Bali, 7 September 2023 - PT Bank Jago Tbk is committed to promoting and expanding strategic partnerships within the national digital ecosystem. One of these efforts includes strengthening collaboration and optimizing the ever-growing financial service network of GoTo Financial.
"We believe that in the future, the collaboration between Jago and GoTo Financial will further enhance financial inclusion in Indonesia," said Bank Jago's President Director, Arief Harris Tandjung, during a media discussion at Hotel Aryaduta, Bali (9/7/2023).
According to Arief, the GoTo Group is one of the strategic partners that has contributed significantly to Bank Jago's performance, both in terms of customer acquisition and financing distribution.
"So far, Jago has served 8.3 million customers, including 6.7 million users of the Jago and Jago Syariah applications. Of the total 6.7 million customer fundings, about 35 percent come from the GoTo platform," Arief explained.
With the launch of the Gopay Application, Arief believes that there will be even more opportunities for collaboration and a greater contribution from GoTo in driving Jago's growth. "Especially in terms of increasing customer acquisition, savings growth, and partnership lending," he added.
In line with this, Jago and GoTo Financial are currently designing new financial products targeting all demographics, particularly groups that have not yet had access to formal financial and banking services.
"We are confident that the collaboration between Jago and GoTo, particularly GoTo Financial, will grow stronger and mutually beneficial. We are very optimistic about these developments and in the future, our collaborative products will only get better," Arief stated.
This commitment from Jago received a positive response from GoTo's Director and President of GoTo Financial, Hans Patuwo. According to Hans, Jago's strategy of strengthening collaboration aligns with GoTo's aspirations as Indonesia’s largest digital ecosystem, in promoting technological innovation that provides convenience for the public.
He hopes that the latest collaborative products with Bank Jago will become an entry point for the public to access GoTo's more comprehensive financial services.
"The synergy and collaboration with Jago started several years ago, and we have always moved forward together. So, we will continue to collaborate with Bank Jago in a complementary manner," Hans explained.
Hans views GoTo Financial not as a fintech or a financial company supported by technology, but as a techfin or a technology company operating in the financial services sector with limited services. Both fintech and techfin are very different from banks, which have full licenses to provide complete financial and banking services.
"As a techfin, we will not become a bank because one of the reasons is that we have collaborated with Jago, a bank that has obtained a license to collect and disburse customer deposits."
Bank Jago's Director, Sonny Christian Joseph, revealed that so far, Bank Jago's performance has consistently grown healthy and high-quality. This can be seen from the increasing number of customers, third-party fund collections (DPK), and credit disbursements in the second quarter of 2023.
He is optimistic that the amount of loan disbursed by Jago through partnerships in the digital ecosystem will continue to grow. Especially with the launch of new collaborative products in collaboration between Jago and GoTo Financial, which are expected to increase the chances of loan applications in the GoTo digital ecosystem.
"If 35 percent of Jago's customers come from GoTo, by the end of the year, we might see a significant increase in loans from GoTo," Sonny said confidently.
Jago’s loan and sharia financing in the second quarter of 2023 grew by 54 percent to Rp11.2 trillion, followed by a 65 percent growth in DPK to Rp10.1 trillion. Both of these main banking services have been optimized by Bank Jago through partnerships in the digital ecosystem, which so far has served more than 8.3 million customers, including 6.7 million funding customers using the Jago and Jago Syariah applications.
Executive Director of Segara Institute, Piter Abdullah Redjalam, considers Jago's business model as a technology-based bank that promotes collaboration within the digital ecosystem, especially with GoTo, as a suitable and visionary banking service breakthrough. This strategic partnership strategy is highly prospective, although reaching the pinnacle of success requires time and a relatively lengthy process.
"The competition among conventional banks is over, and we actually know who the winners are. But the race in digital banking has just begun, and Bank Jago, in my opinion, has taken the lead by being the first to build a digital ecosystem," Peter said.
On the same occasion, Bank Jago's Commissioner, Anika Faisal, added that since its establishment, Jago has always emphasized its uniqueness as a fully licensed bank built by combining digital methods with strong financial fundamentals. For this reason, Jago always strives to manage finances and capital healthily, as well as having good risk management, compliance, and governance.
As part of the Bank Jago FGD series with senior editors of national media, which also invited GoTo Financial and the Executive Director of the Segara Institute, Piter Abdullah Redjalam. The event continued with a group cycling tour through villages, temples, and rice fields in Ubud, Bali.
