Business Expansion with Danamon Cash Connect

Jakarta, 28 June 2024 – PT Bank Danamon Indonesia Tbk (Danamon) has released a new episode of the Danamon Financial Friday (DFF) 2024 miniseries on its official YouTube account. The new episode discusses various financial challenges faced by small and medium enterprise (SME) customers in developing their business. Against the backdrop of the coffee business, the episode entitled "Buka Cabang Baru, Urus Cash Flow Tanpa Ragu” (Opening a New Branch, Managing Cash Flow Without Hesitation)" describes the financial needs and challenges of a coffee shop entrepreneur named Raye in growing her business by utilizing Danamon Cash Connect.

Regarding business or entrepreneurship carried out by the people, data from Ministry of Cooperatives and SMEs as of 2023 shows that Indonesia is home to 65.5 million MSMEs, amounting to 99% of all business units. The data is also reinforced by data from Coordinating Ministry for Economic Affairs which shows that the MSME sector absorbs up to 97% of the total workforce. In the meantime, according to analysis by Danamon Economist, Irman Faiz, the value of private sector output in the GDP has a share of around 80%, with 76% of it being MSME output and 24% coming from corporations. This demonstrates the significant role of MSMEs in Indonesia’s economy.

However, based on recent data from Ministry of Cooperatives and SMEs, Indonesia's entrepreneurship ratio is at the level of 3.74%, while neighboring countries such as Malaysia, Singapore and Thailand have an entrepreneurship ratio of above 4%. Meanwhile, some developed countries have an entrepreneurship ratio of 12%; hence good synergy is needed between business actors, financial institutions, and the government to foster the entrepreneurial spirit of the society to realize better and more equitable national development. To that end, Danamon through DFF introduced Danamon Cash Connect. This digital platform, which can be adapted to the conditions and needs of each customer, is expected to support customer effectiveness and efficiency in planning and carrying out every financial transaction to help business owners run and develop their businesses and attract more people to become entrepreneurs.

In this episode, Danamon chronicles the inspiring story of Raye, who has the ambition to develop her business by adding new branches. As a relatively new SME entrepreneur, Raye has been facing a host of complex financial needs, including cash flow management for several branches, bulk payments to suppliers, payment of employee salaries and other transactions to business partners, as well as efficient payment of Social Security and Health Administering Agency insurance and taxes. Watch this episode on bdi.co.id/dff168.  

"The story featured on this edition of Danamon Financial Friday is one of the many trends, needs and challenges faced by business customers in running and developing their businesses, including in managing finances and transactions that require comprehensive and highly customized solutions from banking. That is why, Danamon presents Danamon Cash Connect as a digital solution that can help businesses answer these needs and challenges," said Andrew Suhandinara, Transaction Banking Head, PT Bank Danamon Indonesia Tbk.

Through Danamon Cash Connect, Danamon offers a variety of excellent features designed to facilitate management and the challenges of managing a business. Danamon Cash Connect also has excellent features such as flexibility as it can be accessed via website or through devices, easy one-time approval for many transactions (bulk transactions) according to the level set by the customer, virtual account services that provide easy identification for every business transaction, 24-hour banking access in 7 days, exchange rate information in various currencies, making it easy to pay BPJS Ketenagakerjaan contribution and taxes without having to come to the BPJS Ketenagakerjaan office or tax office. For further information about Danamon Cash Connect, please visit bdi.co.id/dcc.

Andrew added that as a customer-centric bank, Danamon continues to consider to and adapts to technological advances, especially in the digital banking sector. With the various advantages and solutions offered, Danamon hopes that DFF 2024 can reach more customers so they can make the most of the benefits of Danamon Cash Connect.

"Danamon hopes to continue supporting the business growth of customers from various segments such as SMEs, allowing them to continue growing and developing with Danamon. Until the end of 2023, Danamon Cash Connect had seen an increase in the number of transactions of around 32% YoY, and transaction value of 40% YoY. We hope that with this platform, Danamon can continue to be present at every stage and step of customers' lives," Andrew concluded.

 

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For media inquiry, please contact:

 

Ni Luh Putu Utami Arsaningrum

Corporate Communications Manager

PT Bank Danamon Indonesia Tbk

Email:utami.arsaningrum@danamon.co.id

Cindyani Lasmana

Corporate Communications Head

PT Bank Danamon Indonesia Tbk

Email: cindyani.lasmana@danamon.co.id