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GrabKios Open Access to Thousands of Digital Product Features Through Collaboration with Ayoconnect

GrabKios Open Access to Thousands of Digital Product Features Through Collaboration with Ayoconnect

October 20, 2022

(Jakarta, September 29, 2022) - Ayoconnect, Southeast Asia's largest Open Finance platform, today signed a partnership agreement with GrabKios, a digital application from Grab that enables MSMEs to maximize their income through the provision of a variety of financial services. Furthermore, this collaboration opens access for GrabKios in presenting various types of digital products from more than 1000 companies in Indonesia.

Chiragh Kirpalani, CoFounder and Chief Operating Officer of Ayoconnect explained, "The collaboration between Ayoconnect and GrabKios is driven by the common mission of participating in supporting digital transformation and stability of national economic growth, especially in the MSME sector. Ayoconnect is proud of the trust given by Grab in providing various digital products and bill payments in the GrabKios app. We believe this will expand financial services to all Indonesians across the nation.”

Based on data from the Ministry of Cooperatives and SMEs, digitization in the MSME sector contributed to GDP of 61.97% or worth 8,573.89 trillion rupiah. Furthermore, data from Bank Indonesia recorded that electronic trading platform transactions grew by Rp. 30.8 trillion compared to last year. Unfortunately, the Central Statistics Agency noted that out of a total of 64 million MSMEs in Indonesia, only 13% have switched or connected to the digital ecosystem.

In response to the collaboration, Anandhita Kasetra, Senior Director of Fintech Strategy and GrabKios, said, "From the start, we have been committed to preparing MSMEs so that they can continue to be the driving force of national economic progress through digitalization. The various new features in GrabKios are expected to support the overall business activities of millions of MSMEs who are members of GrabKios agents in more than 500 cities and regencies in Indonesia, especially to reach new users, thus increasing opportunities to maximize income.”

“The presence of various digital product features and recurring bill payments in the GrabKios application that we built through a collaboration between Grab and Ayoconnect, is a form of our efforts to make it easier for our customers to provide more complete and easy financial services, even only within the closest reach around their homes. like in the shops. In addition, we believe the synergy of both parties can empower more MSME-based individual agent networks so that they can continue to adapt to changes and technological developments as well as become a strong economic support for the Indonesian nation," added Anandhita.

By integrating into Ayoconnect's Embedded Digital Products API solution, GrabKios has access to an open API network of more than 3,000 digital products provided by Ayoconnect. For the first stage, GrabKios application users can offer digital vouchers and payments for PDAM, PBB, BPJS, Credit Card and Multifinance from 1000 service providers, insurance and financial institutions.

With this collaboration, millions of GrabKios users can enjoy the convenience of one-stop transactions with the presence of various new features provided by Ayoconnect. In the near future, this collaboration will also feature Top-Up e-money, PLN, and other digital products.

"In the future, we will continue to collaborate with more institutions to join the Ayoconnect API network and contribute to the progress of the national economy, especially to support the digitization of MSMEs," concluded Chiragh.

About Ayoconnect

Ayoconnect is the largest Open Finance platform in Southeast Asia. Ayoconnect helps application developers deliver a suite of embedded finance features and data-driven solutions. Ayoconnect is in the background throughout this process to focus on building and operating the API infrastructure, while facilitating clients to grow their business more quickly and holistically. Founded in 2016, API Ayoconnect has been trusted by more than 200 institutions, including well-known banking, retail, technology and fintech companies in Indonesia such as BRI, Bank Mandiri, DANA, Indomaret, and Pegadaian. Currently, the Ayoconnect API processes more than 500 million API clicks annually. Ayoconnect continues to expand its ecosystem to accelerate financial inclusion through the adoption of Open Finance across Indonesia.

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