GoTo Financial and Bank Jago launch app for financial inclusion in ID

Financial technology business unit GoTo Financial and Indonesia-listed technology-based bank Bank Jago have launched GoPay Tabungan by Jago, a bank account for daily transactions.

GoPay Tabungan by Jago allows users to upgrade their accounts to GoPay Tabungan by Jago in just two minutes via the GoPay or Gojek apps, without any minimum balance requirements.

Users will also not be required to pay administrative fees and will enjoy free transfers via the GoPay app.

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“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," said Arief Harris Tandjung, president director of Bank Jago.

“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,” says Hans Patuwo, president of GoTo.

“This is the start of more exciting things to come, and we will continue to work closely with Bank Jago to explore new and innovative ways to increase financial access across Indonesia,” he added.

Users will be able to top up their balance through various channels, and make payments at all merchants that accept GoPay, including payments on Gojek and Tokopedia, QRIS payments, as well as offline and online merchants.

In addition, GoPay Tabungan by Jago enables users to enjoy the benefits of banking services. An interest of 2.5% p.a. can be earned and will be supervised by Indonesia’s Financial Services Authority (OJK) and guaranteed by the Deposit Insurance Corporation (LPS).

The launch of GoPay Tabungan serves as one of the collaborations that have been put in place after GoTo Gojek Tokopedia's president director and Group CEO, Andre Soelistyo, stepped away from his role as CEO, according to a statement by the company.

He moved up to a commissioner role as deputy chairman and will supervise and advise the company on its strategic direction as it progresses towards becoming adjusted EBITDA positive by the end of the year as well as for its sustainable long-term growth.

Patrick Walujo, who is currently a member of the board of commissioners of the company, has been nominated to become the company's new president director and group CEO, subject to shareholder approval.

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