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In celebration of SOE’s Startup Day, Bank Mandiri and ICON+ Collaborate with Ayoconnect to Support Growth in the Digital Payments Scope

In celebration of SOE’s Startup Day, Bank Mandiri and ICON+ Collaborate with Ayoconnect to Support Growth in the Digital Payments Scope

October 20, 2022

(Jakarta, September 26, 2022) - Ayoconnect, the largest Open Finance platform in Southeast Asia, today signed a cooperation agreement with Bank Mandiri and Icon+ at the BUMN Startup Day event held at ICE BSD City for 3 days, September 26-28 2022. Read More Furthermore, this cooperation is expected to be a spearhead of progress for each party.

Ayoconnect's collaboration with Bank Mandiri includes biller sharing and payment methods using Mandiri Virtual Accounts. This collaboration allows the two institutions to integrate 300+ digital products and more than 1,000 billing companies. Furthermore, the Mandiri Virtual Account feature enabled by the Ayoconnect network is expected to help more than 11 million customers who use the Mandiri Livin' application throughout Indonesia.

Darmawan Junaidi as president director of PT Bank Mandiri (Persero) tbk commented, “Collaboration between the banking industry and fintech is a strong foundation for a healthy and competitive digital economy ecosystem. Bank Mandiri continues to be committed to improving mobile banking services that are safe, easy and fast to support the productivity of our customers."

The synergy between Bank Mandiri and Ayoconnect is made possible by the payment and banking solution API product owned by Ayoconnect, which builds new payment methods by integrating systems between non-banking businesses and banks. For information, Ayoconnect has recently become the only player in the Open Finance ecosystem to obtain a Payment Service Provider (PSP) license - Category 1 Payment Service Provider from Bank Indonesia (BI). This license guarantees the benefits of credibility, certainty in following regulations, and compliance with central bank licenses.

Ayoconnect also cooperates with PT. Indonesia Comnets Plus (ICON+) which is a Subsidiary of PT PLN (Persero). This collaboration is supported and facilitated by Mandiri Capital Indonesia (MCI) as an investor from Ayoconnect. In this collaboration, Ayoconnect opens channels for products owned by ICON+ such as prepaid billing and post paid billing for PLN, ICONNET billing and other non-electricity bills to the network owned by Ayoconnect, which of course has an impact on increasing monthly transactions for ICON+.

Ari Rahmat Indra Cahyadi, President Director of PLN ICON+ said, "The internet penetration rate in Indonesia in 2022 will reach 77.02% with more than 210 million people connected to the internet. However, 75% of the total registered users have not installed a fixed broadband network at home. The collaboration between Ayoconnect and ICON+ is a synergistic collaboration that aims not only to expand a reliable and fast fixed broadband network, but also to improve the experience of doing digital transactions.”

In the early stages, the integration of ICON+ into the Ayoconnect network provides access to digital products such as PLN pre-paid, PLN post-paid, and Iconnect internet payments from ICON+ to be offered to Ayoconnect partners. To complete this stage of cooperation, Digital Products (PPOB) and Bill Payment made by Ayoconnect will also be adopted by ICON+ to provide convenience for ICON+ users in conducting various digital product transactions from 25 categories through the ICON+ application.

Dennis Pratistha as Investment Director of Mandiri Capital Indonesia also welcomed this collaboration and stated, “The integration of ICON+ into the Ayoconnect biller lineup is able to increase the attractiveness and transaction rate of all partners on the Ayoconnect network. Consecutively, ICON+ also adds various digital products offered by Ayoconnect API into their applications. This collaboration certainly has a very positive impact for both parties.”

The synergy between Ayoconnect and Bank Mandiri as well as Ayoconnect and ICON+ in expanding access to Open Banking and payment solutions is believed to accelerate the joint mission of each company in increasing public financial inclusion while achieving Indonesia's economic recovery.

Welcoming the two collaborations that took place in the lively BUMN StartUp Day, Jakob Rost, Founder and CEO of Ayoconnect said, "Collaboration from various industrial sectors and fintech has tremendous potential in increasing public financial inclusion while accelerating business growth of companies of various scales. In the future, we will continue to collaborate with more institutions to join the Ayoconnect API network and contribute to accelerating national economic growth," he said.

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 sizes to move forward quickly and launch banking and payment services within just a few weeks.  Ayoconnect’s tech solutions are trusted by more than 200 clients, including leading financial institutions and tech companies such as Bank BRI, Bank Mandiri, DANA 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.

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