PT Askrindo, Indonesia's state-owned credit insurer and guarantor, has spent more than five decades supporting the country's micro, small and medium enterprises (MSMEs). Under President Director Fankar Umran, the company is now pursuing a broader mandate. “My vision is to reposition Askrindo as an enabler of economic growth and economic resilience for Indonesia as a whole,” he says.
That ambition is structured around a three-pillar strategy: government credit programs, corporate and state-owned enterprises (SOEs) and retail and micro-business. The first pillar remains central to Askrindo's mission. The government's People's Business Credit program underpins a segment that contributes approximately 61 percent of Indonesia's GDP—with Askrindo as its backbone. The expansion into corporates and SOEs reflects the company's growing role in national strategic projects, while the retail pillar ensures Askrindo remains close to the types of businesses it was founded to serve. “By expanding into all three pillars, we can support not just small businesses but all economic activity in this country,” says Umran.
No other insurance company in Indonesia plays as significant a role in the economy as Askrindo. Since its initial launch in 2007, Askrindo has backed Kredit Usaha Rakyat (KUR) with a total value of more than IDR 1,100 trillion, equivalent to approximately $65 billion. In 2025 alone, the firm backed the channeling of more than IDR 100 trillion (around $6.5 billion) in financing to MSMEs, while supporting approximately IDR 270 trillion (around $15 billion) in counter bank guarantees for national strategic and infrastructure projects. “This dual role is one of Askrindo's strongest strategic competitive advantages: supporting millions of MSMEs at the grassroots level while also backing large-scale national strategic projects,” says Umran. “I want Askrindo to be seen as a pillar supporting growth at every level.”
“I want Askrindo to be seen as a pillar supporting growth at every level.”
Fankar Umran President Director, PT Askrindo
Post ThisThat support is crucial for international investors. Indonesia's economy grew 5.1 percent in 2025, and the government is advancing programs across green energy, food security and lower-income economic development, creating diverse investment opportunities. For foreign companies entering the market, Askrindo's role is to strengthen the local partnerships on which those investments depend. “Global investors need to understand that Askrindo is here to help them succeed in Indonesia,” says Umran. That’s delivered through support for the local partner, whether as credit, a bank guarantee or insurance coverage. “By strengthening local counterparts, we effectively underwrite the entire investment relationship.”
In a competitive market, Askrindo holds a unique advantage. No other Indonesian institution combines general non-life insurance and guarantor functions at meaningful scale—a combination that holds significant benefit in a country where no project can break ground without a bank guarantee. While a company going directly to a bank may need to post 100 percent cash collateral, through Askrindo that requirement can fall to as little as 10 percent. “That is a structural advantage for anyone building in this country, whether domestic or foreign,” says Umran.
Those advantages sit within a broader investment environment built on national ambition—and shaped by international partnerships. “The opportunities are open, they are structured around government priorities that carry institutional backing, and the timing is optimal because the foundation is being laid now,” says Umran. “Come to Indonesia, identify your local partner, and Askrindo will be ready to support you.”
