DBS debuts mobile-led bank in Indonesia

FinTech Innovation editors
31 Aug 2017
00:00

DBS Bank has launched a mobile-led bank in Indonesia designed to operate without paper and signatures.

The new digibank by DBS (digibank) also incorporates new technologies such as biometrics to AI.

The Iaunch follows the rollout of digibank in India in April last year, which has enabled DBS to penetrate India’s retail banking market with about 1.5 million new customers acquired to date.

Indonesia’s Minister of Communication and Information Technology Rudiantara congratulated DBS on its innovations at the digibank launch.

He also said that the government foresees that Indonesia’s digital economy will reach $130 billion, or about 12% of Indonesia's GDP, in 2020. With Indonesia's economy shifting from a commodity-led to service-based one, this will encourage the rise of the digital economy in the country.

According to the recent Asosiasi Penyelenggara Jasa Internet Indonesia (APJII) survey, internet users in Indonesia make up 132.7 million or 51.8% of the total population. The We Are Social survey meanwhile found that around 91% of Indonesian citizens have a mobile phone and 47% of them own smartphones.

Along with the growing internet penetration, Indonesia Financial Authority Services (OJK) said that the number of customers using e-banking has increased from 13.6 million customers in 2012 to 54 million customers in 2016. The frequency of Internet banking transactions has also increased, from 150.8 million transactions in 2012 to 406.6 million transactions in 2016.

First published in FinTech Innovation

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