The business, which allows users to take out loans of Rp 1 million (US$76) to Rp 3 million, has been operating since April last year in some regions of Indonesia, including Greater Jakarta, Yogyakarta, Solo, Magelang and Klaten.

UangTeman CEO Aidil Zulkifli said the mobile app was a necessity, since around 65 percent of its users accessed the service’s website uangteman.com using mobile devices.

The company’s product and technology director, Darmawan Zaini, said the app had similar features to the website. He added that prospective customers should ensure all administrative requirements were met in order to get approval for their loans.

“After the loan application has been entered into the UangTeman system, one of our team members will contact the prospective customer to verify all the data. If the loan is approved, the funds will be disbursed in two hours or a maximum of 72 hours,” Darmawan told a press conference on Thursday.

To promote the new service, the company offers interest-free loans for applications made through the mobile app from March 3-9.

UangTeman is a product of PT Digital Alpha Indonesia, a subsidiary of Singapore-based technology company Digital Alpha Group operating in Southeast Asia. According to information on the website, the Financial Services Authority (OJK) has not yet provided regulations for technology-based financial services such as those offered by UangTeman, but the company claims it had consulted with the OJK and was committed to obey the law.