Musim Mas, MUFG, Danamon and iAPPS Collaboration Promotes Financial Inclusion Among Independent Smallholders

June 29 2021, Singapura/Jakarta – The digital payment and financial learning platform, AgriON will soon be available for independent oil palm smallholders enrolled in Musim Mas’ smallholders program. This represents the culmination of collaborative efforts among Musim Mas, MUFG Bank, PT. Bank Danamon Indonesia Tbk (Danamon) and iAPPS. 
This collaboration complements and strengthens Musim Mas’ existing financial literacy courses through a comprehensive series of workshops and introduce smallholders to products that align with their financial goals, such as customized savings plans via the AgriON platform. Developed by iAPPS, AgriON is a scalable and traceable bank diagnostic digital payment and financial solution that promotes sustainability across the agricultural supply chain. 

The financial literacy workshops encourage smallholders to improve their financial planning by focusing on significant milestones, such as sustainable growth of their farming businesses, palm replanting, financing for their descendants’ education and their own retirement. Through these workshops, farmers can also plan for savings accounts with Danamon, thereby paving the way for smallholders’ greater financial growth and independence. 
The pilot workshops, run by Musim Mas, take place from June to July 2021 at Rokan Hulu, Riau, Indonesia.


Independent smallholders use the AgriOn platform at a financial literacy workshop conducted by Musim Mas..

A 2019 survey by Indonesia’s Financial Services Authority (OJK) highlighted Indonesia’s financial inclusion rate which rapidly climbed to 76.1%. For a population of 270 million, however, many Indonesians especially in rural areas remain unbanked and lack access to financial products and services such as transactions, savings accounts and credit.

Both MUFG and Danamon maintain their mutual commitment to promote financial inclusion as part of their sustainable finance initiatives. The financial literacy program, in collaboration with Musim Mas and iAPPS, signifies a necessary step in that direction. Danamon will also provide relevant financial products and services that assist smallholder farmers achieve their financial goals.


(photo caption) Through a financial literacy curriculum co-developed by Musim Mas, MUFG and Danamon for independent smallholders, smallholders attend a workshop led by Musim Mas’ field assistant (dressed in pink).

Musim Mas runs Indonesia’s largest independent palm oil smallholders program and offers various agricultural and management modules designed to share best practices and improve agricultural yield. The program is also designed to be gender-sensitive and encourages participation from female farmers. Financial literacy serves as a vital tool to empower female farmers within the program. 

Musim Mas Quote:
“Musim Mas recognizes that independent smallholders often cannot implement agricultural best practices learned from our program due to the challenge posed by several systemic factors, among which is access to finance,” said Music Mas Sustainable Supply Chain Director Olivier Tichit. “Collaborating with financial institutions, such as MUFG Bank and Bank Danamon, is one of the ways we intend to transform the agricultural financial landscape and empower smallholders along their journey towards sustainability.”

MUFG Bank Quote:
“In today’s era of digital services, we tend to overlook the fact that millions of people still lag far behind when it comes to accessing even the most basic financial services.  Both MUFG and Danamon are honored to collaborate with Musim Mas and iAPPS on this financial literacy empowerment program to promote a more inclusive and green economy,” said Yip Shue Heng, Managing Director and Head of Digital Transformation for Asia & Oceania of MUFG Bank. 
“MUFG recently announced its Carbon Neutrality Declaration to achieve zero net emissions in its portfolio by 2050 and operations by 2030. This initiative will not only bring us closer to our sustainability goals but help us further contribute to the long-term growth of communities in Asia.”

Danamon Quote:
Herry Hykmanto, Danamon Director for Sharia and Head of Finance Sustainability, stands very supportive of this initiative. He explains: “Farmers are one of the main drivers of the national economy, so we feel the need to provide special training that can increase their understanding and knowledge of the basics of financial management.  This collaboration with Musim Mas, MUFG and AgriON runs parralel with Danamon's vision: “We Care and Help Millions of People to Achieve Prosperity”. With this program, we hope farmers will be better prepared and become economically resilient in the future.” 

iAPPS Quote:
“Digital transformation serves as the key to facilitate financial inclusion, traceability and sustainability for the agricultural communities. We see this collaboration through AgriON as a critical step towards empowering smallholders.” – Daniel Loh, Director of iAPPS Pte Ltd.


About Musim Mas
Headquartered in Singapore, Musim Mas is one of the world’s largest integrated palm oil corporations with operations in every part of the supply chain across the Americas, Europe and Asia. Our global workforce pursues innovative and sustainable developments, ensuring product quality, safety and efficiency as the industry evolves.
As one of the most prominent players in the industry, it aspires to be a responsible leader in its evolution, driving a new era of sustainability with innovation. To that end, we take active steps to go beyond industry-recognized sustainability standards and step up responses to critical industry issues in our mission to contribute to a more sustainable industry and equitable world.

About iAPPS Singapore 

Headquartered in Singapore, iAPPS is a pioneering financial technology company involved in the business of building FinTech-empowered ecosystems in its home country and beyond. We are passionate about creating innovative ideas that revolutionize businesses. Our mission is to leverage on technologies to build impactful solutions which bring about digital transformation to make life awesome.


Our key expertise lies in digital platforms with integrated technologies, such as Fin-MedTech and Fin-AgriTech. We are a licensed Major Payment Institution (MPI) and hold a Capital Market Services (CMS) license in Singapore. We leverage on our licenses and FinTech-empowered business strategies in food, health, sports and finance industries.

Todate, our platform has reached more than 2 million users in Singapore and the region. Our partners and clients include the Singapore government, financial institutions, corporations and SMEs. 

iAPPS received the 2014 Red Herring Top 100 Global and 2014 Red Herring Top 100 Asia awards. Our strategic shareholders include MUFG, Hitachi Systems Japan, Omron Japan and Asia United Bank. 

AgriON is a fintech platform designed, developed and operated by iAPPS. It is a scalable digital payment and financing solution driving traceability and sustainability across the agricultural supply chain.
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