Finture, the Nubank of Indonesia, gaining over a million users, first introduces digital bank and credit card products in Southeast Asia to support Japanese companies in capturing new markets

TOKYO, JAPAN – Media OutReach – 20 July 2023 – Embracing the rapid development of Southeast Asia’s fintech sector, many Japanese companies are investing more in Southeast Asian fintech firms to strategically prepare for expanding their market footprint in the region to develop its growth matrix and synergies of its service line-up. YUP, the credit payment platform created by Singaporean startup Finture, introduces digital banking and credit payment services in Southeast Asia to ride on the digital transformation wave in the region and facilitate Japanese companies’ exploration of new growth markets.


In Southeast Asian countries with relatively low penetration of financial services, credit cards are often considered a peripheral business by banks. According to statistics, the credit card penetration rate in Indonesia is merely 2.8%, and the country’s total credit card issuance was around 17 million from 2011 to 2015, without notable improvement in credit card adoption. Donny Zhang, Co-founder and CEO of Finture, says, “Traditional Southeast Asian banks lack robust digital risk management and have stringent entry criteria for unsecured retail banking operations, often subjecting customers to rigorous background checks, including employment references and a minimum of 3 to 5 years of work experience. Their deficiencies in serving personal customers present unprecedented opportunities for digital banks.”

Founded in 2021, Finture has emerged as a prominent provider of digital banking and credit payment services in Southeast Asia, earning the reputation of being the “Nubank of Southeast Asia”. Its first product, YUP, has effectively addressed the pain points of local users and quickly become one of the most popular consumer finance APPs in Indonesia. Additionally, the company has already received over $60 million in funding, reflecting the immense growth potential of financial products in Southeast Asia.

With the widespread adoption of smartphones, customers have higher expectations for digitization and personalization. Digital banks, unburdened by physical branches, directly engage with consumers and enable themselves to reach customer segments that traditional banks might not access. Gavin Guo, CFO of Finture, adds, “YUP plans to introduce digital debit card services and savings accounts while continuously expanding into insurance, personal loans, and micro-business loans to fill the market gaps in Southeast Asia. With the aid of technology, digital banks will offer easy, convenient, and affordable financial products to the public.”

Today, digital banks have become a transformative force in the banking industry, favored by customers, financial professionals, and investors. NuBank, the Brazilian digital bank disrupting the traditional banking landscape through innovative fintech products, has rapidly ascended to one of Latin America’s largest companies, attracting investors seeking new frontiers in digital banking. YUP will draw inspiration from these enterprises’ development models and leverage its own growing user base, data models, and risk management capabilities to actively embark on its vertical expansion in Southeast Asia, one of the region’s most promising markets.

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About Finture

Finture is a Singapore-based fintech company that has offices in Shanghai, Singapore, and Jakarta. Established in 2021, Finture operates its digital bank and credit payment business in Southeast Asia. Finture believes everyone is eligible to have the access to easy, convenient, and affordable financial products. Cooperated with local financial institutions and fintech companies, Finture has achieved exponential growth since launching its first product YUP, which now has become one of the most popular consumer finance APPs in Indonesia, and the number of new credit card issuances has already exceeded that of the largest local bank.

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About Donny Zhang, Finture’s Co-founder and CEO

Co-founded Finture in 2021, Donny has over 15 years of working experience in Fintech, financial services and investments. Before that, Donny graduated from the University of Sheffield and worked in strategic consulting at Accenture. In 2015, Donny joined 360 Group as a strategic investment manager, focusing on the development of financial technology in markets such as China, Southeast Asia and South America. He has led investment and research on digital banking and startups in multiple global markets, contributing to the growth and fundraising of 360 Group’s financial business, 360DigiTech. His efforts played a crucial role in facilitating the successful listing of the company on the NASDAQ stock exchange (NDAQ: QFIN) in 2018.

After that, Donny was appointed to the role of southeast business CEO of 360DigiTech, expanding business in Jakarta. Recognizing the untapped opportunities in Southeast Asian banking services, he embarked on the founding of Finture, focusing on digital banking as a means to provide consumer financial payment products tailored to the needs of the working class people.