High level brief

• When did you first hear about Ringkas? - we’ve been introduced several months back when we started exploring the collaboration on the mortgage business side. We’ve been introduced by one of Ringkas shareholders

• Why did you decide to collaborate with Ringkas? - Bank Amar doesn’t have yet a mortgage portfolio hence it is interested to collaborate with Ringkas which currently has large distribution network across Indonesia (43 cities, large property developers relationships such as Ciputra Group, Sinarmas, etc.) as well as good technology to digitize the whole mortgage origination and underwriting business

• What are the main challenges you were facing and how Ringkas is solving them?

  As Bank Amar has no mortgage portfolio it is important for us to rely on Ringkas data and expertise in the market to be able to successfully underwrite (with limited risk exposure) and grow our market share (competing with the larger banks in Indonesia is not easy but using a better technology and hence providing a better customer experience will enable Bank Amar to be very competitive)

• How do you believe the monetization will work for Ringkas? - We will share revenues from the underwritten portfolio in exchange Ringkas will help to originate/ underwrite using tech (focus on 1 day approval) and provide some risk capital as well

The investor has seen this slide (feel free to specify that final terms are being finalized and might differ)

Flourish Ventures Questions

Questions for bank (we will prioritize based on time available)

• Who will do the underwriting?
  • Initially it will be done by both Ringkas and Amar, in the future the plan is to automate as much as possible the underwriting process (algorithm based 1 day approval)
• Who will do asset management and collections?
  • It will be the responsibility of Bank Amar, Ringkas will focus on origination and pre-underwriting using tech
• Medium and long term plans in terms of volume?
  • We will start with 10-30m USD portfolio focusing on refinancing and scale after that
  • The plan is to also attract foreign cost of funds (from IFC etc.)
• What kind of checks did you do prior to starting with Ringkas
  • Background check on main employees and founders
  • Office visits
  • OJK License Certification, Kominfo, ISO Certification
  • Property developer and agents onboarded
  • Product/Tech overview with Amar team
• What kind of software have Ringkas provided?
  • Specialised Mortgage Software related to Loan Origination and 3rd Party data verification such as Credit Checks and complete Loan and Property info.
  • The idea is to also automate the underwriting process (inject the risk acceptance criteria(RAC) into Ringkas software to automate Underwriting)
• Is there any integration between the software / data Ringkas provides and the bank? How long did it take and what exactly is integrated?
  • Not yet but it is in the roadmap
• Do they use other companies such as Ringkas for loan origination?
  • No, not for mortgage
• what are their plans to grow their partnership with Ringkas over the next few years
  • API integration
  • Opportunities to develop further strategic partnerships and identify more opportunities in the market (data driven approach) and creating custom financial products based on customer risk which is more personalised, such as bundling of products
• Any Competitors
  • Have not seen any for some time. Initially was Ideal.