UKDigitalFinance19

DBS launches Digibank in Indonesia

DBS Bank has officially unveiled digibank by DBS (digibank) in Indonesia. A revolutionary offering, digibank is paperless and signatureless, and brings together an entire suite of innovative technology – from biometrics to artificial intelligence (AI) – to enable customers to enjoy a whole new way of banking.

The Iaunch follows the successful rollout of digibank in India in April last year, which has enabled DBS to penetrate India’s retail banking market with about 1.5 million new customers acquired to date.

Indonesia’s Minister of Communication and Information Technology Rudiantara congratulated DBS on its innovations at the digibank launch. He also said that the government foresees that Indonesia’s digital economy will reach USD 130 billion, or about 12% of Indonesia's GDP, in 2020. With Indonesia's economy shifting from a commodity-led to service-based one, this will encourage the rise of the digital economy in the country.

According to the Asosiasi Penyelenggara Jasa Internet Indonesia (APJII) survey, Internet users in Indonesia make up 132.7 million or 51.8% of the total population. The We Are Social survey has found that around 91% of Indonesian citizens have a mobile phone and 47% of them own smartphones. Along with the growing Internet penetration, Indonesia Financial Authority Services (OJK) said that the number of customers using e-banking has increased from 13.6 million customers in 2012 to 54 million customers in 2016. The frequency of Internet banking transactions has also increased, from 150.8 million transactions in 2012 to 406.6 million transactions in 2016.

Said DBS Indonesia President Director Paulus Sutisna: “Over the past few years, Indonesia has seen a rapid growth in the number of Internet and smartphone users. Along with this, we’ve witnessed a change in customer behaviour and people increasingly want a simple, fast and effortless way to bank. As a bank that is committed to shaping the future of banking, we’re excited to introduce digibank in Indonesia, giving customers the ability to bank anytime, anywhere.”

Re-disseminated by The Asian Banker

Diary of Activities
Digital Finance Leadership Programme 2019
29 July - 02 August 2019 | United Kingdom