WOM Finance, a major auto and two-wheeler finance company, has sold over 300,000 accounts to improve the quality of their balance sheet to Collectius, a multi-national credit management service and asset management company in Indonesia.
For WOM the transfer will have a positive effect in boosting the capital buffers as their balance sheet is cleaned up, enabling the company to focus on its main goals of continuous investment and growth.
This substantial effort by WOM Finance will reward their shareholders with positive results. The partnership is set to strengthen WOM Finance’s business, and cement Collectius’ position in Indonesia as the preferred distressed asset management company in the region.
“We are very happy dealing with Collectius, who has a well-known reputation and experience in Southeast Asia, with their focus on managing receivables portfolio. With this transaction, WOM will generate additional income, and improve productivity for our collection and remedial team to be more efficient and lean,” says WOM Indonesia.
“For Collectius to successfully close this deal with WOM, a subsidiary of Maybank Indonesia, as a spin-off of our previous very successful transaction with Maybank, shows the importance of trust and customer focus in our heavily compliance regulated industry; we are proud to say that we are the preferred choice of banks today,” says Ivar Bjorklund, Chief Commercial Officer Collectius Group.
“It’s a privilege for us to work with WOM, and help their clients to new financial beginnings. Our human centric approach is clearly well received in Indonesia, and our team is proud to continue our mission to help companies and people become debt free through sustainable methods,” says Gustav A. Eriksson, Group CEO Collectius.
Collectius is a trusted restructuring partner to banks and financial institutions in Asia with operations in Indonesia, Philippines, Singapore, Malaysia and Thailand. Its business is to purchase portfolios of non-performing consumer loans, and recovers them by supporting its customers to become debt free using the “Collectius Way of Collection”. The company is offering a customer centric approach and operates a data driven collection platform powered by machine learning and digital first communication. Collectius is bringing foreign direct investment, providing employment opportunities and high-quality training of its staff. Collectius is funded by Stena, a Swedish shipping conglomerate and the largest ferry operator in the world.