Indonesian lender BRI Agro has unveiled plans to transform into a digital bank as part of an overall rebranding.
Reuters reported the move quoting BRI Agro CEO Kaspar Situmorang.
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The lender, which primarily served the agricultural sector, aims to reach new customer verticals with the digitalisation.
A subsidiary of Bank Rakyat Indonesia, BRI Agro largely focused on serving the agricultural sector for three decades.
The news agency further added that the lender plans to tap Indonesia’s $314bn gig economy.
The rebranding will also include overhauling its product portfolio and renaming the bank. The new name of the bank is expected to be unveiled in September, Situmorang told Reuters in an interview.
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By GlobalDataBRI Agro is also expected to collaborate with a strategic partner.
In three years, BRI Agro aims to onboard around three million clients working in Indonesia’s gig economy.
The move comes as several lenders launched their digital arms in a bid to reach the young population in Indonesia.
Gojek’s Bank Jago, Akulaku’s Bank Neo Commerce and Sea Group’s SeaBank Indonesia have already launched its services.
Additionally, Indonesia’s Bank Central Asia aims to roll out its digital arm this year.
Recently, PT. Bank Commonwealth (PTBC) in Indonesia partnered with software company Perx Technologies to enhance customer engagement.
Perx will help the lender to increase customer acquisition leveraging loyalty and rewards management initiatives.
