PT Sinar Mas Multifinance

What PT Sinar Mas Multifinance does

PT Sinar Mas Multifinance (SIMASFIN) is an Indonesian consumer-finance and leasing company founded in 1985 (originally as PT Sinar Supra Leasing) and wholly owned within the Sinar Mas Group via parent PT Sinar Mas Multiartha Tbk. The company operates four core product lines: used-car financing (Pembiayaan Mobil Bekas), new-car financing (Pembiayaan Mobil Baru), asset-backed cash loans (Pinjaman Dana Tunai), and Hajj pilgrimage financing (Pembiayaan Perjalanan Ibadah Haji) executed through a dedicated Sharia Business Unit using Ijarah Multijasa and Al-Qardh contracts under a Sharia Supervisory Board endorsed by the national MUI Dewan Syariah Nasional. Its core go-to-market is direct-to-consumer via online forms, callback consultation, in-person asset survey, and disbursement across a 111-branch national network, complemented by an Agensimerah referral-agent community and Alfamart/Indomaret repayment collection points. Underlying technology includes the GARASI mobile application co-developed with S-Quantum Engine (SQE), the mediaportal.simasfinance.co.id application portal, and the corporate www.simasfinance.co.id site — all overseen by OJK and aligned with POJK No. 8/2023 AML/CFT requirements.

The business model is fundamentally a balance-sheet-driven spread business: SIMASFIN generates revenue through financing charges and interest on originated receivables (with vehicles and BPKB certificates serving as collateral for car and cash-loan products), funded in part through continuous bond programs (Obligasi Berkelanjutan) in the Indonesian public debt market. Pricing is quote-based and determined per customer through the 4-step loan process; Hajj financing starts from Rp 1 million per portion. The company claims 400,000+ active consumers, ages 1,001-5,000 employees, and 40 years of operating history. Strategic posture has shifted in 2024-2025 toward digital transformation (GARASI launch, three 2024 SMDD awards) and capital reinforcement (PUB IV approval up to Rp 2.5 trillion in June 2025) following a reported FY2024 net loss of Rp 555,507,000,000 disclosed at the June 2025 RUPS, with no dividend distribution approved.

Name

PT Sinar Mas Multifinance

Legal name

PT Sinar Mas Multifinance

Website

https://simasfinance.co.id

Company type

Private

Founded year

1985

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

PT Sinar Mas Multifinance (SIMASFIN) is an Indonesian OJK-regulated consumer-finance and leasing company founded in 1985, offering used-car, new-car, cash-loan (Dana Tunai), and Sharia-compliant Hajj financing to over 400,000 retail consumers via 111 branches, a digital GARASI mobile app, and an Agensimerah agent network.

Ownership category

akta.pro rank

Product category

Consumer Finance / Multifinance Services

NAICS

Nondepository Credit Intermediation (5222), Consumer Lending (522291), Sales Financing (52222)

SIC

Finance Lessors (6172), Personal Credit Institutions (6141), Miscellaneous Business Credit Institution (6159)

akta.pro primary industry

Shariah-compliant Financing Products (Murabaha, Ijara, Tawarruq, Istisna, Salam) (FSABAGAH)

akta.pro secondary industry

Supply Chain Finance (Trade Credit, PO/Inventory Financing) (FSAKAGAE)

Keywords

• Consumer financing services
• Vehicle leasing solutions
• Sharia-compliant lending
• Hajj pilgrimage financing
• Asset-backed lending

Headquarters

HQ city

Jakarta

HQ country

Indonesia

HQ region

Asia

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure, Others

Revenue model

1. Consumer Vehicle Financing: The company provides financing for used cars (Pembiayaan Mobil Bekas) and new cars (Pembiayaan Mobil Baru), acting as a lease/financing company where consumers make installment payments over a specified tenor. Revenue is generated through interest/financing charges on the loan principal.
2. Cash Loan (Dana Tunai): The company provides cash loans (pinjaman dana tunai) where borrowers pledge assets (such as vehicle registration certificates/BPKB) as collateral. Revenue is generated through financing charges and interest on the disbursed loan amount.
3. Hajj Pilgrimage Financing: The company offers Hajj pilgrimage financing through its Sharia Business Unit, providing financing to ensure customers' place on the Hajj waiting list. Uses Islamic finance contracts including Ijarah Multijasa and Al-Qardh. Revenue is generated through financing charges compliant with Sharia principles.
4. Bond Issuances: The company has issued multiple series of bonds (obligasi) to raise capital for working capital purposes, including Sinar Mas Multifinance III Tahun 2016, Berkelanjutan I (Tahap I-IV), Berkelanjutan II (Tahap I-III), and Berkelanjutan III (Tahap I-II). These include sustainable bond programs (Obligasi Berkelanjutan) and sukuk placements. The company is planning Obligasi Berkelanjutan IV in 2025 for up to Rp 2,500,000,000,000.

Pricing tiers

Go-to-market motion1 record

Distribution channels5 records

Marketing channels6 records

Core offering

PT Sinar Mas Multifinance (SIMASFIN) is an Indonesian multifinance company providing consumer financing products including used car financing (Pembiayaan Mobil Bekas), new car financing (Pembiayaan Mobil Baru), asset-backed cash loans (Pinjaman Dana Tunai), and Sharia-compliant Hajj pilgrimage financing through its Sharia Business Unit (Unit Usaha Syariah). The company operates a 4-step loan process (online application, customer care consultation, survey/asset validation, and fund disbursement) supported by 111 branches across Indonesia.

Product overview

PT Sinar Mas Multifinance (SIMASFIN) operates as a diversified financing company established in 1985, offering a portfolio of consumer financing products. The core offerings include Pembiayaan Mobil Bekas (Used Car Financing) and Pembiayaan Mobil Baru (New Car Financing) for vehicle purchases, Pinjaman Dana Tunai (Cash Loan/Leasing) for personal liquidity needs, and Pembiayaan Perjalanan Ibadah Haji (Hajj Pilgrimage Financing) through its Sharia Business Unit (Unit Usaha Syariah). All products are accessible via online application forms and the company's digital portal, with financing simulations available online. The company maintains over 111 branches across Indonesia and serves more than 400,000 active consumers.

Differentiator

Problem solved

Functional benefit

Brands

• GARASI: Mobile application developed in collaboration with S-Quantum Engine (SQE), providing digital financing services for consumers and dealer partners. Won multiple Digital Transformation and Innovation awards at SMDD 2024.
• Unit Usaha Syariah Sinar Mas Multifinance

Products and services

• Pembiayaan Mobil Bekas (Used Car Financing) Financing service for the purchase of pre-owned vehicles, offered through an online application form with a streamlined 4-step process (online form, customer care call, survey/asset validation, and disbursement). Targeted at Indonesian consumers seeking installment financing for second-hand vehicles with asset-backed collateral.
• Pembiayaan Mobil Baru (New Car Financing) Financing service for the purchase of new/brand-new vehicles, offered through an online application form with a streamlined 4-step process. Targeted at Indonesian consumers seeking installment financing for new vehicle purchases with competitive financing rates.
• Pinjaman Dana Tunai (Cash Loan / Leasing) Cash loan financing product where borrowers pledge assets such as vehicle registration certificates (BPKB) as collateral to obtain immediate liquidity. Available through the company's media portal with online financing simulation. Targeted at Indonesian consumers needing quick cash access with asset-backed collateral.
• Pembiayaan Perjalanan Ibadah Haji (Hajj Pilgrimage Financing) Sharia-compliant pilgrimage financing service under the Sharia Business Unit, enabling Indonesian Muslim customers to secure their place on the official government Hajj waiting list (porsi haji) starting from Rp 1 million. Uses Sharia contracts including Ijarah Multijasa and Al-Qardh, supervised by a dedicated Sharia Supervisory Board.

Named customers1 record

Segments4 records

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Six partnerships are on record, tiered core and minor.

• S-Quantum Engine (SQE)coreTechnology or Integration · 27 September 2024S-Quantum Engine (SQE) collaborated with PT Sinar Mas Multifinance (SMMF) to develop the GARASI mobile application, a digital platform designed to facilitate access to multifinance services for consumers and partner dealers. The collaboration resulted in an award-winning application that won 3 categories at the SMDD 2024 Awards (Digital Transformation Award, Innovation Excellence Award, and AI Pitch Hackathon for Innovation with Generative AI).
• Bank Sinarmas SyariahcoreStrategic or Co-development PartnerBank Sinarmas Syariah is a strategic partner for Join Financing arrangements on vehicle financing products through the Sharia Business Unit. Discussions were held regarding a joint financing partnership where Bank Sinarmas Syariah would co-finance vehicle financing products offered by SMMF's Sharia Business Unit.
• PT Bank Bukopin Tbk (Wali Amanat/Trustee)minorOthersPT Bank Bukopin Tbk serves as the Wali Amanat (Trust Agent/Trustee) for PT Sinar Mas Multifinance's bond issuances, with office at Jl. MT. Haryono Kav. 50-51, Jakarta 12770.
• Mirawati Sensi Idris (Public Accountant)minorOthersMirawati Sensi Idris, an independent member of Moore Global Network Limited, serves as the external auditor for PT Sinar Mas Multifinance's financial statements. Located at Intiland Tower, Lantai 7, Jl. Jendral Sudirman, Kav. 32, Jakarta 10220.
• Lasut*L*ay & Pane (Legal Consultant)minorImplementation/ SI/ Consulting PartnerLasut*L*ay & Pane serves as the legal consultant for PT Sinar Mas Multifinance, located at Jl. Hang Tuah Raya No. 29, Kebayoran Baru, Jakarta 12120.
• PT Kredit Rating Indonesia (Rating Agency)minorOthersPT Kredit Rating Indonesia serves as the securities rating agency for PT Sinar Mas Multifinance, located at Sinarmas Land Plaza Tower 3 Lantai 11, Jl. M.H. Thamrin No. 51, Jakarta 10350.

Scale indicators5 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• PT Bussan Auto Finance (BAF): Indonesian multifinance company affiliated with Yamaha, focused on motorcycle and small-ticket vehicle financing. Comparable in business model with deep dealer relationships.
• PT Adira Dinamika Multi Finance: Major Indonesian multifinance company (affiliated with Bank Danamon) offering vehicle financing and consumer loans. Competes head-to-head with SIMASFIN in used/new car financing and cash loan segments.
• PT Maybank Finance Indonesia: Multifinance subsidiary of Maybank in Indonesia, focused on vehicle financing and consumer credit. Comparable product mix with a Malaysian bank parent providing funding advantages.
• PT Federal International Finance (FIF): Indonesia's largest multifinance company (part of Astra Group), offering motorcycle and car financing, with similar used-car and consumer cash loan products to SIMASFIN. Direct competitor in the same OJK-regulated multifinance space.
• PT Astra Multi Finance: Multifinance arm of the Astra Group alongside FIF, offering consumer and vehicle financing products. Direct competitor in the same Indonesian market segments.
• PT Mandiri Tunas Finance: Multifinance subsidiary of Bank Mandiri, focused on vehicle and consumer financing. Competes directly in the same used car and consumer credit segments, with a similar branch-based distribution model.
• PT Summit Oto Finance: Indonesian multifinance company offering used car and consumer financing with a branch network across the country. Comparable in scale and product focus to SIMASFIN.
• PT WOM Finance: Indonesian multifinance company specializing in used motorcycle and car financing with a strong Tier 2/3 city branch network. Comparable business model and target customer base.
• PT Oto Multiartha: Sister company within the Sinar Mas Group providing vehicle financing. Shares parent ownership and operates in the same OJK-regulated multifinance space with overlapping products.
• PT BCA Finance: Multifinance subsidiary of Bank BCA offering new and used car financing and consumer loans. Comparable in product mix with the funding-cost advantage of a bank parent.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• TikToktiktok.com/@lifeatsmmf
• Xx.com/sinarmasfinance
• Facebookfacebook.com/simasfinance.smmf
• LinkedInlinkedin.com/company/pt-sinarmas-multifinance

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about PT Sinar Mas Multifinance