- The investment made through Gojek's financial services and payment business aims to provide access to digital banking services for millions of users in Indonesia.
- The first collaboration between a digital bank and super app in Southeast Asia will strengthen the acceleration of financial inclusion in Indonesia.
JAKARTA, December 18, 2020 - Gojek, the leading on-demand service application and payment provider in Southeast Asia, has invested in PT Bank Jago Tbk, a technology-based bank in Indonesia. This corporate action is part of a long-term investment plan and a strategic partnership to accelerate financial inclusion in Indonesia.
This partnership marks the collaboration between two Indonesian technology companies; Gojek, the pioneer of the super app in Southeast Asia that has created significant impact in Indonesia, and Bank Jago, a tech-based bank providing digital banking services for MSMEs and various segments of the Indonesian population. This collaboration also adds to the series of partnerships that Gojek and GoPay have established with various financial institutions to provide financial services to the Gojek ecosystem since 2017.
The primary goal of this strategic collaboration is to provide digital banking services through the Gojek platform, allowing millions of Gojek customers to open Bank Jago accounts and manage their finances more easily through the Gojek app. This collaboration also opens up potential partnerships with various financial institutions and banks to support them in reaching more consumers.
The digital banking market share in Indonesia is extensive. Indonesia is the fourth-largest country in the world with a population of unbanked individuals. Fifty-two percent of adults - or around 95 million people - do not have bank accounts, and more than 47 million adults lack adequate access to credit, investment, and insurance. Meanwhile, smartphone penetration in Indonesia reaches up to 70%-80%, indicating that Indonesians are infrastructurally ready for digital banking.
With the investment made through the digital financial services and payments business, Gojek has become a 22% shareholder in Bank Jago. This transaction does not change the controlling shareholding of Bank Jago. PT Metamorfosis Ekosistem Indonesia (MEI) and Wealth Track Technology (WTT) remain as controlling shareholders with a total ownership of 51%.
Andre Soelistyo, Co-CEO of Gojek, said, "The investment in Bank Jago is part of a long-term business strategy that will strengthen Gojek's growth and sustainability in the future. The partnership with Bank Jago is a new achievement for Gojek in providing various solutions to everyday problems through technology. As a tech-based bank, Bank Jago will strengthen the Gojek ecosystem while providing broader access to digital banking services for the Indonesian people. This aligns with the vision of both companies to accelerate financial inclusion in Indonesia."
"This collaboration will be the beginning of a new way to offer financial services to Gojek users. Through this collaboration, we can also develop models to partner with other banking institutions. We want to continue enhancing collaborations like this to make the Gojek app even more reliable for the public to fulfill their various financial needs."
Kharim Siregar, CEO of Bank Jago, said, "We are proud and very excited to collaborate with Gojek, which has millions of consumers and business partners across Indonesia. We will complement each other as Bank Jago has the experience and expertise in understanding the financial needs of the Indonesian people."
"The strategic collaboration between a technology-based bank like Jago and a super-app like Gojek is the first of its kind in Indonesia and Southeast Asia. This deep collaboration will be the key to Indonesia's digital economic growth and will continue to make Indonesia the host in its own country. As a tech-based bank designed specifically with an open API system, we will also work with other players in the digital ecosystem to expand financial access while realizing our aspiration, to enhance the growth of opportunities for millions of people to grow through life-focused digital financial solutions."
Bank Jago was founded in 1992 under the name PT Bank Artos Indonesia (Bank Artos). In 2020, Bank Artos changed its name to PT Bank Jago Tbk as part of the company's transformation into a technology-based bank (digital bank). This is in line with the company's aspiration to increase opportunities for societal growth through financial services by leveraging technology.
About Bank Jago
Originating in Bandung in 1992 under the name PT Bank Artos Indonesia (Bank Artos). After more than 27 years of serving the community with conventional banking products, in 2019 Bank Artos entered a new era marked by the entry of PT Metamorfosis Ekosistem Indonesia (MEI) and Wealth Track Technology Limited (WTT) as new controlling shareholders after acquiring shares of Bank Artos amounting to MEI (37.65%) and WTT (13.35%).
To support the bank's grand aspirations, in 2020 the Bank changed its name from PT Bank Artos Indonesia Tbk to PT Bank Jago Tbk.
Bank Jago will be developed into a technology-based bank that is innovative and ready to serve the needs of customers in the Small and Medium Enterprises (SME) segment, Retail (Consumer), and Mass Market, through banking products and services embedded in an ecosystem by harnessing technology.
About Gojek Group
Gojek is the leading technology company in Southeast Asia, pioneering the Super App model and integrated ecosystem. Gojek was founded on the belief that technology can simplify daily life by connecting consumers with the best providers of goods and services in their fields.
Since its inception in 2010, Gojek began its journey with courier services and two-wheeled transportation. The Gojek application was first launched in January 2015 in Indonesia and has now evolved into the leading Super App in Southeast Asia, offering various services ranging from transportation and digital payments, food delivery, logistics, and various other on-demand services.
Gojek now operates in 207 cities in five countries in Southeast Asia. In the fourth quarter of 2019, the Gojek application and ecosystem were downloaded almost 170 million times by Gojek users in Southeast Asia. According to data from the App Annie '2020 State of Mobile Report', Gojek was the most widely used on-demand application by the Indonesian people throughout 2019.
As a Super App, Gojek is committed to continually offering smart solutions to solve the everyday problems faced by society, while also helping to improve the quality of life for millions of Gojek app users in Southeast Asia, especially in the informal sector and Micro, Small, and Medium Enterprises (MSMEs). In line with its mission to simplify daily life and create large-scale positive social impact for users, driver partners, service providers, business partners, and MSMEs within its ecosystem, in August 2019 Gojek ranked 11th out of 52 international companies and was the only company from Southeast Asia to enter Fortune's "Change the World" list for the second time in 2019.
The Gojek application is available for download on iOS and Android.
Media Contact:
Astried Anggraini
Corporate Communications PT Bank Jago Tbk
Audrey Petriny
VP Corporate Communications Gojek Group
