The Story of Bank Jago, Can It Dominate the Market?

One and a half years after it was acquired by senior banker Jerry Ng and founder of Northstar investment company Patrick Walujo, PT Bank Artos Indonesia Tbk (ARTO) is poised to explore its fortune in the digital banking business. After officially changing its name to Bank Jago and welcoming Gojek as its new shareholder at the end of last year, it has now officially become a medium-large capital bank through a rights issue worth Rp 7.05 trillion in early March.

In the 2021 Indonesia Data and Economic Conference held by Katadata, Jerry talks about the grand design of Bank Jago: the reasons behind the decision to acquire a bank as small as Artos, and the business model it will develop. Jerry calls it a strategic decision. His party deliberately chose a bank that did not have a legacy to build its business from scratch. "It's easier to build a new house than to renovate," he said.

Admitting that he does not know where Bank Jago will end, Jerry only illustrates that his business model is fully collaborative with the digital ecosystem. This is different from Jenius, the digital bank he developed when he was still leading BTPN. So far, there have been six to seven digital startups or companies that have been invited to collaborate, with Gojek as the biggest strategic partner. Bank Jago targets the middle and mass-market segments and will have a sharia business line.