Indosat Ooredoo Hutchison (IOH), the preferred digital telco of Indonesia and Bank Saqu, a digital banking service from PT Bank Jasa Jakarta owned by Astra Financial and WeLab, have officially announced an Innovative alliance to advance digital financial inclusion.

Leveraging IOH’s customer base across Indonesia, alongside Bank Saqu’s customer base, of which 40% are solopreneur customers, who are looking for digital savvy solutions to meet their unique needs, the alliance can jointly address a significant market opportunity through abundant synergies.

Bank Saqu’s digital banking services have been integrated into the IOH apps, providing not only seamless connectivity but also easier and more accessible financial solutions. This progressive collaboration delivers meaningful benefits to both Indosat customers and Bank Saqu account holders.

Through this collaboration, IOH’s customer insights and propensity model will be used to enhance banking accessibility, ensuring that relevant financial solutions are introduced to users who would benefit most. By applying propensity model strategies, Indosat and Bank Saqu aim to create a more inclusive and seamless banking experience without compromising user privacy.

Ritesh Kumar Singh, director and chief commercial officer of Indosat Ooredoo Hutchison, stated, “Our innovative alliance with Bank Saqu is a testament to our commitment to delivering a world-class digital experience that empowers Indonesians. With the customers insights and propensity model, we can effectively reach the right users.”

Leo Koesmanto, president director of PT Bank Jasa Jakarta, shared, “We believe that cross-industry collaboration is crucial for advancing financial inclusion in Indonesia. As a financial partner, we are committed to helping individuals, especially solopreneurs, manage their finance with ease and witness their businesses flourish through tailored services that foster positive financial habits."

The collaboration introduces innovative banking features to Indosat’s customers, encouraging responsible money management and effortless saving habits. One such feature is Tabung Matic, Indonesia’s first automatic savings tool. This round-up saver function seamlessly integrates with daily transactions, automatically rounding up purchases made via QRIS in the Bank Saqu app and storing the spare change in Saku Booster, a rewards pocket that offers attractive interest rates of up to 10% per year, subject to terms and conditions This marks the beginning of many more exciting collaborations with IOH as we continue to bridge the digital financial gap.

Indonesia boasts a large, young population eager to contribute to the booming economy through solopreneurship. A research estimated there will be around 117 million of solopreneurs by 2030, representating one third of the population, which includes small business owners, freelancers and full-time employees with side hustles. However, internet penetration in Indonesia currently stands at only 78%, and inadequate internet access hinders small businesses from fully tapping into e-commerce and digital financial services, limiting their growth potential. The significant rural-urban digital divide further exacerbates the financial gap in the country, with 80% of Indonesia's 270 million population being either underbanked or unbanked. The complementary power between digital banking and network accessibility is crucial for facilitating financial inclusion and economic growth.

From now until 31 May 2025, Indosat customers who sign up for a Bank Saqu account via the MyIM3 or Bima+ apps can enjoy exclusive benefits, including cashback rewards of up to IDR 100,000 ($6.07). 

Re-disseminated by The Asian Banker