New Indonesian digital challenger, Bank Jago, has tapped Mambu’s cloud banking platform to power its banking services.
Bank Jago will use Mambu’s platform as its technology foundation to offer services, which will initially include everyday transactions and payments. The bank also has plans to branch out into SME lending.
The announcement comes after Mambu recently announced its partnership with Google Cloud, which allows banks and financial institutions in countries like Indonesia, where banking data must remain ‘in country’, to operate in the cloud.
Myles Bertrand, managing director at Mambu APAC, said: “We’re excited to bring our composable banking approach to Indonesia and to work with Bank Jago, our first customer in the country. Now that our partner Google Cloud has made cloud banking a reality in Indonesia with the establishment of their Jakarta Cloud Region, we expect to see great progress locally in a very short space of time.
“According to the World Bank, less than half of all Indonesian adults currently have a bank account, so we believe Bank Jago’s digital offerings will help to enhance financial inclusion within the region.”
Wider access to finance and equality
Bank Jago hopes to create wider access to finance and equality – its aspiration is to “enhance the growth of millions of Indonesians through life-focused digital finance solutions”.
Kharim Siregar, president and director of Bank Jago, said: “We are very pleased to have Mambu’s leading SaaS banking platform on board.
“Creating a core banking system that is compatible with tech-based bank specifications is a breakthrough concept in Indonesia, and I believe that Mambu’s technology will enable us to achieve our goals, with efficient operating models and the ability to be more adaptive towards our customers’ needs. I believe the Mambu platform will become our competitive advantage.”
Siregar went on to say that Bank Jago’s experienced team will help the bank create the best solutions for the Indonesian market. He also reiterated the importance of Mambu and Google Cloud’s alliance as it will allow the challenger to focus on offering flexible, cloud-based services.
Bank Jago is one of the first digital banks in Indonesia. In 2019, it acquired a publicly listed bank called Bank Artos and received investment from digital payments group Gojek.
This year, the challenger also secured investment from Singapore’s sovereign wealth fund GIC and launched its mobile app in April.