Gojek invests in Financial institution Jago to accelerate financial inclusion in Indonesia

JAKARTA, Indonesia, Dec. 18, 2020 /PRNewswire/ — Gojek, Southeast Asia’s main cell on-need solutions and payments platform, has invested in Bank Jago, an Indonesia-shown technological know-how-centered financial institution, as component of a strategic partnership that will speed up fiscal inclusion in Indonesia.

The partnership marks a collaboration between two exciting technology-concentrated organizations: Gojek, pioneer of the Southeast Asian ‘Super App’ and Jago, an ground breaking technological know-how-dependent lender that delivers digital banking solutions for the SME, purchaser and mass current market segments in Indonesia. It also builds on the partnerships that Gojek – and its digital wallet and payments system, GoPay – has formed with many Indonesian money establishments to offer you economical companies to retailers and motorists because 2017.

The final aim of this partnership is for Jago to offer accessibility to electronic banking products and services through Gojek’s platform, enabling Gojek’s tens of millions of users to promptly open up a bank account with Jago and improved regulate their finances by way of the Gojek application. The partnership will also act as a product through which Gojek will go on to spouse with other banking establishments to support them in achieving much more buyers.

Indonesia – home to the world’s 4th-biggest unbanked population where 52% of adults (about 95 million persons) do not have a lender account[1] and a further more 47 million grownups are underbanked or have insufficient obtain to credit rating, financial investment and insurance policies[2] – signifies a enormous prospect for companies like Gojek and Jago. That it has a substantial smartphone penetration charge of 70-80% also will make the inhabitants infrastructurally ready for electronic banking.

The financial investment – manufactured by Gojek’s payments and fiscal expert services arm – will imply Gojek holds all around 22% of Lender Jago. The deal also does not change the handle of Jago, with Metamorfosis Ekosistem Indonesia and Wealth Monitor Technological know-how continuing to be Jago’s controlling shareholders with a combined possession of 51 per cent.

Gojek Co-CEO Andre Soelistyo, claimed: “Our partnership with Jago marks the latest milestone in our travel to minimize every day friction for end users and enhance their life via technological know-how. It is a crucial section of our approach and will underpin the development and sustainability of our enterprise in the long time period. Jago’s tech-based mostly banking remedies will supercharge Gojek’s ecosystem choices and facilitate accessibility to banking companies for the mass industry, thus supporting our prevalent vision to accelerate monetary inclusion in Indonesia.

“This is the commence of a new way of featuring economic expert services to Gojek end users as the collaboration will permit us to develop a course of action via which we can get the job done with other banks. Our purpose is to leverage far more partnerships like this, to in the end make the Gojek app a responsible resource for everyone’s economical requires.”

Financial institution Jago’s President Director, Kharim Siregar, said: “We are very pleased and energized to work with Gojek, which has a electronic footprint that encompasses thousands and thousands of consumers and firms throughout the country. This completely complements Financial institution Jago’s deep expertise and knowing of the economic demands of Indonesians.

“We feel that this strategic collaboration – in between a tech-based financial institution like Financial institution Jago and a Super Application like Gojek – is the initial of its variety in Indonesia and Southeast Asia and signifies a new way to spur expansion in electronic economies. As a bank built with an open up API, we will go on to get the job done with a number of digital ecosystems to achieve a broader viewers and drive our aspiration to greatly enhance the finances of millions of men and women by means of electronic financial alternatives.”

Lender Jago was established in 1992 under the name PT Lender Artos Indonesia. In 2020, Financial institution Artos transformed its name to PT Lender Jago Tbk as part of its transformation to become an modern tech-based financial institution with the aspiration to boost the progress of hundreds of thousands as a result of electronic monetary methods.

About Gojek

Gojek is Southeast Asia’s primary engineering team and a pioneer of the integrated tremendous app and ecosystem design. Gojek is started on the basic principle of working with technology to remove life’s day-to-day frictions by connecting individuals to the ideal providers of products and expert services in the market place.

The firm was initially proven in 2010 concentrating on courier and motorbike journey-hailing companies, ahead of launching the application in January 2015 in Indonesia. Due to the fact then, Gojek has grown to become the foremost super app in Southeast Asia, delivering accessibility to a vast array of expert services from transportation and digital payments, to foodstuff shipping, logistics and several other on-demand from customers services.

Gojek now operates throughout major towns in 5 Southeast Asian international locations. As of June 2020, Gojek’s application and its ecosystem have been downloaded 190 million periods by end users throughout Southeast Asia.

As a tremendous application, Gojek is devoted to resolving the each day challenges confronted by customers, although enhancing the quality of existence for hundreds of thousands of persons across Southeast Asia, especially people in the informal sector and micro, little and medium enterprises (MSMEs).

The Gojek application is offered for download via iOS and Android.

About Jago

Bank Jago journey began in 1992 in Bandung underneath the name PT Financial institution Artos Indonesia (Bank Artos).

Just after 27 many years of serving the general public with standard conserving, financial loans, and products and services, in 2019 Lender Artos entered a new era marked by the entry of PT Metamorphosis Ecosystem Indonesia (MEI) and Prosperity Observe Technology Restricted (WTT) as new controlling shareholders after attaining Bank Artos shares at 37, 65% (MEI) and 13.35% (WTT).

In June 2020, we adjusted the name from PT Financial institution Artos Indonesia Tbk to PT Lender Jago Tbk to commence the transformation to develop a Lender of the Long term – a bank for every person to grow alongside one another.

Via banking items and solutions which will be embedded in an ecosystem by optimizing technological innovation, Lender Jago will come to be an ground breaking engineering-based financial institution which serves the small and medium enterprises (SME) section, Retail (Shopper) phase, and mass current market segment.

[1] World Bank’s International Findex, 2017 and 2018
[2] Google, Temasek and Bain & Business e-conomy report 2019 

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