What Is Akulaku Application – Akula acquired Neo Commerce Bank, which has more than 10 million new account holders on the NeoBank app since its launch in March 2021.
In 2021, when Southeast Asia was in the midst of a pandemic, Akulaku launched NeoBank, a digital banking app under Uda Bhakti Bank Neo Commerce (BNC).
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Neobank has received positive reviews based on App Store reviews. User testimonials show how easy it is to use the app and BNC digital banking services with no administration or transaction fees and attractive deposit interest rates. The ratings also show the effectiveness of services for people who are facing financial difficulties during the pandemic. How did local bank Bank Neo Commerce, backed by global internet company Akulaku, delight Indonesian customers?
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Since its establishment in 2014, the company has developed a suite of financial services that include digital banking, e-commerce, digital investment and insurance transactions and built a well-known brand.
After gathering insight into the market and customer demand, the Akulaku team realized the importance of offering complete financial services in one app and its business potential.
Most South Asians lack access to financial services Traditional banks have high fees, tedious procedures and long waiting times Savings and balances are too small for many consumers, leaving behind a large unbanked segment According to Google, Temasek, Bain & Company’s 2019 report on the future of digital financial services In Southeast Asia, more than 92 million adults in Indonesia are unbanked. Another 42 million are in the sub-fund category, which does not include credit cards These customers are also uninsured and do not use long-term savings products
Akula sees digital wallets as a means to increase access to financial services and offer multiple services through a single account. Providing an efficient set of services is not only good for many customers, small and micro businesses, but also an effective way to increase long-term user loyalty. In addition, Akulaku improves position risk by analyzing low credit score areas collected from users’ dietary and behavioral data, payments and personal wealth management activities. was able to assess each person’s credit risk
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This drive to create a complete suite of digital banking services eventually led Akula to acquire Bank Yudha Bhakti in 2019. The entity was later renamed Bank Neo Commerce in September 2020
A commercial banking fintech startup is a different but ultimately strategic move. Akulaku serves approximately 20 million customers in three Southeast Asian markets – Indonesia, the Philippines and Malaysia. The company’s 2021 revenue is expected to exceed $4 billion due to rapid consumer adoption
In March 2021, BNC launched NeoBank, which promotes free transactions, and Neo Now, a savings account with a daily interest rate. Since the app’s debut, the bank’s monthly transaction volume has grown more than 10,000% to more than $200 million. According to BNC’s Q3 2021 financial report, the bank’s total assets rose 41% to $600 million in September. BNC President Tajandra Gunawan also announced that the number of Neobank accounts has exceeded 10 million, a 14,000% increase since March.
In December 2021, BNC issued 1.92 billion shares at IDR 1,300, raising IDR 2.5 trillion ($180 million). The bank’s market capitalization has reached IDR 24 trillion ($1.7 billion), having successfully attracted participation from major aftermarket funds, including JP Morgan, Citibank and CGS-CIMB Securities.
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This is just the beginning Akulaku’s vision is to serve 50 million users in 10 countries and union territories by 2025 and create a new virtual credit and debt payment system for non-bankers and merchants. Along with growth through various customer acquisition methods, Akulaku is also engaged in research and development in artificial intelligence, big data and other fintech-related technologies. These developments are aimed at improving risk management and contributing to market value and decision-making. The company plans to build a digital banking ecosystem and finance-as-a-service over the next few years, while exploring other technology solutions.
With a population of 260 million, the Indonesian market has become a competitive arena for many Southeast Asian players. Akula has a huge first-mover advantage in its home market Akulaku, which means “selling everything” in Indonesian, has seen the first signs of adoption and continues to play a role in the fintech space. Asia is a digital banking community
The outbreak of COVID-19 and restrictions on movement have accelerated the spread of digital banking in Southeast Asia, with banks in the region reporting growth in digital services and new digital bank account registrations.
Indonesia, the region’s largest economy, is a prime target for digital banks because of its large unbanked population and high mobile penetration. Indonesia has a fragmented fintech market, with thousands of apps offering specialized services to different verticals in the ecosystem. Fintech startup Akulaku was voted the most interesting company in the region in Cracia’s media survey.
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Akulaku was founded in 2016 by William Lee, who is the current CEO. Akulaku is headquartered in Indonesia and operates in the Philippines, Vietnam and Malaysia. The startup offers three main services – online loan, wealth management and digital banking. With 6 million users, Akulaku’s annual turnover is currently over 1.5 billion dollars.
In the second half of 2016, Akula began offering consumer financing products.Starting as an online payment marketplace for everything from home appliances to travel and mobile payment services, Akula quickly expanded into personal loans in 2018, covering everything from payday rates to car benefits.
“As we delve deeper into our markets, we realize that there is a huge income gap in Southeast Asia,” says Lee. “While there are a lot of young people earning $283 a month, we find a middle-class segment that earns more than $1,415. Wealth management is in high demand among these seniors,” he said.
In 2019, Akulaku launched its wealth management division, Indonesia’s largest online wealth management platform with over 100,000 monthly active users.
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Akulaku’s next mission is to make financial services easier and more affordable for the public through digital banking. Commercial banks in Indonesia are expensive due to the high cost of customer service, so banks prefer to focus on business and corporate banking.
“The Internet is a great opportunity to reduce costs so that everyone can pay for financial services,” Lee said. “We can achieve breakthroughs in mobile payments and card issuance because these services are simple,” he said.
Akulaku’s digital product can fill a gap in Southeast Asia where non-bank financial services for consumers are lacking and free.
“This helps us understand the importance of banking licenses in the financial sector,” Lee said. “We can be the region’s financial technology platform that provides customers with cost-effective and comprehensive financial services.”
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About 66% of Indonesia’s population is unbanked This market may mirror the growth trend of Brazil, another major economy with a high number of unbanked residents One in three Brazilians is unbanked – a potential market for the 600 fintechs currently operating in the country, including Nuba. Founded in 2013, the Brazilian startup is now the world’s largest digital bank, valued at $10 billion and with 20 million customers, split between digital bank account users and registered credit cards. It began its operations in Brazil by offering limited-limit virtual credit cards to encourage users to build a credit history, and after 3 years received a full financial license from the operator, thereby offering a savings product and quickly gaining a user base. did. . Market
Southeast Asia, like Brazil, has a large population with no credit history However, loan demand is strong here
“Most of them borrow from friends or family, so they don’t have a credit history. It’s very interesting – it’s a good challenge for us to create new ways to assess their credit,” he said. “
Akulaku’s investment in technology lays the groundwork for his digital banking ambitions. In 2019, it acquired Indonesian Commercial Bank (recently renamed Bank Neo Commerce) BYB. In one year, the number of BYB loan accounts grew from 30,000 to 300,000.
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We plan to transform BYB into a digital bank to attract more customers. The first version of the app will launch in the fourth quarter of this year, making it easy to open accounts, make online deposits and manage money, Lee said.
Lee first felt the first effects of COVID-19, which hit Akulaku in late March, when much of Southeast Asia was under lockdown. This is his team
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