Orico invests in Honest’s Indonesian credit card business

Orient Corporation (Orico) announced that it has invested in Honest Financial Technologies International (Honest), a startup company headquartered in Singapore that operates a credit card business in Indonesia. The investment was made through the “Orico Digital Fund”, which aims to facilitate collaboration with startup companies.

Honest is the only FinTech company in Indonesia with a credit card business license, and is the country’s first to issue virtual cards and numberless cards, in addition to implementing a smartphone-based application scheme and eKYC (online identity verification service). Honest’s business is expected to grow further, given that the credit card penetration rate in Indonesia was only around 5% in 2022.

Through this investment, Orico will secure access to credit card customers in Indonesia, and create new businesses that utilize advanced technology and services. In addition, Orico Balimor Finance, a consolidated subsidiary of Orico that provides auto loans in Indonesia, and Honest will explore synergies in business development in Indonesia, such as mutual customer outreach by leveraging the customer bases, digital technologies, and financial services of both companies. Through the collaboration with Honest and other open innovation initiatives, Orico will strengthen its competitiveness in overseas markets and contribute to the creation of sustainable communities by providing safe, secure, and convenient financial services to its customers.

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