EFishery gets $30m loan from HSBC to expand reach of AI-powered feeding tool

(From left) Steve Andoko, head of corporate and wholesale banking at HSBC Indonesia; Gibran Huzaifah, co-founder and CEO eFishery; and Riko Tasmaya, managing director head of wholesale banking HSBC Indonesia / Photo credit: eFishery

HSBC Indonesia has extended a US$30 million green and social loan to eFishery, which will help the company expand its eFeeder fleet.

The eFeeder device gets leased to small-scale fish farmers in the company’s network. The tool, which can be managed via mobile phones, helps farmers schedule feeding time, get feeding advice, and track feeding data.

The company said that the artificial intelligence of things (AIoT) device can help boost the efficiency and yield of conventional fish farming by around 30% and 25%, respectively. These enhancements could let small-scale farmers produce better-grade fish and reach wider markets, potentially improving the farmers’ livelihood.

HSBC Indonesia was also named eFishery’s sustainable finance coordinator. In this role, the bank will help eFishery fully apply ESG principles in its operations.

Aquaculture is crucial to Indonesia’s economy. In 2022, fisheries and fishing accounted for about 2.6% of the country’s gross domestic product. Recognized globally for its aquaculture production, Indonesia is next only to China in fish production.

In March this year, eFishery announced its acquihiring of DycodeX, an Indonesian startup specializing in AI-powered IoT tech. With the deal, DycodeX’s team joined eFishery’s AIoT and cultivation intelligence team.

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