Sunday, December 15, 2024

WeLab launches Bank Saqu as its second digital bank in Asia

  • Bank Saqu Launches in Indonesia:
    • WeLab and Astra Financial introduce Bank Saqu, a new digital banking service in Indonesia.
  • Record-Breaking Development:
    • Bank Saqu was built in six months, a notably shorter timeframe compared to competitors (18-24 months). WeLab credits this to their experience in creating Hong Kong’s first licensed digital bank.
  • Target Audience:
    • Focus on younger generations and solopreneurs in Indonesia, including small business owners, freelancers, and full-time employees with side hustles.
  • Key Features:
    • Create up to 20 “pockets” for managing income, expenses, spending, savings, and financial goals.
    • Community-linked savings product with higher interest rates as more people join.
    • Round up purchases to save more and earn interest.
    • Rewards program and financial education tools, all accessible through a single app.
  • Unique Advantages:
    • Bank Saqu leverages local market insights, Astra’s extensive ecosystem coverage (offline and online), and WeLab’s technological expertise. This positions it with unique advantages in Indonesia’s digital financial services landscape.

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