ASEAN officials visit Shanghai-based fintech company
An FinVolution official introduces the Shanghai company's business.
Tech firm FinVolution, which is rapidly expanding its business in Indonesia, met visiting ASEAN officials in Shanghai this week.
It represented the close business ties between China and ASEAN.
Arsjad Rasjid, chair of the Association of Southeast Asian Nations Business Advisory Council (ASEAN-BAC), along with other officials, visited FinVolution's headquarters in the Pudong New Area.
ASEAN-BAC is a key channel of communication for government officials and the private sector entities in ASEAN countries and plays a coordinating role in the exchanges between the business community and ASEAN departments.
"China and ASEAN are each other's largest trading partner," Rasjid, who is also the chairman of the Indonesian Chamber of Commerce and Industry (Kadin Indonesia), said. "The two sides have a solid foundation and huge potential for cooperation."
New York-listed FinVolution, which offers online finance services, has chosen ASEAN as the first global expansion market, mainly in Indonesia, since 2018.
It has established a local brand AdaKami in Indonesia, which has more than 21 million registered users now.
In 2023, its transaction volume will hit US$870 million, making Indonesia its fastest-growing overseas market, according to Gu Ming, chief executive officer of FinVolution Indonesia.
With the largest population in Southeast Asia, Indonesia is the world's fourth most populous country. Among its population of more than 270 million, 180 million are young consumers. The demand for comprehensive digital financial services is enormous.
According to FinVolution, its overseas income jumped 166 percent in the first quarter, accounting almost 15 percent of its total income. It has become a "second growth engine" of its business.
Also this week, China noted the opening of "a new chapter" in building a China-Indonesia community with a shared future, top officials of both countries said.
Deny W. Kurnia, consul general of Indonesia in Shanghai, also attended the meeting with FinVolution's management team.
