Singapore, November 3, 2022 - As a technology-based bank, PT Bank Jago Tbk represented Indonesia at the Singapore Fintech Festival (SFF), an annual international event organized by the Monetary Authority of Singapore (MAS), the central bank, and financial services authority of Singapore.
Under the theme "Building Resilient Business Models amid Volatility and Change," the 7th Singapore Fintech Festival brought together over 850 experts and business players, with the participation of 2,000 organizations from 110 countries. The event took place from November 2nd to 4th, 2022, at the Singapore Expo.
Karim Siregar, President Director of PT Bank Jago Tbk, was one of the panel speakers on the second day, discussing the topic "Driving New Digital Bank Profitability."
Karim emphasized the importance of financial inclusion, which drives Bank Jago to continue innovating and collaborating within the digital ecosystem. "As a technology-based bank, we develop our products and services, namely the Jago App, to be integrated into various digital ecosystems," he said.
Strategic collaboration with ecosystems is crucial for driving the growth of digital banks and accelerating the number of people gaining access to financial products and services significantly.
To date, Bank Jago has integrated into several major digital ecosystems in Indonesia, including the GoTo ecosystem, consisting of Gojek, GoPay, and GoBiz applications, as well as the digital investment ecosystems Bibit and Stockbit. In the future, Bank Jago will continue to develop and expand collaborations with both new and existing ecosystems.
At the same event, Karim also explained the importance of financing businesses for Bank Jago to grow positively and sustainably while creating financial access for micro, small, and medium-sized enterprises (MSMEs) and the wider community.
In its intermediation function, Bank Jago channels credit through collaborations with various partners, such as multifinance companies, financial technology (fintech) companies, and other financial institutions. In the financing business, Bank Jago also believes that collaboration with ecosystems is an effective way for digital banks to help provide financial access to customers.
"We believe that banks and digital ecosystems have their own strengths. They understand the needs and have relevant solutions for their customers. Meanwhile, Bank Jago has strength in funding sources. Thanks to this collaboration, customers, banks, and digital ecosystems can grow together," said Karim.
As of the third quarter of 2022, the Jago App has attracted over 4.2 million funding customers, with third-party funds reaching Rp 7.28 trillion. The number of customers has tripled in the past nine months, from 1.4 million customers at the end of 2021.
Furthermore, Bank Jago recorded a 119% year-on-year growth in the credit disbursement and sharia financing totaling Rp 8.16 trillion, carried out through collaboration with 32 financing partners.
