Events Jakarta, Indonesia - November 23, 2023

Collaboration with Digital Ecosystems Makes Bank Jago Optimistic in Facing 2024 Challenges

Collaboration with Digital Ecosystems Makes Bank Jago Optimistic in  Facing 2024 Challenges Download image

Jakarta, November 23, 2023 - PT Bank Jago Tbk took part in the Bisnis Indonesia Business Challenges 2024 seminar, expressing its optimism in facing the dynamics of 2024, which are full of challenges and uncertainties.

Featuring Finance Minister Sri Mulyani Indrawati as the keynote speaker, the event aims to provide insights to the public and business players on the economic opportunities and challenges in the political year.

In a seminar session titled "Navigating the Financial Industry Through Digital Technology" Head of Consumer Business at Bank Jago, Trio Lumbantoruan, was appointed as a speaker, alongside Deputy Commissioner of the OJK for Government and Sharia Bank Supervision, Bambang W. Budiawan, and Head of Compliance & Regulatory Affairs at GoTo Financial, Marcella Wijayanti.

During the session, Trio emphasized the importance of strategic collaboration with the digital ecosystems for Bank Jago to maintain business growth and expand financial services coverage to all segments.

"If we observe, almost all activities and transactions of the public are within the digital ecosystems, which rely on mobile phones in their daily lives. All of this is ultimately related to financial services, which can actually be optimally served by banking. For us at Jago, all of this can be achieved as long as we collaborate and open ourselves to partnership with the digital ecosystems," explained Trio.

He stated that collaboration is crucial for banks to withstand the wave of digital disruption. "It's time for banks to understand the needs of customers, not the other way around. It means banks must be able to become financial solutions and be part of the public’s lifestyle, which heavily relies on sophisticated smartphone applications in their daily lives," he continued.

To date, Bank Jago has been integrated into several key digital ecosystems in Indonesia, including the GoTo ecosystem consisting of Gojek, GoPay, and GoBiz applications, as well as digital investment ecosystems such as Bibit and Stockbit. Each partner has contributed positively to its performance and to improve financial inclusion for Indonesians who have not yet received formal financial services (unbanked).

Most recently, Bank Jago and GoTo Financial launched "Gopay Tabungan by Jago," an account for daily transactions accessible through the GoPay or Gojek application.

As of October 2023, the number of Bank Jago customers reached 9.6 million, including 7.6 million funding customers using the Jago App. The number of Jago App users has grown significantly compared to the end of 2022, which was 5.5 million customers.

"With the aspiration to enhance the growth of millions through life-focused digital financial solutions, we will continue to innovate and collaborate to offer relevant financial products and services while helping more people improve their lives and finances," Trio concluded.

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