Indonesia’s PT Bank Hibank has introduced a digital banking app, hi by hibank, aimed at small and medium enterprises (SMEs), DealStreetAsia has learned.
The lender, backed by state-owned PT Bank Negara Indonesia Tbk (BNI) and retail conglomerate Mayora Group, is targeting one million customers by the end of the year.
Since its launch, 150,000 users have reportedly downloaded the app.
The platform provides transactional features such as transfers, deposits, and digital payments while also integrating lending solutions tailored for SMEs.
These include hi-bijak, a facility designed for entrepreneurs and SME payroll users, and hi-talang, which supports suppliers, distributors, and supply-chain partners within Hibank’s ecosystem.
The app also incorporates business management tools to help SMEs streamline financial record-keeping.
Leveraging its parent companies’ networks, Hibank is looking to expand its customer base by tapping into existing retail and corporate ecosystems.
The bank currently serves 21 retail principals, primarily from the fast-moving consumer goods (FMCG), food and beverage, and healthcare industries.
Previously known as PT Bank Mayora, Hibank underwent a rebranding after BNI acquired a majority 63.92% stake in May 2022, with PT Mayora Inti Utama holding the remaining shares.
Hibank’s financial performance in the first nine months of 2024 showed a profit of 93.73 billion rupiah (approximately US$5.75 million), marking a 31% decline from 123 billion rupiah (around US$7.54 million) in the same period last year.
Despite the drop in profitability, deposits increased by 31.33% to 12.28 trillion rupiah (approximately US$753.6 million), while loan disbursements rose to 158 billion rupiah (about US$9.68 million) from 130 billion rupiah (around US$7.97 million).
Last year, DealStreetAsia reported that Southeast Asian tech giant Sea Ltd was in discussions to acquire a minority stake in Hibank from BNI.
However, BNI’s CEO, Royke Tumilaar, later clarified that Sea would serve only as a technology partner and would not invest in the bank.
Featured image credit: Edited from Freepik
