CoinWorks Bank Announces Profit For 3 Months In A Row, Opens Head Office In New Location

Photo: Doc. CoinWorks

JAKARTA - CoinWorks Bank has been officially launched and is an important milestone in updating banking services in Indonesia. Starting the journey as a People's Economy Bank (BPR), CoinWorks Bank will soon transform into the first digital bank (BPR) in Indonesia which will be easier to access by its users and can provide easy and fast digital services.

Products offered by CoinWorks Bank are diverse, including deposits with interest rates equivalent to BPR which are guaranteed by the Deposit Insurance Corporation (LPS) and loans with fixed asset collateral through an easy, comfortable process, with quick approval.

"Through CoinWorks Bank, we believe that the ability to provide fast and secure financial services will have a huge positive impact on improving the financial welfare of the Indonesian people. Our services here will also facilitate MSMEs to be served optimally to encourage their business growth," said Benedicto Haryono, Co-Owner CoinWorks Bank, in a statement, Tuesday, June 11.

CoinWorks Bank provides secure loans for businesses and individuals, as well as investments with future deposits. Various loan products offered include working capital loans, investment loans to support businesses, home ownership loans, to multipurpose loans. Meanwhile, with the choice of future deposits, CoinWorks Bank provides customers with the opportunity to manage and optimize funds with competitive interest rates.

With attractive interest rates, and various tenors, CoinWorks Bank provides flexibility for customers to adapt to their needs and preferences. CoinWorks Bank also has an attractive savings product with competitive interest rates.

CoinWorks Bank is a People's Economy Bank acquired by CoinWorks Group founders in early 2023. Benedicto Haryono added that currently CoinWorks Bank has posted profitability.

"The significant growth of credit and assets from CoinWorks Bank contributes to sustainable profits, which at the same time prove CoinWorks Bank as a financial intermediation agency that has successfully achieved its business targets," he explained.

CoinWorks Bank announced its positive performance in a report on the quality of productive assets submitted to the Financial Services Authority (OJK) for the first quarter of 2024. Profits in the current year reached IDR 1.2 billion, with a return on asset (ROA) of 2.73 percent where this figure increased compared to the transition period to Bank CoinWorks in October 2023 with ROA minus (-10.4 percent).

In terms of the ratio of operating expenses and operating income (BOPO), it was successfully reduced to 77.3 percent during the beginning of this year. At the same time, credit growth in the first quarter of 2024 reached 134 percent.

In improving service quality to customers, CoinWorks Bank ensures that CoinWorks Bank's non-performing loan (NPL) status is maintained at 0.01%, with profit growth increasing since October 2023. Currently, CoinWorks Bank's assets have increased 159 percent since October 2023.

Joko Purwanto, President Director of CoinWorks Bank, explained that his party continues to move and process into a large bank with quality growth, and continues to strengthen the foundation through human resource development, improving business infrastructure, risks and operations, and relations with stakeholders.

"In the near future, we will move the head office to Bumi Serpong Damai, South Tangerang, and will soon operate to serve our customers. Currently CoinWorks Bank already has a cash office in South Jakarta that has been operating since November 2023. This year, CoinWorks Bank will also expand its services by opening new branches in Jabodetabek and working on the potential market of commercial SMEs in several cities in Indonesia," he explained.

CoinWorks Bank plans to integrate its customer portfolio into the CoinWorks application in collaboration with PT Sejahtera Lunaria Annua as the manager of the CoinWorks application. With this, the two companies will collaborate to provide facilities for all users to manage their assets in one CoinWorks ecosystem.

Mr. Adhi, a CoinWorks Bank customer who is involved in the housing industry, shared his experience of the services provided in the land purchase process.

"We took a loan from CoinWorks Bank to purchase land units related to our needs as developers. CoinWorks Bank officers really help all of our processes responsively and also friendly in serving consumers," he said.

One of the other customers who runs the theme park business, Mr. Miftah, said that the credit process provided by CoinWorks Bank was fast and the services were good.

"With working capital credit, my business is getting smoother. Thank you for the trust of CoinWorks Bank in our business," he said.

Users of the CoinWorks application who are interested in opening deposit accounts in CoinWorks Bank also have the opportunity to get various other benefits. This facility ensures that CoinWorks provides comprehensive services to all its users. With a solid, professional and experienced team, CoinWorks Bank believes it can provide the best service to its customers and become a large, healthy and quality growing bank.