Cyberport FinTech unicorn WeLab recently expanded its digital banking footprint to Indonesia with the launch of Bank Saqu, its second digital bank in Asia. This new bank has been formed under a joint venture between WeLab and Astra Financial and is operated by PT Bank Jasa Jakarta, which the two companies own.
Bank Saqu’s financial services have been meticulously designed to meet the financial needs of Indonesia’s growing body of young entrepreneurs, including small business owners, freelancers, and those balancing full-time roles with side hustles, providing what they would expect in today’s tech-driven world.
Among the bank’s standout features is “Saku” (pocket), which allows users to easily manage their finances by creating up to 20 customised sections within the app. The platform also offers a social savings product called “Busposito”, which boosts interest rates through community participation and provides returns as high as 7% per annum.
Amplifying savings opportunities, the “Tabungmatic” feature automatically rounds up transactions and deposits the extra amount into a “Saku Booster”, where users can earn up to 10% interest annually. Additionally, the platform incentivises engagement with rewards for various activities and offers comprehensive financial education tools.
Simon Loong, founder and group CEO of WeLab, said the company has drawn on its know-how from its first licensed digital bank in Hong Kong, rolling out Bank Saqu in just six months. He explained that the name Bank Saqu is a combination of the Indonesian words “Bangsa-ku” (my nation) and “Saku” (pockets), indicating the bank’s commitment to the Indonesian people as well as highlighting its savings feature.
The Bank Saqu app is now available for download at the Google Play Store and the Apple App Store.