Article at a Glance

The key factors behind AIZEN Global’s rapid growth following its entry into the Indonesian electric two-wheeler financing market can be summarized as follows:

1. Innovation in financial intermediation: By leveraging AI and data analytics, the company addressed information asymmetry in the financial market, thereby creating new forms of value in banking

2. Platform-based network effects: AIZEN developed a data-driven service platform that offered one-stop solutions to the complex and diverse needs of local partners, enabling strong network effects in the Indonesian market.

3. Human capital and organizational agility: Drawing on a diverse talent pool with expertise in both finance and AI technology, the firm was able to adapt quickly to a rapidly changing external environment and expand its business portfolio.

4. Localization strategy: Through a bold approach to localization—granting full decision-making authority to its Indonesian subsidiary staff—the company strengthened its execution capabilities and operational effectiveness.

5. Financial strategy grounded in ESG: By positioning ESG principles at the core of its financing approach, AIZEN secured access to global green finance and optimized its cost of capital through mechanisms such as asset securitization and the use of international financial hubs.

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Amid the Indonesian government’s ambitious plan to distribute 12 million electric two- wheelers by 2030, Korea-born startup AIZEN Global (hereinafter AIZEN) has emerged as a clear front-runner in just two years. The company is now approaching profitability, with 2025 sales projected to be four times higher than the previous year. AIZEN has strengthened its market presence through partnerships with Grab and Gojek, the largest mobility platforms in Southeast Asia, and by securing investment from Indonesia’s largest energy company as well as global banks. It also holds the distinction of being the only foreign company invited to participate in discussions on Vietnam’s electric vehicle transition policy.

Although AIZEN’s business model— purchasing electric two-wheelers from manufacturers and renting them to customers— may at first appear similar to a conventional rental business, its true competitive advantage lies in its AI-powered financial platform ‘EV- CreditConnect’. By using this platform to connect previously fragmented market players— manufacturers, financial institutions, and riders—through data integration, AIZEN has secured a first-mover advantage in the emerging field of electric two-wheeler finance.

Drawing on an interview with Jung Seok KANG, CEO of AIZEN Global, DBR analyzed how this nine-year-old startup pioneered and scaled the electric two-wheeler financing market in Southeast Asia.

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