First fully digital bank to open in Indonesia

Indonesian Bank Jago will become the first fully digital bank in the country following its recent strategic partnership with ride-hailing and digital payment services firm Gojek, Report informs, referring to The Straits Times.

The small Indonesian bank applauds the impending digital banking regulation by OJK - the country's Financial Services Authority - saying it would allow its customers to open a bank account on an app run by partner Gojek.

Bank Jago commissioner Anika Faisal said that banks must be present in digital ecosystems; this is how people do their banking nowadays, instead of visiting a bank.

In December last year, Gojek spent $160 million to raise its stake in Bank Jago to 22.16 percent.

Gojek's e-wallet customers, who use its ride-hailing application, will be able to open accounts with Bank Jago, as well as apply for loans.