Walmart partner invests in Bank Jago

Wall Mart supermarket

JAKARTA: US venture capital firm Ribbit Capital, a financial technology (fintech) solution partner of the world’s largest retailer Walmart, (pic) has bought a minority stake in a Jakarta-based digital bank that also counts Singapore sovereign wealth fund GIC as an investor.

Bank Jago, Indonesia’s first full digital bank, which aims to tap 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.