Saudi-based fintech startup UmrahCash has officially launched its operations in Indonesia, marking a significant international expansion into the world’s most populous Muslim-majority country. The move, announced following the Umrah and Hajj Technology and Finance Forum in Jakarta, is supported by key partnerships with local sharia-compliant organizations including KNEKS, Muhammadiyah, and ASPHIRASI.
Tapping A Major Growth Market
After an initial launch in Nigeria to serve West African pilgrims, UmrahCash has identified Indonesia as its largest growth market. The country sends over 240,000 Hajj pilgrims to Saudi Arabia each year and has a waiting list of nearly 5 million people. With Indonesia’s religious tourism turnover projected to reach IDR 194 trillion by 2030, the demand for streamlined, secure financial services is substantial. This expansion aligns with Saudi Arabia’s Vision 2030, which includes a $1.3 billion investment in infrastructure to enhance the capacity and experience for a rising number of global pilgrims.
A Sharia-Compliant Financial Ecosystem
UmrahCash aims to simplify the financial logistics for pilgrims by providing a suite of sharia-compliant services. The platform offers users direct access to Saudi riyals, protecting them from currency volatility. Future plans include the introduction of savings accounts, ethical loans, and integrated payment and withdrawal services accessible in both Indonesia and Saudi Arabia. “Our mission is to make hajj and umrah more accessible for every pilgrim by delivering sharia-compliant financial services that are safe, transparent, and easy to use,” said William Phelps, CEO of UmrahCash.
Forging Strategic Local Partnerships
To ensure a successful market entry, UmrahCash is building a strong local foundation. The company has appointed Jodhi Sardjono, Chairman of the Sharia Blockchain Association (ABSI), to lead its Indonesian operations. This move leverages deep local expertise in Islamic financial services. The partnerships with travel and industry associations like ASPHIRASI, which has 350 members, are crucial for reaching pilgrims across the country. H. Tauhid Hamdi, Vice Chairman of ASPHIRASI, praised the platform as a “timely digital solution” that will bring greater transparency and trust to the sector.
About UmrahCash
UmrahCash is a Saudi Arabia-based fintech company dedicated to making Hajj and Umrah pilgrimages more accessible and financially transparent. By providing a suite of sharia-compliant financial services, the platform aims to offer peace of mind to pilgrims, allowing them to focus on their spiritual journey.
Source: Zawya
