Friday, 14 June 2024

Astra Financial and WeLab launch Bank Saqu

5 min read

PT Bank Jasa Jakarta (BJJ), owned by Astra Financial and WeLab since 2022, today launched Bank Saqu, a digital banking service, as a financial partner for individuals and small and medium-sized enterprises (SME) in Indonesia with a solopreneur spirit.

The launch ceremony of Bank Saqu was attended by Prijono Sugiarto, president commissioner of PT Astra International Tbk. (Astra); Djony Bunarto Tjondro, president director of Astra; Suparno Djasmin, director of Astra; Simon Loong, founder and group CEO of WeLab; Ernest Leung, group COO of WeLab; Leo Koesmanto, president director of Bank Jasa Jakarta, as well as the directors and executives of Bank Jasa Jakarta, Astra and WeLab.

Suparno Djasmin, director of Astra and director-in-charge of Astra Financial, said: “The presence of Bank Saqu is a manifestation of our aspirations to provide prime and leading financial services for the retail segment and SME and the welfare of society. This has complemented and strengthened the Astra Group's financial services ecosystem, as well as supporting efforts to increase financial literacy and inclusion in Indonesia.”

Suparno Djasmin explained that each new business within the Astra Group is expected to contribute optimally to all stakeholders. In addition, every step of the business unit is always directed in accordance with Astra's aspirations, namely, prosperity together with the nation. In the scope of Astra Financial such as Bank Saqu, Astra wants its presence to become a financial partner for the welfare of the Indonesian society.

Meanwhile, Simon Loong, founder and group CEO of WeLab, said: “We are excited to see the launch of Bank Saqu, WeLab’s second digital bank in Asia, which aligns with the strategic focus on expanding our presence and delivering tech-driven financial services, having started in Hong Kong, and now Indonesia.”

“We have greatly accelerated the delivery of this new digital bank system, from 18 to 24 months for most market players, to a record time of six months riding on our proven digital banking technology and knowhow behind our first licensed digital bank in Hong Kong. Together with Astra, we look forward to leveraging our complementary strengths to propel the growth of Bank Saqu and contribute to the Indonesian banking industry digitalisation,” Loong added.

Bank Saqu targets the solopreneur segment

The launch of Bank Saqu is in line with the vision of BJJ to become a preferred retail and SME bank, built on strong ecosystems and integrated financial functions, driving Indonesia's digital economy forward. The name Bank Saqu itself phonetically sounds like 'Bangsa-ku', meaning ‘my nation’ and reflecting the aspiration to be the financial service of choice for the Indonesian people, and also 'Saku,' meaning ‘pockets’ and relating to one of the flagship features of the saving pocket.

Bank Saqu targets the younger generation, especially solopreneurs in Indonesia, encompassing small business owners, freelancers, and even full-time employees juggling side hustles. This segment proactively seeks ways to grow, save more, invest more, or even borrow for productive efforts, to achieve more in the future.

According to the study “Solopreneur: Indonesia’s New Economic Force — An Untapped Opportunity” conducted by Segarra Research Institute in 2023, it is estimated that there will be around 117 million of solopreneurs by 2030, whereby one out of three Indonesians will engage in solopreneurship, contributing to 36% to future GDP. However, they often face challenges like inconsistent income and complicated financial management.

First-in-Indonesia savings product that harnesses the power of community

In the same occasion, Leo Koesmanto, president director of Bank Jasa Jakarta, said: "Our services are created to redefine how solopreneur should manage their money, both in personal and business. With multiple distinct pockets (Saku) within a single banking app, solopreneurs can strategically manage their finances, allocate resources, and witness their businesses flourish.” Leo added that with local market insights and the extensive ecosystem coverage of Astra, both offline and online, along with the technological expertise brought by WeLab, Bank Saqu will have various unique advantages in the digital financial services landscape in Indonesia.

As the financial partner for the solopreneurs, Bank Saqu's goal goes beyond offering customised products to customers. It also focuses on financial education and providing a seamless experience to empower solopreneur-spirited individuals on their financial journey.

Some of Bank Saqu main features are:

Saku (pocket): An intuitive and versatile tool to help manage your money at ease. Create up to 20 customised pockets for your side-hustles income and expenses, day-to-day spending, savings, and financial goals.

Busposito (social savings product): A first-in-Indonesia savings product that harnesses the power of community. Customers can drive up the interest rate in a fun way with their family, friends, or the whole Bank Saqu community. More people joining Busposito, means that everyone can earn higher rate of up to 7% p.a.

Tabungmatic (round-up saver): Effortlessly boost your savings, by turning on the Tabungmatic feature, to round up your purchases. Your round up QRIS payments will be rewarded in a Saku booster to earn a higher interest rate, up to 10% p.a. to effortlessly smash your savings goals.

Rewarding Missions: Bank with Bank Saqu and be rewarded every step of the way. Complete a list of missions to earn rewards, e.g., account opening, BI-FAST transfers, pay with QRIS, referring friends and family, and earn up to IDR 1 million ($64.74 ) bonus cash per day.

Saku Booster (rewards pocket): A designated pocket to store all the cashback you earned from Bank Saqu and round-up savings, the cashback at Saku Booster can earn a higher interest rate of up to 10% p.a.

Re-disseminated by The Asian Banker

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