FinVolution Group (“FinVolution,” or the “Company”) (NYSE: FINV), a leading fintech platform, today announced that its Indonesian subsidiary, AdaKami, obtained a fivefold increase in its financing facility with PT Bank Jago Tbk (“Bank Jago”) (IDX: ARTO). The increase from 100 billion Rupiah to 500 billion Rupiah (US$34.9 million) will enhance AdaKami’s ability to expand credit access to broader segments of the local economy and accelerate financial inclusion in the country.
The significant increase in financing facility also underscores AdaKami’s deepening relationship with Bank Jago, an Indonesian tech-based bank providing life-centric finance solutions which make money management simple, collaborative and innovative. AdaKami first entered into strategic cooperation with Bank Jago in October 2021, expanding the Company’s local loan facilitation capabilities and broadening its presence across different market segments in Indonesia.
Mr. Feng Zhang, CEO of FinVolution Group, commented, “Adakami’s surging financing capacity is a testament to our fruitful cooperation with Bank Jago as well as the initial success of our strategic transition to better-quality borrowers in the Indonesian market. Moving forward, we will continue to strengthen our global partnerships, offer attractive interest rates and further diversify our product offerings to pursue our goal of greater financial inclusion both in China and international markets.”