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 Jago 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.”