4 useful innovations in digital economy you need to know | Bahasa
The growth followed the digital transformation that makes it easier for people to carry out daily banking activities. The dynamic changes drive digital technology developments you may not know about that can simplify your daily transactions!
Some of the developments are incorporated into an educational campaign entitled “More innovation, less limitation” organised by Bank DBS Indonesia in collaboration with startups and fintech firms. Let’s find out about the four innovations in digital economy initiated by young Indonesians that can be useful for you!
1. Interbank transfers at no cost
Sometimes we need to transfer money from one bank to another. There are risks in interbank money transfers such as delay in transfer or the recipient does not get the money. In view of these problems, Flip created a system that changed interbank transfers to same bank transfers to ease restrictions on financial transactions. Flip’s system also eliminates interbank transfer fees! In its development, the manual system used by Flip was no longer effective. This is where Bank DBS Indonesia played a role by providing assistance for Flip to automate its services to be more seamless and glitch-free. Through this collaboration, Flip and Bank DBS Indonesia seek to promote fair and inclusive financial services for the wider community.
2. Easy application, approval, and installment payments
When we apply for loans, we often have to go through complicated and time-consuming procedures. As illegal lending practices are becoming rampant, we should be wise in choosing safe and trusted services to avoid unreasonable interest rates and billing processes. On that account, Home Credit, a company that provides merchandise, business and working capital financing, the buy now pay later Home Credit BayarNanti loan facility, and e-wallet Home Credit Pay, has a unique method of improving its services. Home Credit collaborates with Bank DBS Indonesia to integrate the DBS IDEAL RAPID (Real-Time API) feature into the company’s operations and payment system. The collaboration has succeeded in increasing the frequency of transactions by fivefold, made possible by automation of fund channeling that mitigates fraud. It also monitors cash flows and a safe and fast online payment systems integration.
3. Digitalisation and capital assistance for MSMEs
Micro, small, and medium enterprises (MSMEs) play a big role in Indonesia’s economic growth, contributing 60.5% to the country’s GDP. Nevertheless, many MSMEs still have difficulties in developing their business due mainly to a lack of funds to expand their reach, procure equipment, and hire qualified human resources. Are you one of them? If so, you can join Modalku, a digital financing platform for finance-based MSMEs in Indonesia that connects MSMEs with entrepreneurs. Modalku, which hopes to support more MSMEs, has received IDR100 billion from Bank DBS Indonesia as co-lender. The funds are then channeled to MSMEs that are part of the Modalku ecosystem.
In addition, entrepreneurs can now manage offline stores more efficiently using the POS (Point of Sales) service or the free cashier feature on the CARInih application. In accordance with its slogan “Nyatakan saling bantu”, CARInih collaborates with Bank DBS Indonesia to optimise online shop operations through DBS MAX QRIS and DBS IDEAL RAPID. Through the integration of these features, businesses will receive automated, clear and transparent transaction reports. The collaboration is aimed at accelerating the digital penetration of Indonesian MSMEs.
4. Customers can pay bills at small kiosks, thus increasing profits of kiosk owners
Besides selling groceries, small kiosk owners can expand their services, including selling electricity tokens, accepting bill payments, and many more. The innovation has good prospects for its compatibility with people’s daily needs. To enable MSMEs to apply these services, Bukalapak collaborates with Bank DBS Indonesia through IDEAL RAPID. The feature provides virtual account services for Bukalapak Partners that make payment easier and safer. Established in 2010, Bukalapak has served more than 10.4 million Bukalapak Partners, helping them grow their business using its technological capabilities to create a fair economy for everyone.
Head of Group Strategic Marketing & Communications, PT Bank DBS Indonesia, Mona Monika, said, “The ‘More Innovation, less limitation’ campaign is our effort to support the acceleration of digital transformation in the banking sector. Based on this idea, we form alliances with various companies, such as Flip, Home Credit, Modalku, Bukalapak, CARInih, Warung Pintar and DOKU, to provide education on a sustainable digital financial ecosystem.”
In addition to the developments mentioned above, there are many more innovations that can be useful for us. These innovations are expected to encourage more and more Indonesians to adopt digital services to take advantage of all available opportunities and develop their business and improve their financial condition.
To find out more information about the “More Innovation, less limitation” campaign, visit our website https://www.dbs.id/ or follow our Instagram @dbsbankid.
