Tag Archives: Bank Digital Indonesia

Bank Jago Plans for Sharia Services and MSME Financing This Year

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Aside from gradual integration with the Gojek ecosystem, PT Bank Jago Tbk (IDX: ARTO) is also preparing to extend the coverage of digital banking services in 2021.

This year, Bank Jago targeted the middle income and mass market segment, including MSMEs and retail (consumer), both conventional and sharia.

Bank Jago’s President Director, Kharim Indra Gupta Siregar revealed that they will be focused on two things, digital-based sharia services and lending through digital platforms for MSMEs.

The following is an extension of DailySocial’s exclusive interview with Kharim Indra Gupta Siregar and Bank Jago Commissioner Anika Faisal.

Sharia digital banking

Currently, Bank Jago is exploring whether this digital sharia will be presented in a new app or just an additional service in an existing one, Jago App. The company has considered several things regarding this development.

Kharim thought, today’s Islamic banking products in Indonesia tend to be associated as different products from its parent company, which in fact is a conventional bank. This is the factor that makes the new sharia services development to follow the conventional way.

The market opportunity for Islamic banks is very large considering its penetration is quite low in Indonesia. Referring to data from the Financial Services Authority (OJK), the market share of Islamic banks was only 6.33% as of October 2020. The increase was not too significant compared to the market share in 2017 which was only 5%.

In addition, the current Islamic mobile banking services have mostly used the USSD menu considering that the digital ecosystem was not ready at that time, smartphones and airtime were still quite expensive.

He observed that Bank Jago’s position as a tech-based bank provides space for companies to utilize 100% of the same capabilities in developing Islamic banking platforms. Whether it is presented in the form of a new app, it will duplicate the Pocket Jago App feature to the sharia platform.

“Currently, we are going through various processes, such as approval and others. We will have it soon. We’ve seen a good opportunity where sharia users can get similar services on the Jago App. We provide all the capabilities there,” Kharim said.

Meanwhile, Anika Faisal considers that there are no Islamic banking products in Indonesia to date that are able to provide a good user experience. She said, these various considerations are to ensure the company can provide a product proposition that is as good as Jago App.

“I have my own preference for sharia services, not in the context [service preference] for usury or not. Unfortunately, sharia mobile banking in Indonesia is currently not able to provide convenience. Therefore, I challenge Bank Jago to have good convenience products. The product [sharia] is basically the same, but what matters is the service,” she said.

Digital lending for MSME

In 2020, the number of MSME players in Indonesia is estimated to reach more than 65 million, contributing more than 50% to Indonesia’s GDP, and absorbing 97% of the active work budget in Indonesia.

The Bain & Company report in 2019 recorded that there were as many as 92 million people or 50% of the total population who did not have access to banking services (unbanked). 25% or 47 million of them do not have adequate access to banking services (underbanked).

Bank Jago observes promising potential in these two segments. In its 2020 financial report, Bank Jago is said to build a financing business with a digital ecosystem managed through Partnership Lending (Business Finance Solution). Since last year, Bank Jago has collaborated with fintech platforms to channel financing.

Some that have been announced include Akseleran, Akulaku Finance, and Adakami.

The collaboration is expected to accelerate the customer acquisition process, which Bank Jago defines as the productive pre-prosperous segment. This segment is considered to have passed the poverty level, but still needs financing. The company targets this lending to be significantly distributed to this segment.

“We will prepare products/services for the entrepreneurial segment as we see great potential from this segment of business players who are yet to be fully formalized. We are going to announce and it’s in progress. After the second right issue, we get strong capital to pursue lending growth because we don’t have a lot of legacy lending products. Therefore, we can focus more on partnerships. Currently, we have partnered with ten lending sites,” Kharim said.

Overall, he said, Bank Jago has closed good number on growth in lending. According to its records, as of the end of 2020 until the first quarter of 2021, Bank Jago has disbursed loans from around Rp900 billion to Rp1.3 trillion with an increase of 40%.

Kharim revealed that his team will collaborate with partners to provide lending products on the Jago App to support the underwriting process and determine whether prospective customers are eligible for loans.

“Currently, Gojek customers have been offered PayLater products. It means, there is analytics support to provide lending to customers. In this model, we want to expand what can we provided through lending products. This also depends on the ecosystem, such as Gojek’s user ecosystem, partners drivers, and merchant partners. Each has a different approach. We can do this after the Jago App and Gojek integration is running,” he said.

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Original article is in Indonesian, translated by Kristin Siagian

Pasar syariah dan UMKM diklaim Bank Jago memiliki peluang menjanjikan untuk layanan keuangan digital / Bank Jago

Bank Jago Siapkan Layanan Syariah dan Pembiayaan UMKM Tahun Ini

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Selain integrasi bertahap dengan ekosistem Gojek, PT Bank Jago Tbk (IDX: ARTO) juga bersiap menambah cakupan layanan perbankan digital di 2021.

Segmen pasar yang dibidik Bank Jago di tahun ini antara lain middle income dan mass market, termasuk dalamnya UMKM dan retail (consumer), baik konvensional maupun syariah.

President Director Bank Jago Kharim Indra Gupta Siregar mengungkap ada dua fokus utama yang dipersiapkan, yaitu layanan syariah berbasis digital dan penyaluran pinjaman melalui platform digital untuk UMKM.

Berikut ini adalah kelanjutan wawancara ekskusif DailySocial dengan Kharim Indra Gupta Siregar dan Komisaris Bank Jago Anika Faisal.

Perbankan syariah digital

Saat ini, Bank Jago tengah mengeksplorasi apakah syariah digital ini akan hadir dalam aplikasi baru atau hanya layanan tambahan di aplikasi yang sudah ada, yakni Jago App. Ada beberapa hal yang menjadi pertimbangan perusahaan terkait pengembangan ini.

Menurut Kharim, selama ini produk perbankan syariah di Indonesia cenderung diasosiasikan sebagai produk berbeda dengan induk usahanya yang notabene merupakan bank konvensional. Faktor ini membuat pengembangan layanan syariah baru juga ikut-ikutan memakai cara konvensional.

Peluang pasar bank syariah juga sangat besar mengingat penetrasinya di Indonesia masih rendah. Mengacu data Otoritas Jasa Keuangan (OJK), pangsa pasar bank syariah hanya 6,33% per Oktober 2020. Kenaikannya tidak terlalu signifikan dibandingkan pangsa pasar di 2017 yang cuma 5%.

Di samping itu, selama ini layanan perbankan mobile syariah kebanyakan memanfaatkan menu USSD mengingat ekosistem digital saat itu belum siap, smartphone dan airtime masih terbilang mahal.

Ia menilai posisi Bank Jago sebagai tech-based bank memberi ruang bagi perusahaan untuk memanfaatkan 100% kapabilitas yang sama dalam mengembangkan platform perbankan syariah. Jika memang hadir dalam bentuk aplikasi, pihaknya bakal menduplikasi fitur Pocket (Kantong) Jago App ke platform syariah.

“Saat ini, kami sedang melalui berbagai proses, seperti approval dan lainnya. We will have it soon. Kami lihat ada peluang bagus di mana pengguna syariah bisa mendapatkan layanan serupa di Jago App. Kami sediakan semua capabilities di situ,” ujar Kharim.

Sementara itu, Anika Faisal menganggap saat ini belum ada produk perbankan syariah di Indonesia yang mampu memberikan user experience yang bagus. Menurutnya, berbagai pertimbangan ini untuk memastikan perusahaan dapat memberikan product proposition yang sama bagusnya dengan Jago App.

“Saya memiliki preferensi sendiri untuk layanan syariah, bukan konteksnya [preferensi layanan] golongan riba atau tidak. Sayangnya, mobile banking syariah di Indonesia saat belum bisa kasih convenience. Makanya, saya challenge apakah Bank Jago bisa produk yang punya convenience yang bagus. Produk [syariah] pada dasarnya sama, tetapi yang penting adalah layanannya,” jelasnya.

Digital lending untuk UMKM

Pada 2020, jumlah pelaku UMKM di Indonesia diperkirakan mencapai lebih dari 65 juta yang tercatat berkontrobusi lebih dari 50% terhadap PDB Indonesia, dan menyerap sebesar 97% dari anggaran kerja aktif di Indonesia.

Laporan Bain & Company di 2019 mencatat ada sebanyak 92 juta jiwa atau 50% dari total populasi yang belum mendapatkan akses ke layanan perbankan (unbanked). 25% atau 47 juta jiwa di antaranya belum punya akses memadai ke layanan perbankan (underbanked).

Bank Jago melihat ada potensi menjanjikan pada kedua segmen ini. Dalam laporan keuangan 2020, Bank Jago menyebut akan membangun bisnis pembiayaan dengan ekosistem digital yang dikelola lewat Partnership Lending (Business Finance Solution). Sejak tahun lalu, Bank Jago telah menggandeng platform fintech untuk menyalurkan pembiayaan.

Beberapa yang sudah diumumkan antara lain Akseleran, Akulaku Finance, dan AdaKami.

Kolaborasi ini diharapkan dapat mempercepat proses akuisisi customer yang didefinisikan Bank Jago sebagai segmen pra sejahtera produktif. Segmen ini dinilai sudah melewati tingkat kemiskinan, tetapi tetap membutuhkan pembiayaan. Pihaknya menargetkan lending ini akan terdistribusi secara signifikan ke segmen tersebut.

“Kami akan menyiapkan produk/layanan untuk segmen wirausaha karena kami melihat ada potensi besar dari segmen pelaku usaha yang belum sepenuhnya formal ini. We are going to announce and it’s in progress. Setelah right issue kedua, kami dapat modal kuat untuk pursue pertumbuhan lending karena legacy produk lending kami tidak banyak. Jadi kami bisa lebih fokus ke partnership. Saat ini, kami sudah bermitra dengan sepuluh lending sites,” papar Kharim

Secara keseluruhan, ungkapnya, Bank Jago menutup pertumbuhan apik pada penyaluran pinjaman. Menurut catatannya, per akhir 2020 hingga kuartal pertama 2021, Bank Jago telah menyalurkan pinjaman dari sekitar Rp900 miliar ke Rp1,3 triliun dengan kenaikan 40%.

Kharim mengungkap, pihaknya akan berkolaborasi dengan mitra untuk menyediakan produk lending di Jago App demi mendukung proses underwriting dan menentukan apakah calon customer layak diberikan pinjaman.

“Saat ini, nasabah Gojek sudah ditawarkan produk PayLater. Artinya, ada analitik di belakang untuk menyediakan lending ke customer. Untuk model ini, kami ingin perluas apa yang bisa diberikan lewat produk lending. Ini juga tergantung ekosistem, seperti Gojek punya ekosistem pengguna, mitra driver, dan mitra merchant. Masing-masing punya pendekatan berbeda. We can do this setelah integrasi Jago App dan Gojek berjalan,” jelasnya.

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