"
"
Leading shariah-compliant P2P lending platform Ethis Indonesia, a subsidiary of pioneering Islamic fintech Ethis Group (Ethis), has successfully obtained a full and permanent license from Otoritas Jasa Keuangan, strengthening its foothold in Indonesia. The license will help Ethis achieve its goal of becoming a global Islamic private capital market, and it will help the company raise $10 million in an upcoming series A round.
The license provides Ethis Indonesia with unrestricted access to a vast pipeline of investment opportunities, helped by the development of new partnerships with important players such as government bodies, government-linked firms, huge conglomerates, and publicly traded companies.
Ethis will be better able to support small and medium-sized firms, which account for 60% of Indonesia’s GDP and 97 percent of the workforce, and are the backbone and drivers of the country’s actual economy, thanks to these newly created organizations.
Ethis Indonesia’s continuous commitment to improving and elevating communities in Indonesia through shariah-based digital money is reflected in the license.
With the issuance of this full license, Ronald Yusuf Wijaya, the Co-Founder of Ethis and CEO of Ethis Indonesia, expects that Ethis Indonesia will be able to play an important role in shaping and strengthening Indonesia’s Islamic economy, which is one of the world’s most stable and exciting emerging economies and home to the world’s largest Muslim-majority country.
“We hope this business license will be a channel for continuous foreign investment into the country, particularly the 84 countries where we have an active investor community including Singapore, the UK, Germany, Qatar, Australia, Malaysia, KSA and others,” says Ronald.
Ethis Indonesia has distributed more than IDR 270 billion in funds from its growing community of over 30,000 members from more than 50 countries since its establishment. It also assisted in the construction of nearly 10,000 homes between 2016 and 2019 and is currently sponsoring short-term projects with excellent profit margins.
Ethis is on track to meet its goal of earning $10 million in its next Series A funding round. As part of the group’s milestones leading up to its envisioned global platform, the money generated will be utilized to expand up operations in existing countries, acquire licenses and set up new jurisdictions, and develop new technology.
