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BSI and Ayoconnect Collaborate to Improve Financial Solution

BSI and Ayoconnect Collaborate to Improve Financial Solution

3 min read
May 20, 2022

Jakarta, 11 May 2022 - In order to accelerate sharia banking inclusion in Indonesia, PT Bank Syariah Indonesia Tbk (BSI) collaborated with Ayoconnect. The collaboration is made possible through the development of Open Banking technology-based solutions. As outlined in the signing of a memorandum of understanding between BSI and Ayoconnect regarding API open banking services and other programs, this synergy is built on an agreement to provide financial solutions that are safe, fast, and global class supported by advanced technology.

BSI has its open banking services with the concept of Bank as a Service (BaaS) and is planned to expand through Ayoconnect’s integrated network. The collaboration between BSI and Ayoconnect is expected to have a positive impact as it allows the customer to have safe, easy, and quick access to BSI services through an API platform that has officially registered with OJK.

Director of Information Technology BSI Achmad Syafii said "Digital innovation is one of the strategies that BSI continues to build to accelerate the inclusion of Islamic banking. This collaboration is hoped to further establish Bank Shariah Indonesia as the financial solution bank"

BSI is also committed to accelerating the digital transformation of the sharia ecosystem through open banking, which later, Ayoconnect as an Open Finance platform can accelerate the growth of sharia economic inclusion together with BSI’s system and hoped to encourage more Muslimpreneurs to employ the BSI services.

For example, through leveraging Ayoconnect’s open finance platform, the partnership will offer a new direct debit facility that enables BSI’s customers to pay for online purchases by allowing merchants to deduct funds from the BSI accounts directly.

"We hope that the collaboration with Ayoconnect can encourage the community, especially Muslimpreneurs in Indonesia to make a halal, safe, and fast transaction through BSI’s digital technology,” Syafii concluded.

Furthermore, Syafii also stated that the development of open banking solutions will also be applied to BSI Mobile which prior has been designed as a super app that offers various financial solutions from having easy transactions, and fast access to financing solutions, along with other Muslim lifestyle features which are the sharia bank's unique selling.

Chiragh Kirpalani, COO of Ayoconnect, added: “The strategic partnership that exists between Bank Syariah Indonesia (BSI) and Ayoconnect is one of our efforts to support BSI in promoting financial inclusion in Indonesia through Islamic banking. We hope that the upcoming various features that are formed due to this collaboration can make BSI the financial solution sharia bank that is trustworthy in helping customers to make easy and safe transactions. We will also continue to partner with other financial institutions to further innovate and build the critical financial infrastructure needed to support the growth of Indonesia’s digital economy.”

About Ayoconnect

Founded in 2016, Ayoconnect is Southeast Asia’s largest Open Finance API platform. The company is building full stack solutions with the mission to power the leading companies of today and tech unicorns of tomorrow.

Its powerful embedded finance and data solutions help companies of all shapes and sizes to quickly and easily launch banking and payment services and in turn help drive financial inclusion and greater access to innovative financial services.

Ayoconnect’s tech solutions are trusted by more than 200 clients, including leading financial institutions and tech companies such as Bank Mandiri, DANA, Indomaret, and Bukalapak.

Headquartered in Jakarta, Indonesia, the company is backed by some of the world’s most respected VC firms including Tiger Global, PayU and Alto Partners.