We are finalizing the process in the Philippines and hopefully, we can sign a joint venture agreement with our partner over there
Jakarta (ANTARA) - Indonesian financial technology (fintech) platform, Investree, is expanding its business into the South East Asian market, specifically through Thailand and the Philippines, considering the potential in the market and supporting domestic regulations. "We are finalizing the process in the Philippines and hopefully, we can sign a joint venture agreement with our partner over there," said Co-Founder and CEO of Investree Adrian Gunadi at a press conference held in Jakarta, Thursday.

At the moment the company is in the process of applying for a license to work in the Thai market, with a local financial services agency, Gunadi stated.

"Hopefully we can acquire our license in the first quarter of 2020. Our team and systems are ready to go," he said.

The programs carried out in the markets outside of the country will be similar to what they are doing in Indonesia, he further explained. Investree will be lending funds to small and medium enterprises (SMEs) and provide solutions for procurement of goods and services, bearing the same name in both countries.

His company will also target markets in the region, such as Vietnam. However, Vietnam has yet to usher in fintech regulations, so they would wait until one is issued in order to enter the market.

Investree is targeting a double digit growth in 2020, considering the positive growth trend they have experienced this year.

The realization of a loan reached Rp2.4 trillion, up to November 2019, which indicate a higher growth compared to the same period in 2018 which reached Rp1.1 trillion, he explained.

Cumulatively, the fintech company has booked a loan value of Rp4.2 trillion and facilitated 6,500 loans since it was established four years ago.

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Translator: Dewa Ketut Sudiarta Wiguna/Ari
Editor: Rahmad Nasution
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