Supporting MSMEs during the pandemic and boosting economic growth in Indonesia
Jakarta, Thursday, 27 May 2021 – PT Bank Commonwealth teams up with another fintech company, this time with majoo, which serves Indonesian MSMEs through its mini ERP platform. Bank Commonwealth will be offering its CommBank BizLoan lending product to majoo’s MSME customers, providing capital to help their businesses prosper.
"Bank Commonwealth is continuing to support the growth of Indonesian MSME businesses by providing simpler access to capital through digital, and we are pleased to offer our products in collaboration with local fintechs like majoo.” said Ming Chen, Director of Digital and Strategy at Bank Commonwealth.
Ming continued that CommBank BizLoan is designed to be a simple, easy, and fast financing proposition for MSMEs, and is delivered digitally end-to-end. Ming believes that with its new collaboration with majoo, Bank Commonwealth can ensure it provides high quality services to its MSME customers, especially during the current challenging environment. “Together with majoo, we can continue to realize Bank Commonwealth’s purpose to improve the financial wellbeing of our customers and communities,” said Ming.
Founded in 2019, majoo provides fully featured business tools to MSMEs, including traditional cashier applications and point of sales technology, as well as inventory management, accounting, customer, employee, and business analysis, and online ordering services on its platform. With more than 15,000 merchants in the majoo network, Bank Commonwealth will be able to provide its simple, easy, and convenient CommBank BizLoan proposition to majoo’s merchants to meet their capital needs.
"We believe that MSMEs play a vital role in supporting the Indonesian economy. We also believe that every MSME should have the same opportunity to access technology that can help them to grow. The collaboration with Bank Commonwealth is in line with majoo's mission, which is to advance MSMEs through financial technology innovation to boost Indonesia's economic growth," said CEO & Founder of majoo, Adi Wahyu Rahadi.
Bank Commonwealth will continue to develop innovations in its product offerings, services and processes to meet its customers’ needs and better serve them.