Events Jakarta, Indonesia - May 17, 2022

Bank Jago and Carsome Indonesia Officially Collaborate

Bank Jago and Carsome Indonesia Officially Collaborate Download image

Jakarta, May 17, 2022 - PT Bank Jago Tbk officially collaborates with PT Carsome Indonesia, the leading e-commerce platform for buying and selling used cars in Indonesia, after signing a financing cooperation agreement.

Carsome Indonesia is part of the Carsome Group, the largest integrated e-commerce in Southeast Asia for used cars, which is currently present in Malaysia, Indonesia, Thailand, and Singapore, and spread across more than 100 Carsome Inspection and Experience Centers in over 70 cities. Carsome's aspiration is to digitize the used car industry by enhancing convenience in buying and selling used cars through online platforms.

As a tech-based bank, Bank Jago focuses on collaboration and synergy with digital economic players, such as Carsome Indonesia. Bank Jago Director Sonny Christian Joseph stated, "This collaboration demonstrates our commitment to driving digital economic growth in Indonesia. We certainly hope that this cooperation can accelerate the development of Bank Jago's business in the future while maintaining controlled risks."

The collaboration between Bank Jago and Carsome is just the initial stage as Bank Jago is planning various other collaborations with the digital ecosystem of Carsome Indonesia. Some of the prepared plans include collaboration in financing for used car dealers within the Carsome Indonesia ecosystem and financing for used car buyers (end-users) on the Carsome Indonesia e-commerce platform.

CEO of Carsome Indonesia, Andrew Mawikere, stated that amidst the increasing number of people considering private vehicles as the safest mode of transportation during the Covid-19 pandemic, used cars offer advantages in terms of affordability, availability, and variety of units.

"We welcome strategic collaboration with Bank Jago in line with our efforts to expand the business and services of Carsome throughout Indonesia and create a comprehensive car ownership ecosystem in Southeast Asia," he said.

Through the collaboration between Bank Jago and Carsome, Andrew hopes to bring more added value and benefits to all stakeholders while providing the best services and experiences for customers in Indonesia.

As of March 2022, Bank Jago has collaborated with more than 32 institutions. One form of collaboration conducted is partnership lending with fintech lending, multifinance, and other digital financial institutions.

This partnership lending has driven Islamic credit and financing at Bank Jago to grow by 376% in a year to reach Rp6.14 trillion at the end of the first quarter of 2022. This partnership lending pattern enables Bank Jago to be expansive while still maintaining controlled risks. This is reflected in the maintained gross non-performing loan (NPL) ratio at 1.5% and the net NPL ratio at 0.4% at the end of the first quarter of 2022.

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