Jakarta, October 14, 2024 – As a licensed financial institution regulated by the Financial Services Authority (OJK), Bank Saqu, a digital banking service from PT Bank Jasa Jakarta owned by Astra Financial and WeLab, fully supports the 2024 Financial Inclusion Month (BIK), officially launched under the theme “Fostering Responsible and Productive Financial Access”. The event takes place in Balikpapan, Kalimantan, in October 2024.
Through BIK, Bank Saqu is participating in the OJK Financial Expo 2024 (OJK FinExpo 2024) in Balikpapan, alongside Astra Financial and other business units. OJK FinExpo 2024 is part of Financial Inclusion Month (BIK), an initiative led by OJK in collaboration with various ministries and financial institutions in Indonesia. The event aims to expand financial inclusion across Indonesia. In its participation, Bank Saqu is committed to expanding financial access and literacy across Indonesia, providing innovative and practical solutions to drive financial inclusion.
Willy Apriando, Head of Marketing & Branding, PT Bank Jasa Jakarta stated, “We fully support OJK's initiative for Financial Inclusion Month, especially in raising awareness of the importance of saving. Through the Tabungmatic feature, we aim to make it easier for the younger generation to build consistent and sustainable saving habits. We believe that a strong saving habit can help them achieve their long-term financial goals.”
This feature recently received the award for “Best Digital Savings Innovation in Indonesia” from The Asian Banker in September 2024, further proof of Bank Saqu’s commitment to fostering saving habits among the younger generation. Tabungmatic feature is Indonesia’s first automatic saving feature that converts spare change from each transaction made via QRIS in the Bank Saqu app into savings stored in the Saku Booster, offering a 10% annual saving incentive, subject to terms and conditions.
To promote Financial Inclusion Month, Bank Saqu has recently reinterpreted the iconic “Menabung” song by legendary artist Titiek Puspa. Featuring Saskia, Geofanny, and Jaz Hayat. The new version of “Menabung” by Bank Saqu brings a nostalgic yet modern twist, making it enjoyable for all generations. “This song encourages people to prioritize saving and develop healthy financial habits,” added Willy.
Bank Saqu recognizes that savings behaviour in Indonesia remains a pertinent issue year after year, influenced by low-income levels, consumer-driven lifestyles, and limited financial literacy. According to a November 2023 Bank Indonesia Consumer Survey, the national saving-to-income ratio has drastically decreased compared to pre-pandemic levels. In 2019, the saving-to-spending ratio was 19.8%, but by November 2023, it had dropped to 15.4%. The same survey also stated that people with middle to low incomes spend more than 50% of their earnings on consumption-driven expenses.
Through these initiatives, Bank Saqu is dedicated to fostering a savings culture among the younger generation. Saving has become increasingly important in today’s uncertain economic climate, as young people face rising consumption rates but have low awareness of the importance of saving for their future. Bank Saqu is always committed to supporting a sustainable and brighter future for financial management and literacy for all.
To date, Bank Saqu has more than one million account holders, with 43% aged between 20 and 30. Bank Saqu, owned by Astra Financial and WeLab, offers innovative products like Saku, Tabungmatic, Saku Booster, and Busposito designed to meet the financial needs of young, productive individuals, especially Indonesian solopreneurs, including small business owners, freelancers, and full-time employees with side businesses.
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