Jakarta, March 21, 2023 – The global digital economy sector is currently experiencing a tech winter due to geopolitical conflicts, scarring effects after the Covid-19 pandemic, and stagflation in a number of countries, according to the Statista 2022 report from the Ministry of Communication and Information Technology (Kominfo). However, Indonesia is considered to be able to overcome these challenges gradually. It is using this situation as a momentum to accelerate the digitalization of the financial services sector.

In line with this momentum, Digiasia Bios has announced its latest business strategy. It is the first embedded finance as a service (EFaaS) company in Indonesia. Founded in 2017 by Alexander Rusli and Prashant Gokarn, Digiasia Bios is aiming to accelerate financial inclusion through its licensed and technology pool. As an EFaaS, Digiasia Bios will act as an integrating medium between 4 blocks of the digital ecosystem – B2B SaaS platforms, B2C SaaS platforms, licensed financial or fintech institutions, and offline retail networks. By democratizing existing banking services, this bridging technology will also strengthen financial services in Indonesia.

Alexander Rusli, CEO and co-founder of Digiasia Bios said, “As an EFaaS, we are helping banks and financial institutions to modularize their functionality to be embedded in the ecosystem of their SaaS platform (B2B & B2C). This is so that SaaS users can seamlessly access their financial transactions with multi-variant payment modes from multiple sources without having to leave their native application. However, they can use the retail outlet network ecosystem to service their offline transactions”.

With 4 legally licensed assets owned – KasPro, KreditPro, RemitPro and DigiBos, Alex claimed that positioning as an EFaaS enabled Digiasia Bios to deconstruct and rebuild banking capabilities to support their digital financial transaction journey in the multi-vertical ecosystem of the Indonesian economy. The architecture of embedding business technology from Digiasia Bios itself is harmonized in a way that is more easily understood by ordinary people.

“Through the four technology licenses, Digiasia Bios enables partners to create a “Do It Yourself” construction system for financial / fintech applications / platforms that they already have in place. As a link between these ecosystems, our goal is to help partners provide a pleasant omni-channel transaction experience for their target application users.”

In the current strategy of integrating digital ecosystems, the financial services integration portals presented by Digiasia Bios as EFaaS are such payment services for consumers and B2B. There are also point-of-sale lending systems, B2B loans, banking & cards (CASA). In the future, there will be other financial services.

“In the future, we want to realize Indonesia’s fintech position as a leading sector of the digital economy by positioning ourselves as the first EFaaS in Indonesia. This is certainly aligned with the government’s plan to make the Indonesian economy stable and resilient given the current global economic conditions,” Alex concluded.

Media Coverage