Saturday, 20 April 2024

Mayapada Skorcard set to bridge gaps for young Indonesian borrowers

5 min read

Bank Mayapada and Skor announced the launch of their official co-branded credit card, the Mayapada Skorcard, tailored for the country's "experience" generation.

With strong backing from AC Ventures, one of Southeast Asia’s most active fintech investors, the company is poised to revolutionise the industry by leveraging cutting-edge technologies and innovative strategies. Skorcard is ready to lead the way in transforming the landscape of financial services, offering tailored solutions to meet the evolving needs of consumers.

Developed via a strategic partnership, the credit card is meant to serve the underserved mass-affluent segment in Indonesia, offering a product that aligns with their values and aspirations at large.

The Mayapada Skorcard addresses the need for credit access and an enhanced card experience for prospecting cardholders. It offers users unparalleled control over one’s spending, including spend categorisation and personal budget management. It also introduces a hyper-personalised, dynamic reward engine with gamification elements, making financial management both rewarding and engaging.

Understanding the immense potential for fintech innovation in emerging markets, Skor's founding team recognises successful models such as India's OneCard, Brazil's NuBank, and Mexico's Stori, each a testament to the transformative power of financial inclusion. The Skor team has meticulously built its strategy to address the distinct challenges and prospects unique to the Indonesian landscape.

Bank Mayapada is a fully licensed credit card issuer in Indonesia. Both parties have exercised diligence in ensuring the highest standard of information security and privacy. Skorcard has obtained PCI-DSS certification from a reputable third party.

Ongki Kurniawan, co-founder and CEO of Skor said, “From the outset, our vision was not to mimic successful models from other regions but to innovate based on a profound understanding of the unique needs within Indonesia. Skor emerged from an identified need for responsible and equitable credit access. Our approach has been one of careful study and adaptation to the Indonesian context."

Karan Khetan, co-founder and president of Skor said, “Despite over 80% of Indonesians now considered included in the formal financial sector, a significant portion remains reliant on high-interest credit options like BNPL and P2P lending. Our mission extends beyond launching a credit card; it's about propelling the financial inclusion narrative into one of real economic empowerment and ensuring access to affordable credit for a broader segment of the population."

With its unique blend of technology, personalised rewards, and a commitment to financial education, the Mayapada Skorcard credit card is set to be a game-changer in the Indonesian financial landscape.

Re-disseminated by The Asian Banker

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