JAKARTA. One of the global-class fintech investors, Ribbit Capital, declared its participation in PT Bank Jago Tbk (ARTO) as its investor to aid them in accelerating financial inclusivity in Indonesia.
The Managing Partner of Ribbit Capital, Micky Malka, deemed Bank Jago as Indonesia’s first fully digitalsed bank that had demonstrated impressive progress in developing digital bank services for the people. Bank Jago is seen as having a strong commitment to serving the users through digital banking products that could match the technologies of global players. “We are glad to be able to participate in this journey,” Malka concluded in the official announcement earlier today (4/10).
Ribbit Capital is one of the infamous international fintech investors. It had placed its investment in Robinhood, Revolut, Affirm Nubank, Coinbase, and Credit Karma.
Kharim Siregar, President Director of Bank Jago, warmly welcomed the participation and support of Ribbit in Bank Jago. Siregar believed that Ribbit’s investment indicated a high interest and attention of world-class investors to Bank Jago’s vision to advance financial inclusivity in this country. “It confirms about how hopeful and trusting the global investors are towards the prospect of digital banks in Indonesia,” Siregar added.
Indonesia is the fourth country in the world with the highest unbanked population. Out of the adults, 52% of them, or 95 million people, are reported without a bank account. Then, over 47 million adults have no sufficient access to credit, investment, and instalments. On the other hand, however, smartphone penetration in Indonesia had reached 70 to 80%. Thus, it actually signified the people’s readiness, at least in its infrastructure, to accept digital banking methods.
Ribbit had become a credible, strongly committed addition to the list of shareholders of Bank Jago to help it progress further into the primary player in the digital bank business. Previously, Bank Jago had obtained the trust of Gojek, as seen through its digital payment and financial services, and GIC Private Limited,” AM/ZH)