Andrisyah Tauladan, COO of Asetku—that was awarded as the “Most Promising P2P Lending Platform Startup” at 2018 Finfest (Fintech Festival), shared insights on his peer to peer company: from the way the platform works to his wishes for the future of the financial technology industry in Indonesia. Read on…
Asetku is a platform that provides funding via smartphones, how does the procedure work?
Firstly, you download the Asetku application and sign up for an account. Aside from filling in your data, you have to insert your photo ID and bank information, which then progresses to the verification process—you’re signed up. From then, you can conduct funding. The requirement is you simply have to be a registered citizen and a valid (not expired) identification.
What are the benefits of using Asetku compared to other platforms?
There are advantages that can be noticed from the start, and there are advantages that can be noticed one you use it. The advantage that can be noticed right away is that our interest in Asetku is high. For people that want to lend money—they want to receive a high return. Another advantage is access as we have big plans for access. Therefore, wherever you are, you have access. We have a strong IT team, which sets as our basis foundation.
Who is your main target?
Our target includes the millennials and people who want to participate as lenders. Those are people that have the mind set of “I have money, I want to lend my money so where do I put it? I want it to be clear and convenient because I’m busy.” For the borrowers, their mind set is “ I want to try to build my life, I want to be able to buy certain things, and change my life for the better.” Actually, our main target is the interaction between those individuals.
How many parties have you collaborated with?
We have collaborated with few marketplaces and for risk modelling we have collaborated with entities that I can’t mention. That’s still the beginning, for the future, we would like to collaborate with other parties.
Is there any required range of income to propose for a loan?
We work together with a number of parties. From the borrower side, we along with the parties have our own credit risk model—it has a very low Non-performing Loan (NPL). Therefore, we can impress the credit risk model—even though it is a consumer credit, which is typically unusual. We have a really competitive credit risk model. The criteria themselves are so many, so I can’t really mention it one by one. From the lender side—this is why our platform is special—even college students can propose for a loan in the minimum amount of Rp1 million. Our payment term is also very short, starting from a few days to 6 months. Consequently, there is something for everyone, and that is what makes us unique.
What is the future goal for Asetku?
Our goal is to bring together privileged people together with people in need that wants to improve their lives. The great thing about our vision is that it’s very broad. Of course, we aspire to grow larger in the future since Asetku is still quite new, it’s still a baby that was just born, and just learnt how to walk. Asetku would also like to partner with big e–commerce, with regulators, with public officials, and with public entities to ensure that what we’re doing is beneficial.
Elsewhere, Asetku wants to be an option for both lenders and borrowers since Asetku is a peer to peer (P2P) platform. We want to be the first choice of platform in bringing together those two parties. We want to be the first choice because we want to reach personal, from an individual to an individual. We know that our banking rate is low, and low access; therefore, we want to eliminate those barriers.
What expectations do you have for the future of FinTech in Indonesia?
I hope that our traditional daily life and digital life can be integrated. For instance, Gojek has become a part of our daily life and it associates with our digital life. My expectation for FinTech is for more collaboration to spread widely and expand bigger. The community should help each other to grow. Just because it’s also a P2P platform, it doesn’t have to compete one another; instead, the platforms can collaborate. Collaborations can happen when the platforms have different segments, different risk models, different target, and various things that can be combined. Therefore, I’m more of a person that encourages others to build something together.
Tell us, what motivates you to keep going forward?
In general, when people begin to feel down, they’ll start to doubt themselves. They become pessimists, wondering if what they’re creating is sellable or will it be able to survive. My best friend once said, “If you want to do something, do it brick by brick, do it step by step, but don’t stop.”
What advice would give to young entrepreneurs who would like to build a platform and follow your footsteps?
First, don’t be arrogant, when you’re arrogant, it would mean that you don’t want to learn. Don’t be shy to greet successful people because there are a lot of people who feel intimidated to approach successful people—you have to reach out to them. I noticed that there are so many people who feel inferior. Also, when you’re trying to create something, it has to be continuous, don’t stop along the way.