Filipino fintech PearlPay further expanded their presence in Indonesia through a strategic partnership between PT Mutiara Garuda Digital (PearlPay Indonesia) and the Association of Rural Banks in Central Java (Perbarindo Perhimpunan Bank Perkreditan Rakyat Indonesia DPD JAWA TENGAH).
The signing, which took place last February 24, 2020, will kickstart the digital transformation of 252 rural banks in the province, granting them access to PearlPay’s end-to-end digital banking solutions. This new partnership more than doubles PearlPay’s network of rural banks in Southeast Asia, providing them with the means to expand and serve more people.
“I understand that rural banks are in the best position to be purveyors of innovative technology, better financial inclusion, and more regional economic development,” said PearlPay Indonesia CEO Mr. Yoni Depari.
Before taking on the role of leading PearlPay’s Indonesian operations, Mr. Depari served as the Deputy Director at the Central Bank of Indonesia.
According to Pak Dadi Sumasarna, President of the Association of Rural Banks in Central Java, the affordable pricing of PearlPay’s platform will help rural banks participate and thrive in the digital economy. Currently, the association is serving 1.5 million depositors. But by digitizing the rural banking industry, banks can further improve their capabilities and speed up their processes, helping them to potentially address the financial needs of 34.5 million Indonesians in Central Java.