LeapFrog II Inclusion Holdings (FMO-41787)

  • Indonesia
Where the impacts of the investment may be experienced.
Financial Institutions
  • Netherlands Development Finance Company (FMO)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Bank Risk Rating
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Sep 28, 2018
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
PT Reliance Capital Management
The holder of the loan, grant, or other investment.
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Ring Fence
  • No Restrictions
A financial intermediary is a commercial bank or financial institution that receives funds from a development bank, sometimes for a specific lending purpose. A "ring fence" is another name for this specific purpose. These funds are then used for lending by the financial intermediary to client companies or individuals.
Investment Type(s)
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 0.06 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Project Cost (USD)
$ 0.06 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Primary Source

Original disclosure @ FMO website

Updated in EWS May 7, 2020

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Project Description

FMO will invest in LeapFrog II Inclusion Holdings, a special purpose vehicle set up to invest in Indonesian multi-finance platform, PT Reliance Capital Management. Reliance is an insurance company (general, health and life) that also offers retail securities and loan products and is in the process of buying a 40% stake in local Indonesian bank Bank Kesejahteraan. Together, FMO and Leapfrog will provide funding that will be used to capitalize Bank Kesejahteraan, improve IT systems in the insurance business and provide financing to Reliance's multi-finance platform.


Investment Description
  • Netherlands Development Finance Company (FMO)

Less than 19.6% of Indonesians (250 million people) currently have a bank account. At the same time, insurance penetration is at a mere 1.8%. Reliance currently reaches out to 450,000 direct clients, a figure that will increase after the acquisition of Bank Kesejahteraan. Through this transaction, FMO offers access to finance in a largely underserved market.

Financial Intermediary
A financial intermediary is a commercial bank or financial institution that receives funds from a development bank. A financial intermediary then lends these funds to their clients in the form of loans, bonds, guarantees and equity shares. Financial intermediaries include insurance, pension and equity funds.
Private Actor Relationship

There is often limited information publicly available about what development banks are funding through financial intermediaries. In 2021, the Early Warning System partnered with Oxfam International to incorporate information on high-risk projects being funded by financial intermediaries financed by the International Finance Corporation (IFC) and the Dutch Development Bank (FMO).

The relationships listed below contain information about the high-risk subprojects of IFC and FMO's financial intermediary investments made from 2017 through 2020, and any associated ring fences.

The database does not explicitly or implicitly imply that IFC or FMO have material exposure to or are contractually or legally accountable to the sub-projects financed by their financial intermediaries.

For more information, please review our Methodology.

Contact Information


Communities who believe they will be negatively affected by a project funded by the Dutch Development Bank (FMO) may be able to file a complaint with the Independent Complaints Mechanism, which is the joint independent accountability mechanism of the Dutch Development Bank (FMO) and the German Investment Corporation (KfW) . A complaint can be filed in writing, by email, post, or online. The complaint can be filed in English or any other language of the complainant. The Independent Complaints Mechanism is comprised of a three-member Independent Expert Panel and it can provide either problem-solving, compliance review or both, in either order. Additional information about this accountability mechanism, including a guide and template for filing a complaint, can be found at: https://www.fmo.nl/independent-complaints-mechanism