PT Bank Jasa Jakarta (BJJ), an Indonesian bank serving individuals and SMEs, has launched Bank Saqu, an online banking service focused on cash management and long-term benefits.
By 2030, it is predicted that there will be approximately 117 million solopreneurs worldwide, according to a study by the Segarra Research Institute published in 2023, titled “Soloneur: Indonesia’s New Economic Force – An Undeveloped Opportunity.” One out of every three Indonesians will start their own business, contributing 36% to the country’s GDP. However, they often face challenges such as irregular income and complex financial management. In response to this, BJJ, owned by Astra Financial and WeLab since 2022, has launched Bank Saqu.
Bank Saqu targets Indonesia’s younger generation, especially entrepreneurs, including consultants, small business owners, and even full-time employees running side businesses. This group actively seeks ways to expand, save, invest, or borrow for future endeavors. Bank Saqu offers more than just customized products; it also provides financial education and supports those on their entrepreneurial financial journey.
The release of Bank Saqu aligns with BJJ’s goal of becoming the go-to national financial services platform. The name “Saqu” grammatically resembles “Bangsa-ku,” which means “my nation” in Indonesian, and also plays on the word “pockets,” signifying one of the platform’s key features.
Leo Koesmanto, President and Chairman of Bank Jasa Jakarta, stated, “Our services are designed to redefine how solopreneurs can manage their money, both personally and in their businesses. Solopreneurs can efficiently handle their finances, allocate resources, and watch their businesses thrive, thanks to the various customizable pockets (Saku) within a single banking app.”
Bank Saqu has several advantages in Indonesia’s digital financial services market, especially regarding regional market perspectives and Astra’s extensive offline and online ecosystem coverage. Additionally, the modern expertise brought by WeLab contributes to its strength.
Primary Capabilities of Bank Saqu
The product introduces five key features:
1. Saku (pocket): An easy-to-use and flexible tool for managing finances, including income and expenses from side hustles, daily savings, and goal-based savings, with up to 20 personalized pockets.
2. Busposito: A unique cultural benefits product in Indonesia that leverages community strength. Customers can increase interest rates amusingly by involving loved ones, friends, or the entire Bank Saqu community. As more people join Busposito, anyone can earn a higher rate of up to 7% per year.
3. Tabungmatic: Allows users to boost their savings and settle payments. QRIS round-up payments can be converted into a Saku Booster, increasing interest rates up to 10% per year to exceed savings goals (terms and conditions apply).
4. Rewarding Missions: Rewards customers for banking with Bank Saqu. Completing tasks like opening an account, BI-FAST transactions, paying with QRIS, and referring friends and family can earn up to Rp1 million in extra money per transaction (terms and conditions apply).
5. Saku Booster (rewards pocket): A designated pocket for storing cashback received from Bank Saqu and round-up savings. The interest rate on savings can go as high as 10% per year (terms and conditions apply).
Launch Event for Bank Saqu
Prominent figures attended the Bank Saqu launch event, including:
- President Commissioner of PT Astra International Tbk, Prijono Sugiarto
- Djony Bunarto Tjondro, Astra’s Senator and Chairman
- Suparno Djasmin, Astra’s Producer
- Simon Loong, CEO and Founder of WeLab Group
- Ernest Leung, COO of WeLab Group
- Leo Koesmanto, President and Chairman of Bank Jasa Jakarta
Directors and managers from Bank Jasa Jakarta, Astra, and WeLab were also present.
Successful Start and Partnership
Suparno Djasmin, Chairman of Astra and Director-in-Charge of the company expressed, “The presence of Bank Saqu is a realization of our dream to provide top-notch financial solutions for the SME sector and the welfare of society. This has enhanced and strengthened the financial services ecosystem of the Astra Group and supported efforts to increase financial literacy and inclusion in Indonesia.”
He emphasized that every new business in the Astra Group must contribute positively to all partners and align with Astra’s overarching goals, particularly fostering national growth. Astra Financial aims to be a financial partner in advancing the Indonesian community, much like organizations such as Bank Saqu.
Simon Loong, CEO and Founder of WeLab Group shared, “We are excited to witness the launch of Bank Saqu, WeLab’s second digital bank in Asia. It aligns with our strategic focus on expanding our presence and delivering tech-driven financial services, starting from Hong Kong and now in Indonesia.”
“We have significantly accelerated the delivery of this new digital banking platform. Building on our proven online banking technology and expertise from launching our second licensed virtual bank in Hong Kong, which usually takes most market players 18 to 24 months, we achieved a record time of six months. Alongside Astra, we look forward to leveraging our similar strengths to expedite Bank Saqu’s growth. Furthermore, we aim to contribute to the digitization of the Indonesian banking sector,” Loong added.