Gojek-backed lender races to upend mobile banking in Indonesia

JAKARTA, March 7 (Bloomberg): Bank Jago will begin offering some banking services via mobile app this month before extending full-fledged products including loans, securing early-mover advantage in Indonesia’s booming digital banking industry.

The lender, which received fresh capital from ride-hailing and payments giant Gojek and Singaporean sovereign wealth fund GIC Pte, will then embed its services on Gojek’s platform this year, President Director Kharim Siregar and Commissioner Anika Faisal said in a joint interview from Jakarta. That would let Gojek’s tens of millions of users instantly open a bank account with Jago and manage their finances via the Gojek app.