Gojek Transforms Into A Super-app By Taking Over Bank Jago Shares

Online Ojek Driver (Angga / VOI)

JAKARTA - Gojek, through its subsidiary GoPay, officially invests and controls 22 percent of shares in PT Bank Jago Tbk (ARTO). So what will Gojek do with share ownership in Bank Jago?

Gojek's co-CEO, Andre Soelistyo, said the investment in Bank Jago is part of a long-term business strategy that will strengthen the sustainability of Gojek's business in the future. As well as opening wider access to banking services for the Indonesian people.

"This is in line with the vision of the two companies to accelerate financial inclusion in Indonesia," said Andre in his official statement.

This partnership also allows Gojek users to have access to digital banking services through the Gojek platform. Including opening a Jago Bank account, and managing finances through the application.

This collaboration also adds to the line of collaboration that Gojek and GoPay have carried out with various financial institutions to provide financial services to the Gojek ecosystem since 2017. This is in line with the vision of the two companies to accelerate financial inclusion in Indonesia.

"This collaboration will be the beginning of a new way of offering financial services to Gojek users. Through this collaboration, we can also develop a model to partner with various other banking institutions," said Andre.

President Director of Bank Jago Kharim Siregar said that his party is looking forward to collaborating with Gojek, which has millions of consumers and business partners throughout Indonesia.

"The strategic collaboration between technology-based banks like Jago and super-apps like Gojek is the first in Indonesia and Southeast Asia. This in-depth collaboration will be the key to Indonesia's digital economy growth and can continue to make Indonesia host in its own country," said Kharim.

Gojek's super-app

On the other hand, Kharim explained Bank Jago's intention to accept this disbursement of funds, next year they plan to launch a financial application soon, along with the presence of Gojek as a new investor. The company will also target the mass market segment to work on new market opportunities that are considered more promising.

Also comes a new business model that offers technology-based financial solutions. The need for all digital financial services is said to be increasing, in line with the pandemic conditions that limit people's current activities.

"We are building life financial apps. The key is that we are embedded in the (digital) ecosystem and all integrated services," explained Kharim.

Kharim admitted that the collaboration with Gojek will be an important milestone in working on the mass market segment where the Gojek digital ecosystem has been formed. For this reason, at an early stage, Bank Jago will work on the captive market of the ecosystem in Gojek.

Moreover, Bank Jago can distribute loans to Gojek partners, such as GoFood drivers and merchants. This is nothing to worry about, because the track records of these partners are already known by Gojek so that they can be a reference in the risk analysis process of potential customers.

"They already have a track record, right. So there is potential from the Gojek ecosystem captive market," said Kharim.

Through Bank Jago, Kharim hopes to add around 2 million customers, supported by a digital application that will be released soon. Likewise, lending is also estimated to be heavier as the economy recovers.