JB Financial Group (KRX:175330) announced that the Group has signed a strategic memorandum of understanding (MOU) with CIMB Niaga, a leading Indonesian commercial bank, and MITRA JASA LIMA for the open banking platform business in Indonesia on December 14.
The MOU represents that JB Financial Group is the first Korean banking group exporting its unique open banking platform, in contrast to the practice of entering new markets through local banking license acquisition.
CIMB Group is a Malaysian banking operation comprising with exposure to retail, corporate, investment and Islamic banking and being its achievements are often cited as worthy of a role model in ASEAN capital market. In Indonesia, the Bank, under the name of Bank CIMB Niaga, has grown to be the second largest private commercial bank with total assets of USD 18 billion. Its fundamentals are also impressive with 1.87% ROA, 5.1% NIM and 9.76% ROE.
The open banking platform, Obank, launched in last year by JB Financial Group, facilitates various Fintech companies to cooperate with JBs banking affiliates by using open APIs. Through cooperation, customers will be able to use faster, cheaper and more convenient financial services such as P2P lending, international remittance and bill payment.
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Roberto Akyuwen, a deputy commissioner of banking supervisor IV at the Indonesia Financial Supervisory Authority (OJK), said during the signing, that through the JB Financial Group’s open banking platform, more than 1,600 local banks (BPRs) in Indonesia will be able to improve their banking processes in an efficient way and create fee-based revenues. The cooperation will drive greater financial inclusion in Indonesia and contribute to building financial stability in the financial services industry.
According to an official from JB Financial Group, the project is scheduled to start in Jakarta and neighboring provinces at the beginning of next year, and will expand to the whole Indonesia.
JB Financial Group