Jakarta, June 24, 2021 - Bank Neo Commerce, is an Indonesia-based bank, today announced an expanded partnership with Arash Digital, a pioneer Fintech of cross-border payment in Indonesia, and Wallyt, a leading digital banking solution provider and the exclusive technical partner of Arash. Bank Neo Commerce, which already leverages Arash-Wallyt’s direct debit digital payment processing services, will now add more digital payment service and integrate multiple payment methods via Indonesian‘s local switch system, further promoting financial inclusion by giving consumers with Bank Neo’s bank accounts the opportunity to pay digitally.

The COVID-19 outbreak and widespread movement restrictions have led to an acceleration of digital consumption and adoption of digital banking in Southeast Asia, with banks in the region reporting an unprecedented surge in new users for digital bank services in 2020.

The digital banking scene has also been heating up in Indonesia, the largest economy in Southeast Asia. With the world’s fourth largest population of 270 million people, Indonesia recorded an Internet penetration rate of 73.7%, but more than 50% unbanked population. Indonesia has huge development potential and cultivation space for digital banking service, which is driving banks and FinTechs to provide more niche services to various verticals in the ecosystem.

Tjandra Gunawan, President Director of Bank Neo Commerce said, “The potential for digital banking in Indonesia is enormous. With the reliance on cutting-edge risk and financial tech, Bank Neo Commerce hopes to bring a neo experience to neo banking customers in Indonesia. Bank Neo Commerce has been brought to the public in the mid of Covid-19 pandemic whilst there is shifting of customers behavior towards how they consume technology in much more reliance compared to prior. Bank Neo Commerce is one of the first digital banks in Indonesia who is in transformation to serve Indonesians digitally in banking end-to-end. This partnership cooperation will be pivotal to our purpose to bring a seamless digital payment experience to our customers, especially on our focus to develop key features, for instance direct debit and QR payment.”

“The cooperation between these three parties (Bank Neo Commerce-Arash-Wallyt) in enormous digital payment and lending products will accelerate Bank Neo to become a leading fully digital Bank and boosting digital benefit for the customers and potential unbanked customers (small medium companies/UMKM) and eventually will accelerating the national economic recovery amid the Covid-19 pandemic.“, Herlina Kalla, Arash' Director said. 

“Covid-19 pandemic accelerated digital adoption, and digital transformation has been a trend across the entire banking ecosystem. Wallyt dedicated to be the bank's best partner and equipping the bank with solid tech-capability against rising FinTech competitors. We hope to keep working with Bank Neo Commerce, and expand the partnership to more complex digital banking products.” Tong Liu, Wallyt's CEO said.

Through the partnership started from 2020, Bank Neo Commerce has been working with Arash-Wallyt to continuously offer digital financial services and more alterative digital payment methods in Indonesia. 

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About Wallyt

Wallyt is a Hong Kong based FinTech Company dedicated to providing mobile payment and open banking solutions. The company provides banks and non-banking financial institutions with scenario-specified Fintech solutions, equipping banks with solid tech-capability against rising FinTech competitors. Wallyt now serves more than 150 banks and financial institutions in over 50 countries and areas.

Visit Wallyt on: https://www.wallyt.com

Wallyt media contact:

Victoria Lee

Tel.: +86 755-8657-4255

Email: [email protected] 

About Arash Digital

Arash Digital is an Exclusive Strategic Local Partner and a local system integrator / Technical Service Provider of Wallyt in Indonesia. Together with Wallyt, Arash acting as a facilitator for both inbound and outbound cross border payment from overseas i.e. WeChat Pay, Alipay and Union Pay, all payment inclusive and digital lending system provider as well as legal and local issues facilitator to regulators and other relative Banks and non Bank institutions. Arash-Wallyt has now cooperated with some Banks in Indonesia.

Visit Arash Digital on: https://www.arashdigital.id

Arash Media contact:

Aldo Aditya

Email : [email protected] 

About Bank Neo Commerce

Bank Neo Commerce (PT Bank Neo Commerce Tbk), formerly PT Bank Yudha Bhakti Tbk, was founded in 1990 and has been listed on the Indonesia Stock Exchange since 2015. Along with the development of digital technology, in 2019 Bank Yudha Bhakti formed a synergy with Akulaku, a leading Fintech company in the micro and medium segment. In September 2020, the bank transformed to become a Neo Commerce Bank that provides financial services to our customers through digital technology.

Visit Bank Neo Commerce on: https://www.bankneocommerce.co.id/ 

Bank Neo Commerce media contact:

Puji Agung Budiman

Email: [email protected]