Bank Saqu, the Indonesian digital bank developed through a strategic partnership between WeLab and Astra Financial, has reached the milestone of half a million new customers within the first three months of its operation.
Simon Loong, Founder and Group CEO of WeLab, announced this significant milestone, highlighting the growing demand for digital banking solutions in Indonesia.
Launched in November 2023, Bank Saqu, operated by PT Bank Jasa Jakarta, targets young entrepreneurs, small business owners, and freelancers. Bank Saqu’s rapid user adoption rate was over 300,000 individuals signing up within the first two months of launching.
The platform allows customers to open up to 20 customised sections within the app, addressing its diverse user base’s unique financial management needs. Bank Saqu also introduced ‘Busposito,’ a social savings product encouraging community engagement to increase savings interest rates potentially.
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