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Jakarta Post

Jenius mulls over plan to disburse loans for SMEs

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    The Jakarta Post

Jakarta   /   Thu, September 17, 2020   /   02:38 pm
Jenius mulls over plan to disburse loans for SMEs Digital banking platform Jenius, operated by publicly listed lender BTPN, celebrates its fourth operational anniversary by launching a storytelling campaign using the hashtag #ceritajenius (Jenius’ Stories). (JP/Muthi Kautsar)

Jenius, a digital banking platform operated by publicly listed Bank BTPN, is mulling over a plan to disburse loans for small and medium enterprises (SMEs) through a new banking product called Jenius for Business.

BTPN digital banking business product head Waasi B. Sumintardja said Jenius’s particular focus aligned with the BTPN target market, which was SMEs as well as underbanked businesses and individuals.

“In the future, we would like to design a productive loan mechanism within our Jenius for Business platform so it can reach the right markets,” Waasi said in a press briefing on Wednesday. “I also think that some data in our platform is suitable for creating credit a scoring [system].”

He went on to say that Jenius had been using a credit scoring system to disburse personal loans, called Flexi Cash, for its personal bank account users.

According to the bank’s survey, 63 percent of SME owners double their personal bank account as a business account, which makes it difficult to track their cashflow.

Jenius for Business, Waasir said, was aimed at helping new or emerging small businesses to manage their finances, such as keeping track of expenses and incomes.

He said that since the launch of Jenius for Business in March, the platform has secured about 90,000 users with an average of two to three daily transactions made by each user.

The bank also launched Jenius Bisniskit (Business Kit), a separate business management application that can be linked to a user’s Jenius for Business bank account. Jenius Bisniskit has a point-of-sale (POS), inventory management and consumer data storage, among other features.

Waasi said the lender was still focusing on optimizing the business account platform’s current features, such as transferring money and a virtual debit card system, before expanding to other services.

BTPN loan disbursement grew by 5 percent year-on-year (yoy) to Rp 150.5 trillion (US$10 billion) in the first half of the year, driven by an 18 percent rise in the corporate segment to Rp 88.6 trillion.

Jenius itself saw a 65 percent yoy increase in the number of registered users to 2.7 million customers by the end of June this year, BTPN reported.

Read also: BTPN sees net profit contract by 9% in H1

BTPN’s third-party funds grew by 4 percent yoy to Rp 101.4 trillion in the first half of the year, as Jenius collected more than Rp 10 trillion in third-party funds.

Loan disbursement started to pick up in July, growing by 1.53 percent compared to June’s 1.34 percent, Financial Services Authority (OJK) data shows. (eyc)