Indonesians can now integrate banking into their daily errands, accessing banking services without an internet connection during a routine visit to their neighbourhood Alfamart. This is just one of the three unique propositions that Bank Aladin Syariah has up its sleeve to capture the country's unbanked and underbanked market.
"We want to be present in locations where people usually do transactions offline, namely minimarkets like Alfamart, the digital bank's president director Dyota Marsudi told Asian Banking & Finance in an interview.
Alfamart- who is one of the bank's main investors- has over 18,000 outlets across Indonesia. Customers of the digital bank can access cash deposit and withdrawal services in all these locations, and would-be customers can enjoy account opening services by visiting the nearest minimart branch.
They will also enjoy in-store promotions; whilst employees also benefited from this, as they can access payroll financing through the bank.
It also offers invoice financing and working capital financing for Alfamart suppliers, franchisees and contractors.
This story is from the Issue 113 edition of Asian Banking & Finance.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the Issue 113 edition of Asian Banking & Finance.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
Embedded Finance, Digital Banks To Drive SEA's Fintechs
Embedded finance, partnerships, and digital banks will be the three defining trends shaping Southeast Asia’s financial technology (fintech) landscape in the future.
UBC Aims For Top 5 In Sri Lanka Banking
Chairman Nirvana Chaudhary is prepared to lead amidst a national finance crisis.
What Makes Malaysia The Next Great Investment Banking Frontier In Southeast Asia?
EVs, takaful insurance, and its proximity to Singapore attract investment activity, according to a BofA executive.
How HomePay Is Combating Renovation Scams In Singapore
Money is put in an escrow account and disbursed when milestones are reached.
Will Property Woes Continue To Weigh On Chinese Megabanks?
This year, Chinese megabanks are facing two big hurdles: the government’s mandate that may force banks to take on more risks in the name of propping up China’s embattled property sector; and declining credit demand and interest rates.
How Have Banks' Wealth Management Pivots Played Out In China?
There’s up to $25b in fees to be made in Asia, but it’s a tough market, an analyst said.
Why Singaporeans are okay with locking away over $4b of their money
Customers can only access 'locked' money with a physical card or by visiting a branch.
OCBC builds the the next pipeline of talent
Lim weaves in support for women bankers to broader industry talent shortage.
Banks flip the tables on disruption by becoming the disruptors themselves
Companies are facing not just tech transformations but also shorter skill lifespans for their workforce.
Basel III capital hike is not a problem for APAC
Most of banking jurisdictions in most Asia Pacific markets should be able to absorb the moderate increases in capital requirements stipulated under the final Basel III standards.
