WeLab’s Bank Saqu Onboards 300K Users in Indonesia Within 2 Months of Launch – Fintech Singapore

by Fintech News Singapore January 31, 2024

Bank Saqu, a newly launched Indonesian digital bank, has raked up 300,000 users within the first two months of its operation.

The digital bank, a joint venture between Hong Kong’s WeLab and Astra Financial, was introduced in Indonesia as part of WeLab’s expansion in digital banking across Asia.

Simon Loong

The development was shared by WeLab’s Founder and Group CEO Simon Loong who said that “it took 40% less time to reach from 200k to 300k new customers compared to the last 100k to 200k customers”.

Targeting young entrepreneurs, small business owners, and freelancers, Bank Saqu offers a range of features designed to meet the financial needs and challenges of its customers.

One of its features is the ‘Saku’ or Pocket, allowing users to create up to 20 customised sections within the app for various financial management purposes.

Bank Saqu also introduced ‘Busposito,’ a unique social savings product that encourages community engagement to potentially increase savings interest rates. This feature allows interest rates to rise as high as 7% per annum as more users participate.

Another notable feature is ‘Tabungmatic,’ a round-up saver function that assists customers in saving by rounding up purchases and depositing the extra amount into a Saku Booster. This booster can yield interest rates up to 10% per annum.

Bank Saqu’s app is available for download via the Google Play Store and Apple Store.

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