GoTo and Bank Jago Roll Out New Bank Account Offering in Indonesiaby Fintech News Singapore October 19, 2023
Indonesia’s GoTo Financial and Bank Jago, a Gojek-backed digital bank, have launched a new bank account offering that can be accessed directly through the GoPay and Gojek apps.
Touted to be first of its kind in Indonesia, ‘GoPay Tabungan by Jago’ is designed to be accessible and easy to use, with no minimum balance requirements.
Users can upgrade their accounts to GoPay Tabungan by Jago in two minutes via the GoPay or Gojek apps.
According to GoTo, users will be able to earn an interest of 2.5% p.a. on their balance, and the product is fully supervised by Indonesia’s Financial Services Authority (OJK) and guaranteed by the Deposit Insurance Corporation (LPS).
Users can also top up their balance through various channels, and make payments at all merchants that accept GoPay, including payments on the Gojek and Tokopedia applications, QRIS payments, as well as offline and online merchants. In addition to that, users can also make free transfers via the GoPay app.
GoTo added that it will continue to work closely with Bank Jago to explore new and innovative ways to increase financial access across Indonesia.
Hans Patuwo, President of Financial Technology, GoTo said,
“In line with our commitment to increase access to financial services across Indonesia, we have developed GoPay Tabungan by Jago specifically to address the challenges faced by the unbanked.
This builds on our launch of the GoPay app earlier this year, and it means that Indonesians can now transfer, borrow and save money with just one application.”
Arief Harris Tandjung, President Director of Bank Jago said,
“We are pleased to launch GoPay Tabungan by Jago, which is the result of the ongoing strategic collaboration between GoTo Financial and Bank Jago.
Both companies share a common mission to accelerate financial inclusion in Indonesia, and we believe that such collaborations between banks and fintechs will continue to be key in strengthening product innovation, which will in turn help increase bank account ownership in the country.”