With increased competition to become the leading digital bank in Indonesia, banks are choosing to target existing digital ecosystems and increase customer acquisition for products such as savings, transaction services, and loans. BCA Digital, for example, has partnered with Blibli,
Emtek Group, as shareholder of Grab Teknologi Indonesia (GTI) and Bukalapak, will acquire 93% of PT Bank Fama Internasional’s shares through its subsidiary, PT Elang Media Visitama (EMV) by the end of 2021. Established in 1993, Bank Fama, has assets
PT Bank Rakyat Indonesia Agroniaga Tbk (“BRI Agro”) changed its name to PT Bank Raya Indonesia Tbk (“Bank Raya”), as part of the bank’s commitment to become a digital bank. The former name, BRI Agro, was closely associated with an
As a digital Islamic bank, Bank Aladin adopts a unique strategy of combining online and offline customer outreach. Bank Aladin partners with Alfamart, the largest convenience store chain with >15k outlets located throughout the country, and Halodoc, telemedicine provider. Despite
The 2020 population census revealed that 30% of the total population of Indonesia is Generation Z, followed by 26% that are Millennials. The Financial Services Authority (OJK) announced the significant share of youth in the population is one of the
Modal Rakyat, a peer-to-peer lending company, announced the partnership with Bank Jago to channel US$3.5 million (IDR50 billion) to MSMEs. Bank Jago, with a minority stake owned by Gojek, is one of the digital banks in Indonesia. Modal Rakyat also
Line, the messaging app-provider, announced its plans to launch Line Bank, a digital bank, in Indonesia, Taiwan and Thailand. In Indonesia, Line Bank is supported by PT Bank KEB Hana Indonesia. Line Bank will offer online banking services including deposit
Bank Indonesia (BI) noted the increase in digital banking transactions, as the consumer preference for online shopping and digital payment options rose.The total volume of digital banking transactions in April 2021 grew by 60.27% year-on-year to ~573 million transactions with
Governor of Bank Indonesia (BI) Perry Warjiyo stated that BI Fast Payment system will be launched this year to replace National Clearing System (SKNBI). This upgrade will speed up bank clearing time from 2-3 days to real-time. In addition, BI
During the pandemic, digital technology development in Indonesia has grown rapidly. Bank Indonesia commented that this is in line with the national plan to digitise payments and changing consumer preferences to use digital technology. E-commerce transactions are projected to increase
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