Pushing Financial Inclusion, Tokoscore Services Can Boost GOTO’s Revenue


Suara.com – The expansion of PT GOTO Gojek Tokopedia Tbk (GOTO) into the creditworthiness analysis business, aka credit scoring, through Tokoscore, has received a positive response from market players. Analysts assess this strategy will bring two advantages at once.

First, Tokoscore will be the backbone of GOTO Financial in the financing business to customers and merchants. Second, Tokoscore has promising business potential by generating revenue. Interestingly, through this alternative credit scoring business, GOTO has the opportunity to gain income from outside its three main business segments, namely: on-demand, e-commerce, and financial technology.

“From Tokoscore, of course, the main hope is a more optimal loan disbursement so as to help accelerate GOTO’s profitability,” said Investindo Nusantara Sekuritas analyst Pandu Dewanto to reporters.

Tokoscore with its ICS service, said Pandu, could boost GOTO’s revenue from outside the ecosystem. The potential source of large income comes from banking, multi-finance, and fintech clients to reach customers who do not yet have a creditworthiness track from Bank Indonesia (BI).

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In addition to bringing benefits to GOTO, this credit scoring service also provides great benefits in accelerating financial inclusion. Tokoscore can bridge MSME actors, or individual debtors, in getting access to financing from formal financial institutions, both banks and non-banks.

Moreover, GOTO recently launched the GoPaylater Installment service on the Tokopedia platform. This innovative payment method allows consumers to make purchases in installments of up to 12 months.

After targeting consumers, it is believed that GOTO will channel financing to its business partners, both Tokopedia merchants and GoFood partners. So, in this context, Tokoscore will play a very important role in selecting high-quality potential debtors.

Senior Investment Information Mirae Asset Sekuritas, Nafan Aji Gusta, assessed that Tokoscore as an Innovative Credit Scoring (ICS) service provider company affiliated with Tokopedia, and registered and supervised by the Financial Services Authority (OJK), is another potential business from GOTO.

“This is interesting for partners who are not yet bankable such as Gojek driver partners and of course for MSMEs. What’s important is that it encourages financial inclusion,” he said.

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Nafan also assessed that the presence of innovation through Tokoscore was GOTO’s surefire step in accelerating profitability.

“Indeed, to achieve this profitability requires stages. But this (Tokoscore) is a breakthrough and in encouraging financial inclusion is something that certainly has the potential to reap appreciation from market players,” he said.

So, the ICS services offered by Tokoscore are not only enjoyed by GOTO Financial. Other financial institutions can also use this service to mitigate Non Performing Loan (NPL) risk. Its reach is not only for people who have entered the radar of formal financial institutions (Bankable) but also able to provide score data for people who are still in the unbanked and underbanked categories.

“I think this is a breakthrough from GOTO and this is an issuer’s corporate action that brings tremendous benefits to the community. The government will definitely also support issuers that encourage financial inclusion,” he continued.

Moreover, data from the World Bank (World Bank) noted that Indonesia ranks fourth in the world in terms of the number of people who do not have access to banking. The number reaches 95 million Indonesian adults who do not have accounts at financial institutions.

On the other hand, the World Economic Forum in Davos in 2021 as stated in a paper entitled “New Approaches to Credit Assessment Accelerating Financial Inclusion in Developing Countries” stated that alternative forms of credit assessment such as ICS were successfully used in emerging markets because of consumer consumption data of e-Commerce. broad.

For the internal GOTO ecosystem, Nafan added, Tokoscore’s ICS service will greatly help GoTo Financial’s business line, especially because it has been used by Findaya for GoPayLater and GoModal product services. Especially in supporting the prudent aspects of GOTO’s financial services business.

“This also answers the challenge for GOTO in order to suppress the NPL. GOTO does need to be selective with its prospective customers, so it must apply the KYC (Know Your Customer) principle with its customers,” he explained.

Nafan sees that GOTO has the opportunity to become the leader of the ICS service market through Tokoscore considering its strong ecosystem and ability to optimize big data. On the other hand, there are not many players from similar services. Currently, players in ICS services other than Tokoscore are Ascore.ai which is affiliated with Amartha, SkorLife, MyIdScore, and Fineoz.

As is known, the ICS service from Tokoscore has just launched its newest product, namely Income Prediction and Fraud Flags. Income Prediction can provide a prediction of the income value of potential borrowers to help strategic partners in the financial industry – such as banks or fintech – assess the capacity of potential borrowers. Meanwhile, Fraud Flags can provide information if a potential borrower has suspicious activity or behavior on the e-commerce platform, Tokopedia.

“The various ICS products or services from Tokoscore are expected to make it easier for strategic partners in the financial industry to assess the capacity and character of prospective borrowers to provide financial services to more Indonesians, especially those who have not yet had access to financial services,” said CEO of Tokoscore, Herman Widjaja.

Tokoscore products or services only provide scoring results to strategic partners, never in the form of user-specific data. This product has been certified ISO 27001 so that strategic partners can safely use ICS services from Tokoscore.


Source: Suara.com – Berita Terbaru Bisnis, Ekonomi, Investasi Indonesia by www.suara.com.

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