JAKARTA - Bank DBS Indonesia's short-term loan funding of IDR 500 billion to eFishery, a startup for fisheries or aquatech startup.
This fund will be used by eFishery as working capital to improve its services in the country. This is the first funding Bank DBS Indonesia in the aquatech sector as well as the first loan for eFishery since its establishment in 2013.
Director of Institutional Bank DBS Indonesia, Kunary Lie said, this funding is part of DBS' efforts to increase loan portfolios in the Environment, Social, and Governance (ESG) sectors.
This fund will be used by eFishery as working capital to improve services in the country. eFishery builds a sustainable aquaculture ecosystem with technology to help fish and shrimp cultivation.
Food and Agriculture Organization (FAO) data shows that aquaculture is one of the sectors with the fastest growth in the last 40 years with an annual average (CAGR) growth of 18.7 percent.
According to him, as a country with qualified natural resources, Indonesia has the opportunity to become a leader in the aquaculture sector on a global scale.
"We are pleased to be able to lend working capital to eFishery which is visionary in utilizing technological innovation to modernize the aquaculture ecosystem by focusing on shrimp and fish ponds," he told the media quoted Monday, October 10.
Kurdy hopes that this funding can accelerate the expansion of the eFishery business, improve the quality and productivity of fish and shrimp cultivators, and create sustainable food security.
EFishery co-Founder & CEO, Gibran Huzaifah added, DBS financing will help accelerate eFishery's strategy plan to revolutionize the aquaculture sector and improve the welfare of fish and shrimp cultivators in Indonesia.
"With this support, we will develop our products and services to the international arena and have an even greater impact on the food sector," said Gibran.
Bank DBS Indonesia and eFishery are considered to have a common vision regarding sustainability practices where businesses should have a positive social impact.
Committed to achieve net zero emissions by 2050, Bank Ltd (DBS) DBS is intensifying action and advocacy focusing on sustainability issues.
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