Walmart's partner Ribbit Capital invests in Bank Jago, Indonesia's first full digital bank

Bank Jago is Indonesia's first full digital bank and counts Singapore's sovereign wealth fund GIC as an investor. - ST

JAKARTA (The Straits Times/Asia News Network): US venture capital Ribbit Capital, a fintech solution partner of the world's largest retailer Walmart, has bought a minority stake in a Jakarta-based digital bank which counts Singapore's sovereign wealth fund GIC as an investor.

Bank Jago, Indonesia's first full digital bank aiming to tap on not only urban customers but also the low-income in the country who are often underserved, has partnered with various online ecosystems including Gojek, a ride-hailing application that has expanded to food delivery and other services, and Akulaku, which finances online shoppers.