Bank Jago to become first fully digital bank in Indonesia

Bank Jago is reportedly set to become the first fully digital bank in Indonesia following the upcoming digital banking measures by the OJK (Financial Services Authority of Indonesia).

Jago’s decision to become a fully digital bank came after its recent partnership with the country’s digital payments group Gojek in December last year.

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The bank aims at a customer-centric approach by providing customised digital banking services to its consumers.

The bank says it will allow its customers to open bank accounts in the app run by its partner Gojek.

In a conversation with The Straits Times, Bank Jago commissioner Anika Faisal said: “Banks must be present in digital ecosystems; this is how people do their banking nowadays instead of visiting a bank.

“In the past, customers would adjust to bank products on offer. But banks must adjust to the customers. How do customers want to do it? That’s the way the bank should do it. Banks now follow the customers, not the other way around.”

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Faisal also commended the regulator’s efforts in formulating the business-friendly regulations by assembling stakeholders, academics and bankers.

Partnership with Gojek has accelerated Jago’s digital banking efforts and financial inclusion in the country.

In this context, The Straits Times cited a World Bank study that said 52% of Indonesian adults, or 95 million, do not have bank accounts.

Founded in 1992, Jago offers digital banking services to small and medium enterprises (SMEs), consumers and mass-market segments in Indonesia.