SkorLife empowers Indonesia’s credit landscape through education

SkorLife's unique credit-building platform transforms access to credit data, fostering responsible borrowing and financial well-being.

With the rapid growth of financial technology (FinTech) in Indonesia, one company is making a significant impact on the country’s credit landscape — SkorLife.

Its co-founder and chief operating officer, Karan Khetan, explained that SkorLife is a unique credit-building platform which is revolutionising the way Indonesians access and understand their credit data, leading to responsible borrowing and improved financial well-being.

As a credit builder, SkorLife sets itself apart from other FinTech companies in Indonesia as its  approach results in positive implications for the national economy.

“We give people access, understanding, and advice on their credit data to help them improve their creditworthiness,” Khetan said.

“Currently, there is no other company in Indonesia that offers this service. We work with credit bureaus who, in turn, collaborate with lenders such as banks. By leveraging customers' real data accumulated over time, we provide consumers with insights through a simple app after completing a stringent Know Your Customer (KYC) process,” he added.

The core focus of SkorLife is education. “We help people understand their financial data and, consequently, their financial reputation. This knowledge empowers them to make better decisions, leading to responsible borrowing,” he said.

For clarity, SkorLife does not provide capital or lend money directly; instead, their role is to equip individuals with the tools and information needed to navigate the credit journey successfully.

Khetan said that by fostering financial literacy, SkorLife encourages customers to ask better questions, make informed choices, and monitor their progress, akin to a health check that identifies areas for improvement.

Limited access to fair credit has been a challenge in Indonesia, but SkorLife addresses this issue head-on, forging partnerships with local regulators in order to align its financial literacy engagements with the government’s agenda for nation building.

“We sought advice early on and received a positive response. In fact, when we launched, we were likely the first company to provide this service, thanks to the support and guidance from regulators. We continue to collaborate with them not only for licensing purposes but also to build a common agenda,” Khetan stressed.

The partnership between SkorLife and regulators goes beyond a transactional relationship. “We are publishing an e-book in partnership with the regulator and have conducted joint social media activities to promote financial literacy. This collaboration is vital because addressing financial literacy requires a collective effort and government support,” he said.

The positive impact of SkorLife's innovative approach is felt throughout the Indonesian financial landscape, because by increasing access to credit data and promoting responsible borrowing, SkorLife contributes to economic development and empowers individuals to achieve their financial goals.

As FinTech continues to flourish in Indonesia, Khetan is confident that SkorLife stands at the forefront, championing financial literacy and transforming the way Indonesians approach credit.