At the recent World Economic Forum (WEF) event, held in Davos, Switzerland, fintech company DANA Indonesia took part in a panel discussion on the role that global fintech plays in fostering resilient and inclusive growth.

The result of a collaboration between WEF and Cambridge Centre for Alternative Finance (CCAF) at the University of Cambridge Judge Business School, the report was based on a survey conducted to 200 global fintech companies in five industry verticals: digital lending, financing, payments, banking and savings, and insurtech in five regions.

It highlighted the role that global fintech industry plays in widening access to financial inclusion for unbanked and underbanked societies–which is dubbed as an “integral part” of the consumer base and total transaction value of fintech services.

In the panel discussion, DANA Indonesia CEO Vince Iswara revealed how fintech services introduced unbanked society to the ease and practicality of transacting and managing their finances.

“We keep on seeing positive growth trends in fintech usage from both individuals and businesses. In fact, the use of fintech services continued to grow and persevere through uncertain times such as the pandemic. DANA noted more than 100 per cent increase in transactions in its platform followed by a 30 per cent increase in the number of DANA Bisnis users compared to the previous year (YoY).

Iswara also revealed that one of the participants’ of the company’s SisBerdaya programme, Dituta, experience a 900 per cent growth with IDR90 million in revenue after taking part in the programme.

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Strategies to reach out to underbanked society

During the panel, DANA Indonesia explained the approach taken by fintech companies to reach out to underbanked societies, particularly in accessing insurance and investment products. One of them includes adjusting the limitations to purchase insurance and investment products.

For DANA Indonesia, this can be seen in their micro-scale insurance and investment products DANA Siaga and DANA eMAS.

“Using this approach makes it easier for users to see the advantages of using fintech services and making these instruments an essential part of their daily lives. As a result, this can be an entry gateway for unbanked societies
to become an inclusive and financially healthy society,” Iswara said.

Founded in 2018, DANA Indonesia secured unicorn status in 2022 following a US$554 million funding round.

At WEF, the company spoke at a panel discussion with Bryan Zheng Zhang (Executive Director and Co-Founder, Cambridge Centre for Alternative Finance, Cambridge Judge Business School, University of Cambridge), Drew Propson (Head, Technology and Innovation in Financial Services, World Economic Forum), and John Rwangombwa (Governor of the National Bank of Rwanda), with Naoko Tochibayashi (Japan Communications Lead, World Economic Forum) as a moderator.

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Image Credit: DANA Indonesia

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