Strategic collaboration with the ecosystem is significant to boost the growth of digital banking and accelerate the amount of society in getting financial products and services.
Singapore, 3 November 2022 - The President Director of PT Bank Jago Tbk, Kharim Siregar, participated as one of the speakers at 7th Singapore Fintech Festival (SFF) that was held from November 2 to 4, 2022 at Singapore Expo, Singapore. Raising a theme “Building Resilient Business Models amid Volatility and Change”, SFF 2022 invited Bank Jago to contribute to a panel discussion on the second day.
During the panel discussion that raised the topic “Driving New Digital Bank Profitability”, Kharim Siregar explained the importance of strategic collaboration with the ecosystem to boost the growth of digital banks and also accelerate the amount of society in getting financial products and services significantly.
“Ambition in putting forward financial inclusion drives us to always innovate and collaborate with digital ecosystems. As a tech-based bank, we develop our products and services, which is Jago App, so that it can be embedded with various digital ecosystems,” said Kharim.
In the meantime Bank Jago is present in some primary digital ecosystems in Indonesia, including GoTo ecosystem that also consists of Gojek App, GoPay, and GoBiz and investment ecosystems Bibit and Stockbit. In the future Bank Jago will develop and expand the collaboration with the new or existing ecosystems.
Until the third quarter of 2022, Jago App has reached more than 4,2 millions funding customers with the third-party fund having reached IDR 7,28 billion. The amount of customers growth triples in the last nine months that recorded 1,4 millions of customers at the last 2021.
On the same occasion, Kharim also explained the importance of business financing in order to have positive and sustainable growth all at once to create financial accessibility to the Small and medium-sized enterprises (SMEs) along with the broader community.
In order to lead the intermediary function, Bank Jago distributes the credit through collaboration with various partners, such as multifinance, financial technology (fintech) companies, and other financial institutions. In business financing, Bank Jago also believes that collaboration with the ecosystem is an effective way for digital bank to provide financial access to the customers.
“We believe bank and the digital ecosystem have their own strengths. They understand the needs and have the relevant solutions to their customers. Meanwhile Bank Jago has the strength in the funding sources. By this collaboration, customers, bank and the digital ecosystem can grow together, “ said Kharim.
Until the third quarter of 2022, Bank Jago recorded the growth of the loans disbursement and sharia financing as big as 119% year-on-year (yoy) or recorded in the amount of IDR 8,16 billion. The loans disbursement and sharia financing is done through collaboration with 32 lending partners.
Singapore Fintech Festival is an international scale annual event which is held by the central bank and Singapore’s Financial Services Authority, Monetary Authority of Singapore (MAS). This event presented more than 850 experts and entrepreneurs as well as 2000 organizations from 110 countries.
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About Bank Jago
Formerly known as PT Bank Artos Indonesia Tbk (Bank Artos) in 1992. After more than 27 years of serving the society with the conventional banking products, in 2019 Bank Artos entered a new era with which was marked by the entry of PT Metamorfosis Ekosistem Indonesia (MEI) and Wealth Track Technology (WTT) as the new controlling shareholders after acquiring Bank Artos shares MEI (37,65%) and WTT (13,35%).
After the Limited Public Offering (Penawaran Umum Terbatas/PUT) phase II, the total ownership of MEI and WTT was 41,49%. The entry of institutional investors, such as GIC Pte. and GoTo financial, strengthened Bank Jago in providing the best financial solutions by continuously innovating.
Bank Jago was developed as a strong and innovative tech-based bank ready to serve the needs of customers from retail market (consumer), Small and Medium-sized Enterprises (SMEs), as well as the mass market, through banking products and services that are embedded in ecosystems by optimizing technology. Bank Jago enhances the growth of millions through life-focused digital financial solutions.
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Marchelo
Corporate Communication
PT Bank Jago Tbk
