of crypto, so it is important to point out the companies that are doing right by their investors</h3

Cryptocurrency has had a rollercoaster year and in hindsight we are starting to realise the hype may have been more than a little premature.

A study commissioned by Invest in Blockchain found that only 36 of the top 100 digital currencies by market capitalisation had a working product.

To look at it from an even scarier lens: 64 per cent of these projects are still knee-deep in product development – some of them may even have nothing more available to the public than a white paper and a community chat.

While the definition of what constitutes a working product is up for debate – the researchers used public availability, the release of a mainnet and consumer or enterprise usage as their criteria – there is no arguing that there is a serious issue afoot here.

These crypto projects are breaking a cardinal rule in the tech world: They’ve put marketing before product development, sometimes even to its exclusion.

Also Read: 3 trends that will drive Vietnam’s e-commerce sector in 2019

The focus on marketing would not be so problematic if the general public tended to compartmentalise crypto projects one-by-one, but they do not. A few bad actors will paint a pattern in their eyes: These initiatives are all hype, or even worse, they are all scams.

In short time, you might see a backlash against truly innovative cryptocurrencies or crypto companies, similar to how some skeptics doubted firms like Amazon or PayPal in the wake of the dot-com bubble.

The problem is rooted in the general public as much as it is in the crypto projects with no working product. Rather than celebrate any crypto project with a unique idea, we need to exercise greater discretion in choosing which initiatives, organizations, and firms to give our attention to.

We should focus on ventures that have a working product, as it’s their solutions that will improve the lives of users, and in the aggregate, build credibility and galvanize support for an industry in dire need of it.

Luckily, Asia Pacific is home to some of the most notable cryptocurrency companies with working products. Here are three of the very best, each working to cut through marketing speak with solutions that help enterprises or consumers.

QTUM

QTUM, based out of Singapore, was one of the few companies in Asia that made Invest in Blockchain’s list of working products. It is a smart contracts platform and value transfer protocol that takes elements from both Bitcoin and Ethereum. Though its price has fallen as of late, many enterprises and organizations are already building projects atop QTUM, in fields as diverse as health care, content creation, and online search.

Most impressively, some developers are using QTUM to build niche applications far from the usual technology subsectors. One example is Halal Chain.

Halal certification is the process of certifying food, medicine, and cosmetics as meeting certain standards established by the Islamic Council. Unfortunately, many companies try to game the system, as a bid to attract the Muslim market but cut costs on the actual work it takes to produce Halal goods.

Halal Chain will better regulate the Halal certification system by tracing the movement of goods at every stage of the chain – raw material supply, inspection and quarantine, and sales – through QTUM-enabled smart contracts. There are many other noteworthy projects being built through QTUM, which just goes to show its effectiveness as a platform: It is enabling others to succeed in ways they couldn’t before.

Pundi X

Pundi X was another company in Asia that met Invest in Blockchain’s criteria for a working product.

The term may even be an understatement for Pundi X, as the Indonesian company is in the midst of a global roll-out of their 100,000 Pundi XPOS devices, deploying so far in Singapore, Korea, Indonesia, Brazil, Switzerland, United Kingdom, and many other markets. These XPOS devices enable consumers to make in-store transactions using cryptocurrency via their Pundi XPASS card.

In July, the Pundi XPOS were launched at the eateries of the FAMA Group in Hong Kong, including Locofama, Sohofama, SUPAFOOD and the Hive Cafe. An even more impressive deployment came just last year at Ultra Taiwan 2018. In what would be a rain-soaked festival, close to 30,000 attendees would pay for their food, drinks, and merchandise using Ultra Coin – the festival’s official digital currency – at the XPOS terminals.

The two partners billed the event as the world’s first blockchain-powered music festival, but the significance of its success is arguably even greater: It showed that handling thousands of crypto transactions from consumers in a real-world setting was not only feasible but practical. Pundi X, in other words, is making crypto usage as mainstream as well, music festivals and hip eateries.

Bitmain

Bitmain was not on Invest in Blockchain’s working products list because it is not based on a cryptocurrency – the company manufactures miners – but it is just as important to highlight here because the wider ecosystem is as full of marketing hype as the cryptocurrency projects themselves.

Just think about how many miners, hard wallets, automated teller machines, and other solutions have failed to materialise after an avalanche of early hype.

Bitmain represents a welcome contrast. Headquartered out of China, Bitmain has created a lineup of powerful Bitcoin and Litecoin miners and has since diversified into managing the largest mining pools in the world and even AI chips.

As of last month, Bitmain even completed its pre-IPO registration in a bid to attract capital to accelerate production of its hardware, and cement its market leadership in crypto technology.

Also Read: Oriente partners with Indonesia’s conglomerate Sinar Mas to launch lending platform

This list is by no means exhaustive. There are plenty of crypto projects and companies in Asia that are doing great work.

This is merely a call to focus on those who are already walking the walk (i.e. helping consumers or enterprises with their products) and not just talking the talk (i.e. marketing what they will one day do).

Exercising greater discipline in who we chose to celebrate will no doubt benefit the industry as a whole, attracting supporters, winning over skeptics, and ultimately legitimizing cryptocurrency as a technology here to stay.
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Industry experts are doubtful the new cartel can compete with Go-Jek or Ovo

In a sign of just how important Go-Jek and Ovo have become in Indonesia, five of the largest Indonesian state owned enterprises are merging their mobile payment services to compete with the two tech companies, according to Nikkei Asian Review.

The companies are in the banking and communications sector and the new mobile payments service will be called LinkAja. It is expected to launch in March.

The SOEs involved are as follows:

• Telekomunikasi Indonesia (Telekom)
• Bank Mandiri
• Bank Rakyat Indonesia
• Bank Negara Indonesia
• Bank Tabungan Negara

The state-owned oil company Pertamina is expected to join the group. The future of LinkAja will probably include a move beyond just payments and into other financial services.

LinkAja will be run by Fintek Karya Nusantara, a subsidiary company of Telekom. Telekom has a 25 per cent stake in the new venture while three banks (Bank Mandir, Bank Rakyat Indonesia, Bank Negara Indonesia) will hold 20 per cent. Bank Tabungan Negara will have 7 per cent of LinkAja.

There is also talks to onboard Alipay and WeChat Pay onto the service.

As e27 reported in our ecosystem report, 2018 was the year Indonesians began to adopt digital payments (driven by Go-Jek/Ovo and the government’s move to integrate digital options into highway toll payment infrastructure).

These state-owned enterprises seem to recognise the importance of having a digital solution while recognising they have a long way to go to catch up with Go-Jek and Ovo. They seem to have decided that the only way to compete was to work together.

Because Go-Jek is so widely used as a do-everything app, its payment infrastructure was able to leverage the network affect and grow into one of the most popular mobile payment options in the country.

Ovo started as a mobile payments company and partnerships with the likes of Tokopedia have helped it grow into the next potential Indonesian unicorn. It received major investment from the Indonesian conglomerate Lippo Group and is the main payment service for Grab.

Industry experts cited by Nikkei Asian Review were skeptical that LinkAja could compete with GoJek or Ovo.

Digital wallets are seen as important by the Indonesian government, with Nikkei Asian Review citing a statistic that 50 per cent of people over the age of 15 do not have a bank account.

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Photo by Bernard Hermant on Unsplash

 

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The frowned upon policy includes a minimum of IDR 1 trillion (US$71.17 million) as a paid-up capital for a new trader offering future contracts for crypto assets

Cryptocurrency has been traded in Indonesia for a while now, but just recently got regulated by Indonesia’s Commodity Futures Trading Regulatory Agency, known locally as Bappebti. It just authorised digital currencies as a trading commodity, setting an IDR 1 trillion (US$71.17 million) as the minimum paid-up capital for a new trader offering future contracts for crypto assets.

The authorisation is under regulation No.5/2019, as told by KrAsia. Since October last year, the capital of Indonesia Jakarta has gone ahead and allowed the trading to protect customers from crypto fluctuations.

Also Read: 5 Indonesian state-owned enterprises merge mobile payment services

The regulation focusses on technical provisions for the implementation of cryptocurrency exchanges, which effectively treats currencies like bitcoin as commodities to be traded legally.

“We want to give protection to people who want to invest in crypto assets so that they aren’t cheated by fraudulent sellers,” said Head of Bappepti, Indrasari Wisnu Wardhana.

Cryptocurrency exchanges have been around since 2014 amid the legality uncertainty, inflamed further by Indonesia’s Central Bank banning it as a payment option.

One of the requirements for trading cryptocurrency in the country is that the trader must pass a risk assessment that rules out that they’re being misused in money laundering schemes or the funding of terrorism. Other requirements include the client support division that the traders must possess, the employment of at least one certified security practitioner, five-years-old of transaction data, and have a server inside the country.

Despite addressing the issues in the country, this regulation has been frowned upon, especially in the country’s crypto community. Institute for Development of Economics and Finance (INDEF), for example, has an opinion that this regulation came “a bit too late”, as told by INDEF economist Bhima Yudhistira Adhinegara.

“Bitcoin prices in the last two years have fallen by 81% from US$ 18,269 at the end of 2017 to US$ 3,464 per coin in February 2019. The legal uncertainty surrounding bitcoin and other cryptocurrencies in Indonesia has caused many to miss out on opportunities during the trading heydays,” said Adhinegara regarding the late policy.

More complaints from the traders also highlight the new rules that requires a high minimum capital for traders. Trading is indeed allowed, but the payment option ban from the central bank is yet to be lifted.

“Regulation is needed to support a sector, help the economy and protect people “but it should not kill an industry,” Oscar Darmawan, Chief Executive of digital asset trader Indodax, or used to be known as bitcoin.co.id, said to Channel Asia Singapore.

Darmawan felt that the amount of minimum capital level is much higher than the IDR 2.5 billion minimum paid-up capital for a futures broker of other commodities.

Also Read: Walking the walk: Three Asian crypto companies gaining real-world traction

Currently, it’s believed that there is no recorded data on the size of Indonesia’s crypto-currency market. However, people in the industry are positive that the number of investors has nearly matched that of the country’s main stock market.
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You can also get predictions related to marriage, love life, career, or health over phone calls and chats via AstroTalk.in

He never believed in astrology, and made fun of people who followed what he termed a “pseudo science”. To him, astrology was not something a learnt and educated person would follow.

However, his destiny was already written when he was born. And this destiny brought this entrepreneur to the very pseudo science that he once rejected with derision.

Puneet Gupta’s story is a perfect example of how destiny plays a big role in one’s life, and how human beings, at times, end up doing things they never wanted or expected to do.

“I was working for investment bank BNP Paribas in India back in 2015. I was not satisfied with the corporate life and always wanted to start a company on my own. But my earlier experiences as a founder deterred me from launching another one,” he tells me.

Willy-nilly, Gupta once again decided to take the plunge.

The colleague’s prediction

“When I was typing my resignation letter, a colleague of mine came over to my desk. She told me ‘You look lost. Are you okay. Do you need any help’. I showed the resignation letter and also shared with her my past struggles as a startup founder. After listening to my story, she asked me to share my birth details and that she would tell me what I should do next. She had a fair knowledge of astrology,” Gupta says.

“But I categorically told her I did not believe in astrology. But when she started sharing some of the experiences that I had had in the past, I had no option but to believe her. It was as if she knew my past life well enough. I was still unconvinced. But she persuaded me to go ahead with the decision to quit BNP Paribas and pursue my entrepreneurial dreams,” he reveals.

She predicted then that the coming two years looked very promising for Gupta’s startup. But the business would  still face some challenges in the initial months. She also prophesied that his co-founder might leave him after two years and then the business would be pivoted. Once pivoted, it would flourish. The colleague also asked him to stay in the IT domain and explained to him how ‘Saturn’ and ‘Rahu’ in his birth chart would support IT.

As she advised, Gupta started an IT services startup, called CodeYeti, in April 2015. The business grew fast and bagged around 15-20 clients, including big ones like Yamaha. The startup also clocked a revenue of US$500,000 in the first year.

Also Read: Will US President Donald Trump get impeached anytime soon? This startup could help you predict it

“After one and half years, my co-founder (who was my school mate) came to me and said he was not happy with the services business and that he wanted to launch products. I agreed with him, and we together started investing a lot of our time researching, and then launched a few new products. But none of these products saw the light of the day. The products were shut down, and I decided to focus on the the services business again,” Gupta reveals.

“True to the prediction of my former colleague, my co-founder resigned exactly after two years of starting our business. This is when I realised that there is something about astrology that is addictive. It doesn’t matter whether you have faith in it or not, but once someone starts telling you about your future, it is very fascinating and you want to know a lot more,” he goes on.

After his co-founder’s departure, Gupta dialled his the former astrologer colleague to apprise her of the events occurred in his life, and told her that all her predictions came true. She smiled at him and asked if he wanted to check his birth chart once again to know what future holds for him.

“I paused for a moment. And then I proposed an idea: how about I start a product in the field of astrology and I become your first customer?’,” Gupta adds as he narrates the story. “This was the beginning of AstroTalk.in.”

The beginning

Launched in October 2017, Noida (near Delhi)-based AstroTalk is an online astrology predictions destination. One can talk to an astrologer over phone, or over chats, and get answers to all his/her worries by seeing the future life through ‘Astrology Kundli Predictions’ from the best astrologers in India. One can get predictions related to marriage, love life, career or health over phone calls, chats, queries or reports.

AtroTalk targets people in the age bracket of 23 to 25 as of now. According to Gupta, the company receives enquiries not just from different parts of India, but the US, Canada, the UK, Singapore and Dubai as well.

“We offer an e-wallet for customers. They can recharge it and then speak to an astrologer. We have more than 125 astrologers on our panel,” Gupta adds. “We charge on the basis of the duration of the session. Customers have an option to end the session at any time or else it ends automatically when they run out of balance.”

The company banks on multiple monetisation models. In addition to charging a customer for every session, AstroTalk also allows users to get a detailed report from the astrologer for a charge. Additionally, users can get online puja (offering) performed, or buy gemstone, Rudraksha, Yantra etc.

Gupta reveals that since inception, AstroTalk has had many interesting customer stories. “We had a customer in India, who asked us when can he change his job. Our astrologer told him that he will be working on a foreign land after three months and will be earning quite well. But he was unconvinced, since he had no contacts outside India and has not applied in a foreign company,” Gupta reveals.

Also Read: This Bangalore-based startup has built an on-demand marketplace for spiritual gurus

“So, he left a very bad review of the astrologer and even complained to our support team. We then gave him a complimentary second opinion from another astrologer, who also predicted on the same lines. He got frustrated and left a ‘one star’ review on the app and said we are fake. We were disappointed to lose a customer. But after four months, he updated his review and told us that he was messaging from the UAE. He also sent a personal gift to the astrologer. Since then he is our regular customer,” Gupta smiles.

Well, Can AstroTalk also predict whether an entrepreneur/startup would be successful or not? And what do astrologers say about the success chances of AstroTalk?

“That’s an interesting question. When we started AstroTalk, we were told that the period till October 2018 would be tough. As he predicted, we went through a lot of ups and downs till July 2018 and our numbers were stagnant. However, in August 2018 (instead of Oct 2018), we achieved the product market fit and started scaling up. We have been growing 25 per cent month-on-month since then. As per Astrologer, AstroTalk would see an exponential growth when Ketu Antardasha starts in Rahu Dasha after April 2019. Rahu supports online business and Ketu supports spirituality,” he concluded.

(Disclaimer: Neither e27 nor this writer doesn’t believe in/promote astrology).

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