Indonesian digital bank Jago signs cloud banking deal with Mambu
Indonesian digital lender Jago has picked Mambu and its Software-as-a-Service banking platform to power its development and launch as a digital challenger.
This is Mambu’s first win after its strategic partnership with Google Cloud, designed to allow banks in cloud-wary jurisdictions to keep data “in country”.
Bank Jago, previously known as Bank Artos Indonesia, was acquired by BT Bank executive Jerry Ng and Northstar co-founder Patrick Walujo in 2019.
The pair own 51% of Bank Jago’s shares and turned immediately to switching its operating model towards becoming a full digital bank.
Now the bank is the fourth-most valuable listed bank in Indonesia, holding assets of $116 million. Its share value rose by 265% between 2020 and 2021, and the bank has a market capitalisation of $8.4 billion.
“Mambu’s cloud banking platform and its partnership with Google Cloud offer the core banking solution that we are looking for,” says the bank’s managing director Kharim Siregar.
“[It] will allow us to focus on offering flexible cloud-based banking services to our customers.”
Myles Bertrand, managing director for APAC at Mambu, says that now Google “has made cloud banking a reality in Indonesia” he expects to see “great progress”.
“We expect that Bank Jago’s digital offerings will help to enhance financial inclusion within the region.”