Gojek Makes Financial Push in Indonesia

The Indonesia-headquartered super-app is increasing its stake in Bank Jago as part of its bid to accelerate financial inclusion in Asia.

Gojek’s payments and financial services arm GoPay will own 22.2 percent of Indonesia’s Bank Jago, up from 4.1 percent, as part of a deal worth $159 million. Controlling shareholders Metamorfosis Ekosistem Indonesia and Wealth Track Technology will continue to own a combined 51 percent of the bank.

The deal is a key part of our strategy and will underpin the growth and sustainability of our business in the long term,» Andre Soelistyo, Gojek Co-CEO, said in an announcement on Tuesday.

The partnership will allow Gojek users to access digital banking services through its platform, as well as to instantly open a bank account with Jago and manage their finances via the super-app.

Bank Jago is a technology-based bank that delivers digital banking services for the SME, consumer and mass-market segments in Indonesia, home to the fourth-largest unbanked population globally.

Some 52 percent of adults (95 million people) do not own a bank account and a further 47 million adults are underbanked or have insufficient access to credit, investment and insurance, Gojek noted.

As a bank designed with an open API, we will go on to work with multiple digital ecosystems to reach a wider audience and drive our aspiration to enhance the finances of millions of people through digital financial solutions, Kharim Siregar, Bank Jago’s president director, said.