PT Sarana Multigriya Finansial (Persero)

What PT Sarana Multigriya Finansial (Persero) does

PT Sarana Multigriya Finansial (Persero), or SMF, is an Indonesian state-owned enterprise (BUMN) and Special Mission Vehicle under the Ministry of Finance, established on July 22, 2005, to operate as the country's secondary mortgage financing institution. The company channels medium- to long-term liquidity from capital markets to housing-sector lenders by purchasing and refinancing mortgage portfolios and issuing asset-backed securities (EBA) and residential mortgage-backed securities (RMBS) on the Indonesia Stock Exchange. Its core product suite includes Sekuritisasi (securitization), EBA Ritel (retail asset-backed securities), Unit Usaha Syariah (Sharia-compliant financing including Sukuk Musyarakah), Pembiayaan (refinancing facilities), and debt securities issuance via ongoing shelf-registration bond programs. Supporting services comprise KPR document standardization, capacity-building training for mortgage lender personnel, and the SMF Research Institute, which publishes sectoral research and biweekly market updates.

SMF earns revenue primarily through the net interest spread between its bond issuance costs and the rates charged on refinancing facilities extended to mortgage lenders, supplemented by transaction fees on securitization and Sharia-compliant structuring. Its customers are two-sided: institutional mortgage lenders (banks and non-bank KPR originators), including state-owned partners such as BTN, Bank Mandiri, and BRI, on the asset side; and capital market investors (institutional and retail via EBA Ritel) on the liability side. The company holds Indonesia's highest national credit ratings (AAA/idn from Fitch, idAAA from Pefindo) and an investment-grade international rating (BBB/A-2 from S&P), and is regulated and supervised by OJK. The sole shareholder is the Government of Indonesia, with net profit distributed as Non-Tax State Revenue.

Name

PT Sarana Multigriya Finansial (Persero)

Legal name

PT Sarana Multigriya Finansial (Persero)

Website

https://smf-indonesia.co.id

Company type

Private

Founded year

2005

Operating status

Operating

Headcount range

101–250 employees

Short description

PT Sarana Multigriya Finansial (Persero) is an Indonesian state-owned Special Mission Vehicle under the Ministry of Finance that provides secondary mortgage financing by refinancing and securitizing residential mortgage portfolios, issuing bonds and asset-backed securities to channel capital market liquidity to housing-sector lenders.

Ownership category

akta.pro rank

Product category

Secondary Mortgage Financing

NAICS

Funds, Trusts, and Other Financial Vehicles (525), Commercial Banking (522110)

SIC

Asset-Backed Securities (6189), Miscellaneous Business Credit Institution (6159)

akta.pro primary industry

SME Lending & Working Capital Platforms (FSAGAJAA)

akta.pro secondary industries

SME Lending Platforms & Embedded SME Credit (FSAKAGAJ), SME Commercial Real Estate (CRE) Lending (FSABABAG)

Keywords

• Secondary mortgage financing
• Housing finance liquidity
• Mortgage-backed securities
• Asset-backed securities issuance
• Sharia housing finance

Headquarters

HQ city

Jakarta

HQ country

Indonesia

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Refinancing: Providing medium to long-term financing to mortgage lenders (KPR) who have already disbursed mortgages. The refinancing is funded by bond issuances in the capital market. Revenue is generated from the spread between borrowing costs and lending rates.
2. Bond Issuance: Issuing bonds (Obligasi Berkelanjutan) to capital markets to raise funds for refinancing activities. The company acts as issuer and guarantor for bonds issued by mortgage lenders in the future.
3. Securitization Services: Facilitating securitization transactions by purchasing mortgage bills from lenders, transforming them into asset-backed securities (EBA/RMBS) for sale in capital markets.
4. Sharia Financial Products: Issuance of Sharia-compliant instruments including Sukuk Musyarakah and Social Bonds for Islamic finance investors and socially responsible investors.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels5 records

Core offering

PT Sarana Multigriya Finansial (SMF) is a Special Mission Vehicle of Indonesia's Ministry of Finance that acts as a secondary mortgage financing institution. It provides medium to long-term liquidity to mortgage lenders (banks and non-bank lenders) through refinancing and by transforming residential mortgage portfolios into tradable asset-backed securities (EBA/RMBS) and bonds issued in the Indonesian capital markets. It also operates a Sharia-compliant business unit issuing Sukuk Musyarakah and Social Bonds.

Product overview

PT Sarana Multigriya Finansial (Persero) operates as a secondary mortgage finance company and Special Mission Vehicle of the Ministry of Finance. The company offers a comprehensive suite of housing finance products including Sekuritisasi (securitization), EBA Ritel (retail asset-backed securities), Unit Usaha Syariah (sharia-compliant financing), Pembiayaan (refinancing), and Penerbitan Surat Utang (debt securities issuance). The portfolio includes investment products such as Obligasi dan Sukuk Berwawasan Sosial (social bonds), Efek Beragun Aset (asset-backed securities), and Instrumen Surat Utang (debt instruments). Supporting services include Capacity Building (training for mortgage lenders), Dokument KPR standardization, and the SMF Research Institute for sector research. Publications include Biweekly Economic and Market Updates and E-Magazine. The company does not provide APIs or developer integrations, operating as a traditional financial services institution.

Differentiator

Problem solved

Functional benefit

Brands

• EBA Ritel: Asset-backed securities (EBA) offered to retail investors
• Unit Usaha Syariah
• SMF Research Institute

Products and services

• Sekuritisasi (Securitization)

Quantifiable outcome

• Facilitates flow of funds from capital markets to housing sector to expand mortgage lending

Named customers2 records

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Ten partnerships are on record, tiered core and major.

• Ministry of Finance of the Republic of IndonesiacoreOthersSMF operates as a Special Mission Vehicle (SMV) under the Ministry of Finance, established by government regulation to serve as the secondary mortgage financing institution for Indonesia's housing sector.
• Indonesian Mortgage Lending Institutions (KPR Lenders)coreChannel Partner/ Reseller/ DistributorPartnership with mortgage lending institutions including commercial banks, state-owned banks (BTN), and private lenders. SMF provides refinancing facilities and securitization services to these institutions.
• PT Bank Rakyat Indonesia (Persero) Tbk.majorChannel Partner/ Reseller/ DistributorServes as Trustee (Wali Amanat) for SMF bond issuances, providing custodial and trustee services for bondholders.
• PT Bank Mandiri (Persero) Tbk.majorChannel Partner/ Reseller/ DistributorServes as Trustee (Wali Amanat) for SMF bond issuances, providing custodial and trustee services for bondholders.
• PT Fitch Ratings IndonesiamajorOthersCredit rating agency providing national and international ratings for SMF bonds and corporate ratings.
• PT Pemeringkat Efek Indonesia (Pefindo)majorOthersDomestic credit rating agency providing national ratings (idAAA) for SMF bonds and corporate credit assessments.
• Tanudiredja, Wibisana & Rekan (PriceWaterhouseCoopers)majorImplementation/ SI/ Consulting PartnerExternal audit firm providing annual financial statement audits and assurance services.
• PT Kustodian Sentral Efek Indonesia (KSEI)majorOthersCentral Securities Depository providing scripless bond issuance administration and settlement services.
• Otoritas Jasa Keuangan (OJK)coreOthersFinancial Services Authority regulating and supervising SMF's operations as a secondary mortgage financing institution.
• BTN (Bank Tabungan Negara)coreChannel Partner/ Reseller/ DistributorState-owned mortgage bank serving as major partner in housing finance ecosystem, receiving refinancing from SMF.

Scale indicators4 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• China Construction Bank: CCB is one of the world's largest mortgage lenders and operates a major personal mortgage business in China, including MBS issuance activities. It is a broader incumbent with overlapping mortgage finance and securitisation capabilities, but at much larger scale and as part of a full-service commercial bank.
• Freddie Mac: Freddie Mac is the sister U.S. GSE to Fannie Mae, operating the secondary mortgage market through MBS issuance. Same fundamental business model as SMF (purchase mortgages, issue MBS, support housing finance) but at vastly larger scale and broader mandate.
• Canada Mortgage and Housing Corporation (CMHC): CMHC is Canada's Crown corporation housing agency, providing mortgage loan insurance, securitisation via Canada Mortgage Bonds, and housing policy research. It performs a comparable secondary-market and securitisation role to SMF, though in a fully developed mortgage market.
• Fannie Mae: Fannie Mae is the U.S. government-sponsored enterprise that operates the deepest secondary residential mortgage market in the world, purchasing and securitising mortgages into MBS. It is a broader, much larger incumbent performing the same secondary mortgage function SMF performs at national scale.

Direct peers

• Korea Housing Finance Corporation (HF): KHFC is the South Korean equivalent of SMF — a state-owned policy institution operating as Korea's secondary mortgage market platform, funding itself through Mortgage-Backed Securities (MBS) issuance and refinancing mortgage lenders to support national housing policy.
• Cagamas Berhad: Cagamas is Malaysia's National Mortgage Corporation and the closest direct peer to SMF — a government-backed secondary mortgage institution that purchases and securitises residential mortgage loans from Malaysian financial institutions, issues bonds and Cagamas Bonds, and operates a similar refinancing-and-securitisation model across a Southeast Asian mortgage market.
• Bank Tabungan Negara (BTN): BTN is Indonesia's largest mortgage-focused state-owned bank and SMF's core refinancing counterparty. While BTN originates mortgages directly rather than running a secondary market, it is the dominant KPR lender that SMF depends on for refinancing volume.

Regional players

• Pag-IBIG Fund (HDMF): Pag-IBIG is the Philippines' state-run housing finance fund, providing savings, mortgage lending, and housing-related financial services to Filipino workers. It is a regional peer in the government-backed housing finance space, although it operates as an originator rather than a pure secondary-market institution.
• National Housing Authority (Thailand): NHA is the Thai state-owned housing agency that develops and finances affordable housing, providing both origination and limited refinancing functions. Comparable to SMF in government mandate and policy-driven role within a Southeast Asian housing finance ecosystem.
• Housing & Development Board (HDB, Singapore): HDB is Singapore's statutory board responsible for public housing, providing mortgage financing for HDB flats to Singaporean citizens. Comparable to SMF as a state-mandated housing finance institution in a Southeast Asian market, though operating through direct origination rather than secondary market refinancing.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/smfpersero
• Facebookfacebook.com/PTSMFPersero
• LinkedInlinkedin.com/company/pt-sarana-multigriya-finansial-persero-
• Instagraminstagram.com/ptsmfpersero
• TikToktiktok.com/@ptsmfpersero

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

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 Sarana Multigriya Finansial (Persero)