Crowdo, one of the major crowdfunding and peer-to-peer (P2P) lending platforms in ASEAN, is collaborating with three  banks in Bali as part of its program to further expand its business in the country.

The cooperation agreement with BPR Perdana, BPR Fiducia Civitas and BPR Supradanamas was announced during the Digital Banking and Fintech Ecosystem Gathering, which was held the Grand Inna Beach Bali, Denpasar, Bali, on Aug. 22.

The head of lender relations at Crowdo, Joshua Sihombing, said that the cooperation with Bank Perkreditan Rakyat was intended to provide small- and medium-sized companies (SMEs) with easier access to funding for business expansion, as well as to expand the ecosystem for crowdfunding and P2P lending in the country.

Crowdfunding and P2P lending platforms, which are still relatively new in Indonesia, are expected to become a solution to coping with the financial gap and to improve financial inclusion in Indonesia, he said in statement made available to The Jakarta Post on Thursday.

Singapore-based Crowdo, which is registered with the Financial Services Authority (OJK) under the name of PT Mediator Komunitas Indonesia, officially began its operation in Indonesia in 2016. The company has so far financed 5,000 projects in the country. In addition to Singapore and Indonesia, Crowdo also operates in Malaysia. (hen)