WeLab launches Bank Saqu as its second digital bank in Asia
WeLab and Astra Financial have launched Bank Saqu, a new digital banking service for consumers and businesses in Indonesia, via PT Bank Jasa Jakarta, which is jointly owned by the pair.
Bank Saqu launches in Indonesia
According to Simon Loong, founder and group CEO of WeLab, Bank Saqu was built in a “record time” of six months as compared to the 18-24 months taken by “most market players”, attributing it to the company’s “knowhow behind our first licensed digital bank in Hong Kong”.
The newly launched digital bank aims to target the younger generations, with a focus on solopreneurs in Indonesia, which includes small business owners, freelancers and full-time employees with side hustles.
Key features include the ability to create up to 20 “pockets” to manage income, expenses, spending, savings and financial goals; a community-linked savings product that garners higher interest rates as more people join; rounding up of purchases to save more and earn interest; and a rewards programme alongside financial education tools – all available through a single app.
Leo Koesmanto, president director of Bank Jasa Jakarta, says that by arming itself with “local market insights and the extensive ecosystem coverage of Astra, both offline and online, along with the technological expertise brought by WeLab, Bank Saqu will have various unique advantages in the digital financial services landscape in Indonesia”.
