While major banks focus on developing digital banks in-house, fintechs seek partnerships with rural banks (BPRs) to gain market share in digital transactions. The collaboration between fintech lending and BPRs is likely to grow, given the synergies provided by fintechs
Bank Jago, a digital bank, is actively engaging in fintech lending to reach consumers who are difficult to reach by banks. To date, the digital bank has committed to channeling schemes of IDR 100 billion (US$ 6.9 mil) with Akulaku
Effective from 10th February 2021, Bank BKE has changed its name to Bank Seabank Indonesia, after officially acquired by Sea Group’s e-commerce platform Shopee. This effort by Shopee is to grow its payments arm, PayLater, and enter the digital banking
Neobanks, defined as financial technology companies that perform full digital banking services such as credit and deposit services, currently do not exist in Indonesia. Mr. Tony, Deputy Director of Indonesian Banking Architecture at OJK, explained that this is due to
Bank of Indonesia reported record uptake in digital banking, fuelled by the pandemic and consequently shaping the way people conduct financial transactions in-country. In 2020, the total digital banking transaction volume has reached IDR ~2,775 trillion, with e-money transactions at
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