Bank Saqu Launches in Indonesia as WeLab’s Second Digital Bank in Asiaby Fintech News Hong Kong November 20, 2023
Hong Kong’s WeLab, in collaboration with Astra Financial, has launched Bank Saqu in Indonesia, marking its second digital banking venture in Asia.
This new digital banking platform, operated by PT Bank Jasa Jakarta (BJJ), a joint venture between the two companies, aims to cater to the growing solopreneur market in Indonesia.
Bank Saqu primarily targets young entrepreneurs, including small business owners and freelancers, with features tailored to their financial needs and challenges.
One of the standout features of Bank Saqu is the ‘Saku’ or Pocket, which allows users to create up to 20 customised sections within the app for managing various aspects of their finances, from side-hustle incomes and expenses to daily spending and savings goals.
The bank also offers ‘Busposito,’ a social savings product that leverages community engagement to potentially increase savings interest rates, allowing rates to go as high as 7% per annum as more people participate.
Additionally, Bank Saqu introduces ‘Tabungmatic,’ a round-up saver function that effortlessly boosts savings by rounding up purchases and depositing the extra amount into a Saku Booster. This booster can yield interest rates up to 10% per annum.
Customers can also earn rewards for various activities, such as opening accounts, completing transfers, making payments, and referring new customers, with the potential to earn up to Rp1 Million in bonus cash daily.
Furthermore, the Saku Booster serves as a dedicated pocket for storing all the cashback earned from Bank Saqu and round-up savings, offering the possibility of accruing interest at a rate of up to 10% per annum.
The name Bank Saqu is a play on the Indonesian words ‘Bangsa-ku’ (my nation) and ‘Saku’ (pockets), signifying its dedication to the Indonesian people and its savings feature.
Bank Saqu is now available for download via the Google Play Store and Apple Store.
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.”
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.”
This article first appeared on fintechnews.sg
Featured image: (From Left to Right) Suparno Djasmin, Director of Astra; Prijono Sugiarto, President Commissioner of PT Astra International Tbk. (Astra); Djony Bunarto Tjondro, President Director of Astra; Simon Loong, Founder & Group CEO of WeLab; Leo Koesmanto, President Director of Bank Jasa Jakarta; Ernest Leung, Group COO of WeLab.