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, to provide financial services for its e-commerce users. Meanwhile, Bank Neo Commerce (BNC) has Akulaku, an e-commerce platform and a subsidiary of Alibaba, as one of its shareholders to unlock synergies for digital finance. Finally, there are also several smaller banks that have been acquired by fintechs or e-commerce players, with the view to strengthen their existing digital financial offerings. For example, Fintech Ajaib acquired Bank Bumi Artha, Fintech Kredivo acquired Bank Bisnis, E-commerce Shopee’s own digital bank, Sea Bank Indonesia, and Bank Jago’s partnership with Gojek.

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