Bank Neo Commerce, an Indonesia-based bank, has announced an expanded partnership with Arash Digital, a pioneer Fintech of cross-border payment in Indonesia, and Wallyt, a digital banking solution provider and the exclusive technical partner of Arash. Bank Neo Commerce, which already leverages Arash-Wallyt’s direct debit digital payment processing services, will now add more digital payment service and integrate multiple payment methods via Indonesian‘s local switch system, further promoting financial inclusion by giving consumers with Bank Neo’s bank accounts the opportunity to pay digitally.
The COVID-19 outbreak and widespread movement restrictions have led to an acceleration of digital consumption and adoption of digital banking in Southeast Asia, with banks in the region reporting an unprecedented surge in new users for digital bank services in 2020.
The digital banking scene has also been heating up in Indonesia, the largest economy in Southeast Asia. With the world’s fourth-largest population of 270 million people, Indonesia recorded an Internet penetration rate of 73.7%, but more than 50% unbanked population. Indonesia has huge development potential and cultivation space for digital banking service, which is driving banks and fintechs to provide more niche services to various verticals in the ecosystem.
Tjandra Gunawan, President Director of Bank Neo Commerce said, “The potential for digital banking in Indonesia is enormous. With the reliance on cutting-edge risk and financial tech, Bank Neo Commerce hopes to bring a neo experience to neo banking customers in Indonesia. Bank Neo Commerce has been brought to the public in the mid of Covid-19 pandemic whilst there is shifting of customers behaviour towards how they consume technology in much more reliance compared to prior. Bank Neo Commerce is one of the first digital banks in Indonesia who is in transformation to serve Indonesians digitally in banking end-to-end. This partnership cooperation will be pivotal to our purpose to bring a seamless digital payment experience to our customers, especially on our focus to develop key features, for instance, direct debit and QR payment.”
“The cooperation between these three parties (Bank Neo Commerce-Arash-Wallyt) in enormous digital payment and lending products will accelerate Bank Neo to become a leading fully digital Bank and boosting digital benefit for the customers and potential unbanked customers (small medium companies/UMKM) and eventually will accelerating the national economic recovery amid the Covid-19 pandemic.“, Herlina Kalla, Arash’ Director said.
Through the partnership started from 2020, Bank Neo Commerce has been working with Arash-Wallyt to continuously offer digital financial services and more alternative digital payment methods in Indonesia.
“Covid-19 pandemic accelerated digital adoption, and digital transformation has been a trend across the entire banking ecosystem. Wallyt dedicated to be the bank’s best partner and equipping the bank with solid tech-capability against rising FinTech competitors. We hope to keep working with Bank Neo Commerce, and expand the partnership to more complex digital banking products,” Tong Liu, Wallyt’s CEO said.