BRI: accelerating digitalisation among MSMEs
In a recent announcement made by PT Bank Rakyat Indonesia (Persero) the company has synergised three of its ecosystems in order to accelerate the digitalisation of Micro, Small and Medium Enterprises (MSMEs) in the country to help with their survival and growth amidst a COVID-19.
Bank BRI’s three ecosystems include: market ecosystems, digital ecosystems and village ecosystems to drive sustainable growth. Bank BRI is determined to serve the community as much as possible, in a cost efficiency way.
"The crisis due to the coronavirus pandemic has pushed us to innovate faster. We synergize the three ecosystems as a way for us to digitize MSMEs to continue to grow, rising from the pressure of coronavirus impacts," said Sunarso President Director of Bank BRI.
The synergy of the three ecosystems will help Bank BRI to provide education, assistance, infrastructure, branding and promotion for businesses, which have been highlighted as core elements needed by MSMEs in addition to finance.
"For the market ecosystem, for example, Bank BRI helps traditional markets by introducing online shopping, whether through WhatsApp, websites, mobile apps, or cooperation with start-ups. We build a web market that supports yields from villages to enter the markets and then being absorbed by consumers through online shopping. So, we digitize traditional markets," added Sunarso.
Committed to expanding its web market presence to empower and digitalise more traditional merchants, Bank BRI has 4,247 market websites with 45,432 registered merchants. Bank BRI has set targets to build 5,241 web markets and empower 52,410 people.
"The potential of traditional markets in Indonesia reaches 14,182 markets and the number of merchants is 2.54mn people. We dedicate one person in charge in each market to educate members of the market ecosystem, one of which is related to cashless society."
As part of the digital ecosystem, Bank BRI has partnered with multiple large companies including Tokopedia, Grab, Bukalapak, Shopee, Gojek and Kredit Usaha Rakyat/KUR. With these partnerships Bank BRI supports economic empowerment by developing clusters and superior products. Bank BRI’s commitment to synergise its ecosystem aligns with one of its three pillars of its digital strategy as well as the digitalisation of business processes and new business models for convenience and comfort within its community.
"We continue to carry out business transformation, both digital and cultural aspects. Digital has become the DNA of Bank BRI. We have also adopted open banking and opened up the possibility of using blockchain technology to support business processes," concluded Sunarso.
In addition, Bank BRI is accelerating its development of collaborations with fintech start-ups such as Investree, TaniHub and LinkAja, as well as strengthening its P2P lending channels such as Modalku and Investree.
Timeline: India takes unicorn leap with six in five days
We chart an historic week in India’s tech industry, where in just five days, between 5-9 April 2021, the country achieved six new unicorns, bringing India’s total to 10 in 2021 to date, an immense unicorn leap from just seven in 2020 and six in 2019.
April 5: Meesho
India’s first social commerce unicorn, Meesho raised US$300m from SoftBank, Facebook and Shunwei Capital, giving the Bangalore-based startup a US$2.1bn valuation, a threefold jump from its previous funding round in 2019. Founded in 2015 by two IIT-Delhi graduates, Meesho connects producers and resellers, helping small businesses sell through social media. It has 45m customers and has enabled 13m entrepreneurs to start their online businesses with no investment.
April 6: CRED
Founded just over two years ago, Bangalore-based credit card repayment app CRED raised US$215m from Falcon Edge Capital and Coatue, nearly trebling its valuation to US$2.2bn from its January US$80m round. Allowing customers to pay off their credit card debt while earning CRED coins which they cash in for rewards, CRED has grown rapidly during COVID-19, doubling its customer base to nearly 6 million in a year.
April 7: API Holdings / Groww
The first epharmacy startup to gain unicorn status, PharmEasy (API Holdings), which has digitised 60,000 brick and mortar pharmacies and 400 doctors across India, raised US$350m in a round led by Prosus Ventures. Founded by four former Flipkart employees as a way of making investing simple, investment platform Groww became India’s second-youngest fintech unicorn, raising US$83m in Series D funding led by Tiger Global, quadrupling its previous round in September.
April 8: ShareChat
New Delhi-grown social media startup ShareChat, founded in 2016 by Mohalla Tech raised US$502m from Lightspeed Ventures, Tiger Global, Twitter and Snap taking its raised total over six rounds to US$766m and pushing its valuation to US$2.1bn. The funding will be used to grow its user base and short video platform Moj, which launched in 2020 following TikTok’s ban in India. The regional language startup claims 280m users.
April 9: Gupshup
AI-led conversational message startup joined the unicorn club after raising US$100m from Tiger Global giving it a ten-fold valuation of US$1.4bn. The smart messaging platform, which has seen accelerated growth during the pandemic, was founded in Bangalore in 2005 by serial entrepreneur Beerud Sheth, whose online freelancing platform Elance is now listed. Gupshup’s API enables 100,000+ businesses to build messaging and conversation experiences across 30+ communication channels.