Indonesia: Bank Jago to extend loans to merchants without collateral but with digital proof showing viable business

Bank Jago is set to launch its app this month once it gains final regulatory approval. - The Straits Times/ANN

JAKARTA, March 16 (The Straits Times/ANN): Indonesia's first full digital bank contender Bank Jago, which is set to sell an equity stake to Singapore sovereign wealth fund GIC, will soon launch its app, paving the way for it to start extending loans to eligible online merchants.

Merchants with good sales track records may apply for a loan by showing digital records of constant revenue or viable business operations, and will not need to pledge any asset as collateral.