KoinWorks Aims for Bigger Market with Rural Bank Acquisition

By Editorial Team 27/01/2023
KoinWorks Neobank
Summary

Fintech KoinWorks announced the acquisition of rural bank BPR Asri Cikupa Karya, allowing it to develop long-term business financing for micro, small and medium enterprises (MSMEs). KoinWorks will immediately increase the core capital of BPR Asri Cikupa Karya to upgrade the rural bank's status from  BPRKU 1 to BPRKU 3.

The synergy between KoinWorks and BPR Asri Cikupa Karya focuses on providing deposit products, such as opening a deposit account through the KoinWorks app, which has secured a permit from the Financial Services Authority (OJK) as a funding agent. "The affiliation between the BPR unit and KoinWorks will help create more innovations for BPR," KoinWorks co-founder Benedicto Haryono said in a written statement on Thursday.

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