WeLab and Astra Financial unveil Bank Saqu to champion solopreneur spirit

PT Bank Jasa Jakarta (BJJ), owned by Astra Financial and WeLab since 2022, has unveiled a digital banking service Bank Saqu, as a financial partner for individuals and SMEs in Indonesia with a solopreneur spirit.

The launch of Bank Saqu is in line with the vision of BJJ to become a preferred Retail and SME Bank, built on strong ecosystems and integrated financial functions, driving Indonesia's digital economy forward.

The name Bank Saqu itself phonetically sounds like "Bangsa-ku", meaning "my nation" and reflecting the aspiration to be the financial service of choice for the Indonesian people, and also "Saku", meaning "pockets" and relating to one of the flagship features of the saving pocket.

Bank Saqu will be targeting the younger generation, especially solopreneurs in Indonesia, encompassing small business owners, freelancers, and even full-time employees juggling side hustles. Bank Saqu is now available for download through the Google Play Store and Apple Store.

Don’t miss: GoTo Financial and Bank Jago launch app for financial inclusion in ID

With the service, users will be able to “strategically manage their finances, allocated resources, and witness their businesses flourish”. The main features of the service include offerings that can help solopreneurs manage their money, increase the interest rate, provide aid for savings and garner cashback and rewards.

The idea of launching Bank Saqu was also built on the results of a recent study by Segarra Research Institute this year, estimating that there will be around 117 million solopreneurs by 2030, whereby one out of three Indonesians will engage in solopreneurship, contributing to 36% to future GDP.

However, these solopreneurs often face challenges such as inconsistent income and complicated financial management. Bank Saqu will look to provide its users with financial education on top of its customised products as well.

"Our services are created to redefine how solopreneur should manage their money, both in personal and business,” said Leo Koesmanto, president and director of BJJ.

“The presence of Bank Saqu is a manifestation of our aspirations to provide prime and leading financial services for the retail segment and SME and the welfare of society,” said Suparno Djasmin, director of Astra and director-in-charge of Astra Financial.

“We are excited to see the launch of Bank Saqu, WeLab’s second digital bank in Asia, which aligns with the strategic focus on expanding our presence and delivering tech-driven financial services, having started in Hong Kong, and now Indonesia,” said Simon Loong, founder and group CEO of WeLab.

“Together with Astra, we look forward to leveraging our complementary strengths to propel the growth of 2 Bank Saqu and contribute to the Indonesian banking industry digitalisation,” he added. 

MARKETING-INTERACTIVE has reached out to WeLab for more information. 

Many banks have also gone digital to broaden their offerings for their consumers. 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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