“Quo Vadis” Digital Banks?
Digital banks are banks that make intensive use of digital technology, not relying on a branch network like most traditional banks. Digital banks are expected to be a breakthrough in the banking world.
In Indonesia, this phenomenon started with Bank Artos, which was changed to Bank Jago by Jerry Ng. This immediately became a trend. CT Corp acquired Bank Harda to become Allo Bank, Sea Group (owner of Shopee) acquired Bank Kesejahteraan Ekonomi to become SeaBank, and Akulaku changed Bank Yudha Bhakti to Bank Neo Commerce.
Grab and Emtek also jointly acquired Fama bank to turn it into a digital bank. Big banks have not been left behind either. BRI repositioned BRI Agro to become Bank Raya, BCA acquired Bank Royal to become BCA Digital and BNI plans to acquire Bank Mayora to become its digital bank.