Press Release - May 20, 2022

Bank Jago Collaborates with Carsome Indonesia

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Jakarta, 20 May 2022 - PT Bank Jago Tbk announced a collaboration with the leading e-commerce platform for buying and selling used cars in Indonesia, PT Carsome Indonesia. The collaboration between Bank Jago and Carsome Indonesia was commenced through the signing of a loan agreement between Bank Jago and Carsome on 17 May 2022. In this collaboration, Bank Jago provided a working capital loan to Carsome Indonesia.

CEO of Carsome Indonesia Andrew Mawikere said that an increasing number of people consider private vehicles as the safest mode of transportation in the midst of the Covid-19 pandemic, and used cars offer the best proposition in terms of affordability and availability.

“We are happy to be partnering strategically with Bank Jago as we continue expanding Carsome’s business across Indonesia and creating an end-to-end car ownership ecosystem across Southeast Asia. With Bank Jago and Carsome working as a team, we look forward to unlocking more value propositions that will benefit all our stakeholders as we deliver the best service and experience to Indonesian consumers,” said Andrew in the signing ceremony.

As a tech-based bank, Bank Jago focuses on collaboration and synergy with digital economy players, such as Carsome Indonesia. Director of Bank Jago Sonny Christian Joseph said that the working capital loan was expected to support Carsome Indonesia's business, which focuses on buying and selling used cars online.

“The collaboration demonstrates our commitment to driving the growth of the digital economy in Indonesia. We certainly hope that this collaboration will accelerate Bank Jago's business growth in the future while maintaining controlled risks," he said.

Sonny added that the collaboration between Bank Jago and Carsome is at an early stage because Bank Jago is currently planning various other collaborations with the Carsome Indonesia digital ecosystem. Some of the plans are collaboration in financing used car dealers who are members of the Carsome Indonesia ecosystem as well as collaboration in financing for used car buyers (end users) on the Carsome Indonesia e-commerce platform.

Bank Jago has collaborated with 32 institutions as of March 2022. One of the collaborations is partnership lending with fintech lending, multifinance and other digital financial institutions.

The partnership lending drove Bank Jago’s loan and sharia financing to grow 376% in a year reaching IDR 6.14 trillion at the end of the first quarter of 2022. Partnership lending enables Bank Jago to be expansive but still maintains a controlled risk. It was reflected in the ratio of non-performing loan (NPL) gross at 1.5% and NPL net at 0.4% at the end of the first quarter of 2022.

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

 

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