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Mayapada Skorcard set to bridge credit gaps for Indonesia’s young borrowers

Published on February 20, 2024


Earlier today, Bank Mayapada and AC Ventures-backed Skor announced the launch of their official co-branded credit card, the Mayapada Skorcard, a state-of-the-art credit card made for the country’s “experience” generation. 

The strategic partnership between Bank Mayapada and Skor combines operational expertise and tech innovation to deliver a credit card tailored to the needs of Indonesia’s young, tech-savvy borrowers. With a current credit card penetration still below 3% in a population of more than 270 million, the Mayapada Skorcard aims to tap into an estimated 25 million unique individuals in Indonesia.

The Mayapada Skorcard addresses the need for credit access and an enhanced card experience for prospecting cardholders. It offers users control over one’s spending, including spend categorization and personal budget management. It also introduces a hyper-personalized reward engine with gamification elements, making financial management both rewarding and engaging.

Understanding the immense potential for fintech innovation in emerging markets, Skor’s founding team recognizes successful models such as India’s OneCard, Brazil’s NuBank, and Mexico’s Stori, each a testament to the transformative power of financial inclusion. The Skor team has meticulously built its strategy to address the distinct challenges and prospects unique to the Indonesian landscape. 

Bank Mayapada is a fully licensed credit card issuer in Indonesia. Both parties have exercised diligence in ensuring the highest standard of information security and privacy. 

Skorcard has obtained PCI-DSS certification from a reputable third party.

Skor co-founder and CEO Ongki Kurniawan said, “From the outset, our vision was not to mimic successful models from other regions but to innovate based on a profound understanding of the unique needs within Indonesia. Skor emerged from an identified need for responsible and equitable credit access. Our approach has been one of careful study and adaptation to the Indonesian context.”

Skor co-founder and President Karan Khetan added, “Despite over 80% of Indonesians now considered included in the formal financial sector, a significant portion remains reliant on high-interest credit options like BNPL and P2P lending. Our mission extends beyond launching a credit card; it’s about propelling the financial inclusion narrative into one of real economic empowerment and ensuring access to affordable credit for a broader segment of the population.”

With its unique blend of technology, personalized rewards, and a commitment to financial education, the Mayapada Skorcard credit card is set to be a game-changer in the Indonesian financial landscape.

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