- Indosat Ooredoo Hutchison partners with Bank Saqu.
- Innovative banking features enhance financial access.
What happened: Advancing financial inclusion
Indosat Ooredoo Hutchison (IOH) has formed a strategic alliance with Bank Saqu, a digital banking service provided by PT Bank Jasa Jakarta, to foster financial inclusion in Indonesia. This collaboration taps into IOH’s extensive customer base, combined with Bank Saqu’s focus on solopreneurs—40% of its customers—who seek digital solutions tailored to their specific needs. The partnership presents a significant opportunity to leverage synergies, as both companies aim to address the growing demand for accessible financial services in a country where many individuals remain underbanked.
The integration of Bank Saqu’s services into IOH’s mobile applications marks a pivotal moment in Indonesia’s digital landscape. By streamlining financial services within the existing IOH infrastructure, customers can now access banking solutions seamlessly. This initiative not only enhances connectivity but also simplifies financial transactions for users. The collaboration is designed to deliver substantial benefits to both Indosat’s subscribers and Bank Saqu account holders, thereby creating a more integrated financial ecosystem in the region.
In a country where approximately 80% of its 270 million population is either underbanked or unbanked, the importance of this collaboration cannot be overstated. The digital gap, particularly between urban and rural areas, poses a significant barrier to economic growth and financial stability for small businesses and solopreneurs.
With internet penetration at just 78%, many potential customers are unable to access vital e-commerce and financial services. This partnership aims to bridge that gap by combining digital banking with enhanced network accessibility, fostering both financial inclusion and economic development.
Through sophisticated customer insights and a propensity model, IOH and Bank Saqu can tailor financial products to meet the unique needs of their users. Ritesh Kumar Singh, IOH’s director and chief commercial officer, emphasized the importance of this data-driven approach, stating that it allows them to reach the right users effectively. This strategy not only empowers individuals but also contributes to a more robust economy by promoting responsible money management and savings habits.
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Why it’s important
The partnership between Indosat Ooredoo Hutchison and Bank Saqu represents a crucial step towards enhancing financial inclusion in Indonesia. By providing innovative banking tools like Tabung Matic, which automatically saves spare change from daily transactions, both companies are encouraging responsible financial behavior among users. This initiative is particularly significant for solopreneurs, as it helps them manage their finances more effectively, promoting sustainable business practices.
As Indonesia’s economy continues to grow, the need for accessible financial services becomes increasingly pertinent. The projected rise of solopreneurs—estimated to reach 117 million by 2030—highlights the importance of equipping this demographic with the right tools to thrive. By addressing the barriers posed by inadequate internet access and a lack of financial services, this collaboration is poised to make a lasting impact on the country’s economic landscape.
