HSBC Funds 30 Million US Dollars To EFishery To Expand EFeeder Fleet

PT Bank HSBC Indonesia provided a green and social loan of US$30 million to a unicorn startup in the fisheries sector or aquatech eFishery.

The signing of the Granting of Green Loans and Social Loans by PT Bank HSBC Indonesia to eFishery was held in Jakarta, on Friday, May 31.

EFishery co-founder Gibran Huzaifah said the green and social loan from HSBC Indonesia was an important step in revolutionizing the acultural industry in the country.

Gibran assessed that the green and social loans from HSBC Indonesia allowed eFishery to expand its eFeeder fleet and empower small-scale fish cultivators and shrimp farmers.

"With the technology and resources they need. That way, it can be more productive and sustainable," he said.

He explained that eFeeder was eFishery's first technological innovation in the form of an automatic feed-giving device based on artificial intelligence of things (AioT).

This technology is leased to hundreds of thousands of small-scale fish cultivators in the eFishery network.

"By using eFeeder, fish cultivators can increase feed efficiency by up to 30 percent and production capacity by 24 percent," he said.

In return, small-scale cultivators can have wider access to market their fishery farming products at a reasonable price.

Not only that, cultivators can also increase sales because fish weights are more evenly distributed so as to increase selling prices. As a result, it can improve the quality of their lives.

Meanwhile, Managing Director Head of Wholesale Banking HSBC Indonesia Riko Tasmaya, hopes that eFishery can develop its business to reach more small-scale cultivators throughout Indonesia.

Because, he said, this is part of HSBC's ambition to support the growth of the new platform-based economic sector in Indonesia.

"Through the green and social loan, HSBC Indonesia also supports the acultural sector in the country to implement sustainable practices along its supply chain," he added.