Ribbit Capital Invests In Bank Jago Owned By Conglomerates Jerry Ng And Patrick Walujo

Illustration. (Photo: Doc. Bank Jago)

JAKARTA - PT Bank Jago Tbk (ARTO) announced that Ribbit Capital has invested in the company to help accelerate financial inclusion in Indonesia. Ribbit is one of the world's leading fintech investors whose investments include Robinhood, Revolut, Affirm, Nubank, Coinbase and Credit Karma.

Indonesia is the fourth largest country in the world with an unbanked population. As many as 52 percent of the adult population, or around 95 million, do not have a bank account and more than 47 million adults do not have adequate access to credit, investment and insurance, but smartphone penetration in Indonesia reaches 70-80 percent.

This indicates that the Indonesian people are infrastructure ready for digital banking. Ribbit Capital's Managing Partner, Micky Malka, said: "We are witnessing a digital banking revolution around the world.

Bank Jago, owned by conglomerates Jerry Ng and Patrick Walujo, is considered the first fully digital bank in Indonesia and has made remarkable progress in developing digital banking services for the public.

"Bank Jago has a very strong commitment to serve customers through digital banking products with advanced technology that are on par with global players. We are delighted to be able to participate in this journey," he said in an official statement, quoted Monday, October 4.

Bank Jago's President Director, Kharim Siregar, said Ribbit's presence shows the high interest and interest of world-class investors in Bank Jago's efforts in advancing digital financial inclusion in this country.

"This also confirms the high hopes and confidence of global investors in the prospects for digital banks in Indonesia. We certainly welcome Ribbit's participation and support at Bank Jago," said Kharim.

Ribbit's investment adds to the list of credible shareholders and has a strong commitment to advancing Bank Jago as a major player in the digital banking business. Previously, Bank Jago had won the trust of Gojek through its financial services and digital payments business and GIC Private Limited.

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"This is a form of investor appreciation for Bank Jago's business model as a digital bank that serves the mass market, is embedded in the ecosystem and uses the latest technology. We feel we are on the right track to take Bank Jago to a higher level," said Kharim.

Meanwhile, Bank Jago has launched a digital banking platform on April 15, 2021, which aims to provide access for the public to open bank accounts instantly and enable them to manage finances more quickly, simply, and collaboratively.

Through the adoption of the latest technology, the Jago application is specifically designed to be embedded in the digital ecosystem to provide new experiences in transactions that focus on the lives of customers.

In the last 12 months, Bank Jago has partnered with digital ecosystems, various lending platforms and wealth management. The Jago application was recently integrated into the Gojek application as a cashless payment method that allows millions of Gojek users to transact seamlessly, quickly and efficiently.