Finantier is the leading Open Finance API provider platform in Southeast Asia. With the mission of expanding financial inclusion in Indonesia, Finantier officially became a member of the Indonesian Asosiasi Fintech Pendanaan Bersama Indonesia (AFPI) in July 2022. Finantier carries its main product, Innovative Credit Scoring (registered by OJK IKD), during its membership in AFPI. This product presents secondary data as material for credit analysis.
The Innovative Credit Scoring service will access the required data as a rating variable during the process. A platform of Innovative Credit Scoring manages data from a variety of sources, specifically the transaction data, which is usually carried out through digital applications. The source data includes phone credit transactions, electricity payments, the purchase of goods in e-commerce, and more. During this process, the data is obtained with the users' permission.
After the data is collected, the system will perform the analysis and assessment. Then, the results will be shown by giving a score to prospective customers under predetermined criteria. This process is performed automatically through the application. The platform will utilize Artificial Intelligence and Machine Learning technologies to speed up the process.
Besides Innovative Credit Scoring, Finantier has three other products: Income and Identity Verification, Account Aggregation, and Recurring Payment. Those four products can be applied to various use cases in many financial services.
Innovative Credit Scoring by Finantier Helps Accelerate Financial Inclusion
Financial inclusion involves providing access to safe, convenient, and affordable financial services for disadvantaged and vulnerable groups. This includes low-income people, rural residents, and people who have not been served by the formal financial sector (unbanked).
With the Innovative Credit Scoring feature in the Open Finance ecosystem, the mission of financial inclusion can be achieved more quickly. Open Finance opens up opportunities for people in the unbanked category to access various financial services, such as providing credit or loans.
Joining the AFPI members means that all operations carried out by Finantier will follow the standards and certifications that apply at AFPI. That way, financial services or fintech that will use Finantier products do not need to doubt the validity of its features. Every AFPI member has been confirmed to agree with the OJK rules and is strictly prohibited from violating them.
"We hope Finantier can provide a new solution for lenders to onboard their customers. By becoming an official AFPI member, we will also ensure the safety of P2P lenders who want to use Finantier's services," said Edwin Kusuma, who is the Co-Founder & COO of Finantier.
According to the official website, there are currently 102 AFPI members. This number will increase in line with the development of the digital economy, which is estimated to continue to grow to IDR 4,500 trillion in 2030.
In carrying out the mandate from the OJK, APFI has responsibilities and uses. In general, AFPI's duties and functions include serving as a liaison between national and international fintech institutions as a policy-related research institute and organizer of special Fintech events for implementing members, becoming a means of complaint, and supervising Fintech implementers and active participants in collaborating in activities that promote fintech progress.