KoinWorks And Google Cloud Are Committed To Increase Financial Access For MSMEs

Jonathan Bryan, Chief Wealth Management Officer at KoinWorks (photo: doc. Google)

JAKARTA - Given that MSME financing is hampered in the country due to requirements when applying for a loan, many online businesses are increasingly turning to KoinWorks, one of the leading financial superapps in Indonesia.

This Jakarta-based digital financial services company helps MSMEs overcome this challenge by simplifying financial access and increasing financial literacy.

Currently, KoinWorks serves more than two million users in Indonesia as a one-stop shop, providing access to loans, investment, neobanking, billing, and learning products in its superapp.

However, this transformation required an innovative approach to lending, which his team embodied through data and artificial intelligence (AI).

When KoinWorks wanted to grow their cloud-based technology stack, their team had several important considerations, including regulatory requirements and the best use for their workflow.

"The first consideration is that our data needs to be stored in Indonesia, as required by the financial authorities. Second, we need a cloud partner who really understands the importance of security because of the large amount of personal and transactional data we store. Third, we must be able to extract this data very quickly so that we can carry out a credit assessment in minutes," said Jonathan Bryan, Chief Wealth Management Officer at KoinWorks, quoted on Wednesday, 14 June.

Finally, the KoinWorks team found that Google Cloud can meet these three important requirements. According to the company, the possibilities offered by microservices in Google Kubernetes Engine (GKE) were identified as the right solution to help KoinWorks achieve its growth plans going forward.

"Google Cloud was determined to be the most suitable platform for its engineers because it is the "home of Kubernetes," according to Head of infrastructure of KoinWorks, Mirasz Albari.

Furthermore, Albari said that the integration with Google Cloud has had a huge impact on the KoinWorks infrastructure.

"Since introducing KoinWorks NEO in April 2022, overall traffic to KoinWorks has increased from three to four terabytes per month, to seven to eight terabytes," he said.

Google Cloud's ability to segment billing by project has also proven useful for companies. As a result, KoinWorks can determine how costs line up with key metrics such as user engagement and transaction volume for each product such as KoinBisnis, KoinP2P, KoinRobo and others.

"KoinWorks can become more than just a peer-to-peer lender thanks to all the products in our ecosystem. We can help MSMEs using Google solutions, in line with Google Cloud's efforts to help local businesses digitalize," he concluded.