PRESS RELEASE

PermataBank and Kredivo Partner for Rp 1 Trillion Credit Line to Accelerate Financial
Inclusion in Indonesia
Deal between a leading bank and a leading digital credit platform represents a significant
milestone for the fintech industry

Jakarta, November 27 2019 – Kredivo, the leading digital credit platform for retail borrowers across
Indonesia, and PermataBank, one of the leading banks in Indonesia, announced today the closing of a
debt line of Rp 1 Trillion to fund loans for Kredivo’s borrowers in Indonesia. This represents one of the
biggest credit line partnerships done between a national bank and a fintech lending entity to date. The
deal marks a major milestone for both firms: for Kredivo, it is the largest deal in its history with an
Indonesian bank; for PermataBank, it represents one of their largest in the industry.

The closing of this deal is a way for both parties to provide innovative, more efficient financial products
and services to serve a wider consumer base. Combining the expertise from banking and fintech,
PermataBank is able to diversify its loan book to a wider set of customers while Kredivo can continue to
grow its transaction value and loan book to serve the needs of Indonesia’s vast underbanked population.
By coming together, the two companies commit to further the goal of financial inclusion, thereby creating
an impact on the country’s economy.

Commenting on this collaboration, Umang Rustagi, Commissioner of Kredivo, said, “We are very humbled
to collaborate with PermataBank. With our best-in-class risk metrics and strong innovation DNA, we are
positive that this credit line is going to accelerate our growth and serve millions of additional customers
in the future. Moreover, it is a great starting point to work with a cutting-edge, national bank like
PermataBank to create more financial products designed for the next generation of Indonesian
consumers.”

Djumariah Tenteram, Director of Retail Banking, PermataBank, said, “Seeing the vast growth of fintech,
especially the short-term cash loan segment, PermataBank believes that its collaboration with Kredivo has
bright prospects. We believe that Kredivo as a fintech company has great credibility and strong risk
management in the industry. This also represents our commitment in providing extensive financial
services that are simple, fast, reliable, and innovative, thus improving PermataBank’s business
performance in Indonesia.”

SEA e-Conomy Report 2019 by Google and Temasek states there still are 92 million underserved people
in Indonesia, who hardly get access to financial or banking services. Considering its capacity to penetrate
the market very quickly by leveraging technology, collaboration between fintech and banking is the fastest
way to drive financial literacy and financial inclusion. The deal between PermataBank and Kredivo
represents the exceptional potential of fintech lending and a bank’s partnership, serving millions of
Indonesian consumers by providing low-cost financing products in a highly scalable way. ***
About PermataBank

PermataBank is one of the major private banks offering comprehensive financial services in a simple, fast, and
reliable manner. As a pioneer in mobile banking and mobile cash technology in the Indonesian market, in 2018, the
Bank launched the PermataMobile X application with the latest 200 innovative features.

Serving more than 3 million customers in 62 cities in Indonesia, as of October 2019 PermataBank has 323 branch
offices, 16 mobile branches, 1,000 ATMs with access to more than 100,000 ATMs (VisaPlus, Visa Electron,
MasterCard, Alto, ATM Bersama and ATM Prima) and millions of ATMs worldwide that are connected to the Visa,
Mastercard and Cirrus networks. In the first quarter of 2019, in terms of services, PermataBank won 2019
Satisfaction Loyalty & Engagement (SLE) Award based on the Infobank and Marketing Research Indonesia (MRI)
survey, one of which is ranked #1 for the INDEX 2019 OVERALL-ENGAGEMENT category (conventional commercial
bank/book bank 3). In the second quarter, PermataTel again won the 2019 Contact Center Service Excellence Award
for 10 categories, from Service Excellence Magazine. In terms of products; PermataBank’s credit card, debit card and
Syariah Business Unit ranked I & II respectively in the Digital Brand Awards 2019 by InfoBank Magazine. PermataBank
also won various service excellence awards in both categories of conventional Banks and Sharia banking in the
Banking Service Excellence Award by InfoBank magazine in collaboration with Market Research Indonesia. For
further information on PermataBank, please visit us at http://www.permatabank.com

About Kredivo

Kredivo is the leading digital credit platform in Indonesia that gives customers instant credit financing for e-
commerce and offline purchases, and personal loans, based on real-time decision. Kredivo users can buy now and
pay later with one of the lowest interest rates amongst digital lenders in the country. Kredivo's merchant partners
benefit from instant point-of-sale financing, powered by its unique 2-click checkout. Kredivo’s technology platform
is powered exclusively by FinAccel, a Singapore-based financial technology company backed by leading investors
such as Square Peg Capital, MDI Ventures, Jungle Ventures, Open Space Ventures, among others. Kredivo is
supervised by OJK in Indonesia. To know more about FinAccel and Kredivo, visit www.finaccel.co and
www.kredivo.com

Press Contact
Artemis (Kredivo Communication Consultant) Kredivo
Eliza Viyantina Tubagus Aditya
eliza.viyantina@artemishub.id press@kredivo.com
(+62) 81-2889-5961

PermataBank
Richele Maramis
Head, Corporate Affairs
e: corporate.affairs@permatabank.co.id
P: +62 21 523 7788