Indonesia has seen a rapidly expanding number of digital banks, driven by technological advancements and increasing demand for seamless financial services. One of the main reasons being that most Indonesians know that the transformation of traditional banking into a fully digital ecosystem is no longer an option but rather a necessity.
With the increasing penetration of mobile technology and internet connectivity, digital banking has become a key driver of financial inclusion. It has safely ensured that banking services reach even the most remote areas of the country.
The emergence of digital banks offers numerous advantages. Some that we already know including faster transactions, lower operational costs, enhanced security, and the ability to provide highly personalised financial services.
Such massive transformation aligns with the Indonesian government’s vision. It is a vision to create a cashless society while at the same time, strengthening the financial sector’s resilience in the face of rapid technological advancements.
In this article, we explore the list of digital banks available in Indonesia. We will also be highlighting their key features and contributions to financial inclusion.
Last Update: 28 February 2025
What Are Digital Banks in Indonesia?
Digital banks in Indonesia are financial institutions that operate primarily through electronic channels, without relying on extensive physical branch networks. These banks leverage technology to provide efficient, accessible, and cost-effective banking solutions.
The Otoritas Jasa Keuangan (OJK) also known as the Indonesian Financial Services Authority formally defines digital banks as commercial banks that conduct their primary business activities through digital platforms while maintaining limited physical offices, primarily for administrative purposes.
With the increasing adoption of digital payment systems and financial technologies, digital banks play a crucial role in expanding financial access and promoting economic growth. They enable users to open accounts, make transactions, access credit, and invest through seamless online platforms.
These banks can also introduce innovative features. The list may include AI-driven financial insights, automated savings mechanisms, and real-time transaction monitoring. The main aim is to offer greater convenience and financial control to their customers.
Indonesian digital banks have also been known to offer competitive interest rates, lower fees, and faster services, all by reducing reliance on physical infrastructure. This makes digital banks a far more attractive alternative than traditional banks.
Regulatory Landscape of Digital Banks in Indonesia
The regulatory framework for digital banks in Indonesia is governed by the Financial Services Authority Regulation Number 12/POJK.03/2021 on Commercial Banks (POJK 12/2021).
It outlines the requirements for establishing and operating digital banks. The regulation is made to ensure that these digital banks function optimally while remaining responsive to technological advancements and market demands.
Under POJK 12/2021, digital banks must demonstrate a number of key operational and regulatory competencies. This includes having a prudent and sustainable business model, implementing robust risk management frameworks, and contributing to the growth of Indonesia’s digital financial ecosystem.
To operate as a digital bank, institutions have two options. They must either establish a new commercial bank with a fully digital framework. Or secondly, transform an existing bank into a digital entity.
The establishment of a new digital bank requires a minimum paid-up capital of IDR 10 trillion. It also capped foreign ownership at 99% of the bank’s equity. Furthermore, digital banks must comply with data protection regulations, ensuring the security of customer information through strong cybersecurity measures.
Compliance with these regulatory provisions is essential in maintaining consumer trust and financial stability. Digital banks must also be able to prevent fraudulent activities and protect sensitive customer data from cyber threats.
OJK closely monitors digital banks to ensure they adhere to governance standards. They are also required to appoint board members with expertise in information technology and banking. The regulator also enforces compliance with consumer protection policies, financial inclusion objectives, and operational efficiency requirements.
Additionally, digital banks are permitted to collaborate with fintech companies and other financial institutions. This is if they want to expand their service offerings and enhance their overall digital banking ecosystem.
How Many Digital Banks Are There in Indonesia?
Currently, Indonesia has an astonishing, 17 digital banks operating, the most in Southeast Asia.
They are LINE Bank, Bank Jago, Bank Aladin Syariah, TMRW by UOB, SeaBank, Jenius, Blu by BCA Digital, Raya Bank, MotionBank, Bank Neo Commerce, Bank Capital, Digibank by DBS Indonesia, Krom Bank, Superbank, Bank Saqu, Allo Bank and hibank.
These banks offer a range of digital financial services, from high-interest savings and seamless transactions to Shariah-compliant banking and fintech integrations.
As Indonesia’s digital banking sector continues to grow, more players may enter the market in the future.
List of Digital Banks in Indonesia (2025)
LINE Bank
A collaboration between LINE Financial Asia and PT Bank KEB Hana Indonesia, LINE Bank was launched in June 2021. It offers digital banking services in Indonesia and other parts of the world like Thailand, and Taiwan, providing seamless mobile banking solutions.
LINE Bank offers features such as instant account opening, savings accounts, QR payments, and competitive interest rates, making it a popular choice among digital-savvy users.
Bank Jago
Formerly PT Bank Artos Indonesia Tbk, Bank Jago rebranded itself in 2020. The digital bank is now a key player in Indonesia’s digital banking landscape. It has a strategic partnership with Gojek, integrating its services with Gopay for enhanced financial accessibility.
Bank Jago provides an innovative financial ecosystem, including a fully customisable digital wallet and seamless integration with third-party fintech services.
Bank Aladin Syariah
Indonesia’s first fully digital Shariah-compliant bank, Bank Aladin Syariah was formerly known as PT Bank Net Indonesia Syariah Tbk. It operates under Islamic banking principles and is supervised by the OJK.
Bank Aladin Syariah is designed to cater to Indonesia’s large Muslim population by providing Shariah-compliant financial solutions, such as interest-free savings accounts and ethical investment products.
TMRW by UOB
A subsidiary of Bank UOB Indonesia, TMRW offers a smart, mobile-only banking experience. Recognised among the top 100 global digital banks, it provides innovative financial solutions tailored for digitally native customers.
TMRW by UOB features AI-driven financial insights, automated savings tools, and gamified experiences that help users develop better financial habits.
SeaBank
Owned by Singapore-based Sea Limited, SeaBank Indonesia provides digital banking services, including savings, transfers, and bill payments.
It integrates seamlessly with QRIS, Indonesia’s standard QR payment system. SeaBank is also known for offering high-interest savings accounts, instant fund transfers, and an intuitive mobile app experience.
Jenius
Launched by PT Bank BTPN Tbk, Jenius is a pioneer in digital banking in Indonesia. It provides various financial services, including digital savings, transfers, and QRIS payments, while being fully licensed by the OJK.
Jenius allows users to manage their money with features such as Flexi Saver, Dream Saver, and Split Bill, making it highly popular among young professionals and freelancers.
Blu by BCA Digital
A subsidiary of Bank Central Asia (BCA), Blu offers a digital banking platform tailored for millennials and Gen Z users. Blu by BCA Digital provides users with multiple savings pockets, budget tracking, and zero-fee transactions within the BCA network.
Raya Bank
Previously known as PT Bank Rakyat Indonesia Agroniaga Tbk, Raya Bank transformed into a digital-first bank in 2021. It focuses on digital financial services for gig economy workers, with full regulatory backing from the OJK.
Raya Bank aims to support freelancers and independent workers with tailored savings accounts, microloans, and digital financial education tools.
MotionBank
An offering from MNC Bank (part of MNC Group), MotionBank provides an all-in-one digital banking experience. The digital bank’s services extend from covering online account opening, and payments, all the way to instalment credit services.
MotionBank also offers digital lending services. It is to enable users to apply for personal loans and credit lines directly from their mobile devices.
Bank Neo Commerce
Formerly PT Bank Yudha Bhakti, Bank Neo Commerce has transitioned into a fully digital retail bank. The bank offers high-interest savings, loans, and payment services, emphasising digital financial accessibility.
Bank Neo Commerce is known for its Neo app, which provides daily cashback rewards, zero-fee transactions, and easy account management.
Bank Capital
Initially established in 1989, Bank Capital shifted its business model towards digital retail banking in 2021. It now focuses on mobile banking services and SME financing while maintaining OJK regulatory compliance.
Bank Capital provides flexible business accounts, trade financing solutions, and integrated digital payment services for small enterprises.
Digibank by DBS Indonesia
A product of Bank DBS Indonesia, Digibank offers a fully digital banking experience, including e-KTP verification, paperless transactions, and AI-driven financial insights.
Digibank by DBS Indonesia also provides digital wealth management tools, automated budgeting features, and secure online transactions to enhance financial convenience.
Krom Bank
Krom Bank started as PT Bank Bisnis Internasional Tbk, a conventional bank. In 2021, Krom Bank began its transformation into a digital bank. Two years later, PT Krom Bank Indonesia launched Krom Bank and its digital banking app called Krom.
Krom Bank focuses on providing financial services to individuals within underserved communities as well as businesses. With a strong emphasis on financial inclusion, Krom Bank offers accessible banking solutions through its user-friendly mobile app.
Krom Bank’s features include savings accounts, loans, and a simplified account opening process, among others, making it easier for individuals and small businesses to access essential financial services.
Superbank
A joint venture between PT Elang Media Visitama, Singtel Alpha Investments, Pte. Ltd., PT Kudo Teknologi Indonesia, KakaoBank Corp & A5-DB Holdings, Pte. Ltd., Superbank commenced operations in Indonesia in 2023.
It aims to provide a seamless digital banking experience with a focus on convenience and personalisation.
Superbank offers a range of features, including savings accounts, debit cards, personal loans, and quick and easy fund transfers.
Superbank is also integrated into the Grab super-app, allowing users to open accounts and conduct transactions seamlessly. It offers high-interest savings, exclusive Grab discounts, and a flexible loan product called Pinjaman Atur Sendiri (PAS).
Bank Saqu
Established in 2023 by PT Bank Sahabat Sampoerna, Bank Saqu focuses on serving the financial needs of Indonesia’s growing population. It offers a mobile-first banking experience with a range of innovative features.
Bank Saqu‘s services include savings accounts with attractive interest rates, goal-based savings tools, and personalised financial management features. It also provides convenient access to various financial products, such as insurance and investment options.
Allo Bank
Born in 1992, formerly known as PT Bank Arta Griya, the bank has had numerous name changes and finally settled to be called Allo Bank in June 2021.
Allo Bank offers a comprehensive suite of digital banking solutions to simplify your finances and enhance your lifestyle.
Their current offerings cater to individuals with products and services such as savings accounts, deposits, pay later instalments, virtual cards, instant cash, goal-based savings, QRIS payments, funds transfers, cardless withdrawals, bill payments, and e-wallet top-ups.
hibank
hibank is a private bank that was established back in 1993. It became a Foreign Exchange Commercial Bank in 2013 and a subsidiary of the BNI Group in 2022.
The bank offers a variety of financial products, including current accounts, savings, and time deposits, tailored to customer needs. hibank‘s vision is to serve the Micro, Small, and Medium Enterprises (MSMEs) in Indonesia.
Comparing the Digital Banks in Indonesia
The table below breaks down the key offerings, licensing types and more for each digital bank.
Source: Respective banks as of 28 February 2025
How to Choose the Best Digital Bank in Indonesia
Comprehensive Banking Solutions
Before selecting a digital bank, determine whether it aligns with your financial needs.
Some digital banks focus on personal finance, offering features like savings, loans, and bill payments, while others specialise in business banking or Shariah-compliant financial services. Consider the specific offerings and how they cater to your short-term and long-term financial goals.
Cost Efficiency and Transparency
Understanding the cost structure of a digital bank is crucial. Compare fees associated with transactions, withdrawals, and loan interest rates.
Look for banks that offer zero or minimal charges for basic transactions while maintaining competitive lending and deposit rates. Transparent pricing models without hidden fees ensure better financial planning and control over expenses.
User Experience and Technological Innovation
A well-designed mobile app with intuitive navigation, AI-powered financial insights, and seamless integration with payment systems enhances the digital banking experience.
Evaluate features like automated budgeting tools, personalised financial recommendations, and real-time notifications to ensure the bank provides a hassle-free and engaging digital experience.
Reliability of Customer Support
Quality customer service is essential for resolving banking issues efficiently.
Choose a digital bank that offers multiple support channels, including AI chatbots, live customer service agents, email support, and community forums. Prompt response times and knowledgeable support teams contribute to a smoother banking experience.
Security, Compliance, and Consumer Protection
Security should be a top priority when choosing a digital bank. Ensure that the bank is licensed by the OJK and complies with regulations regarding cybersecurity, data privacy, and fraud prevention.
Look for security measures such as two-factor authentication, biometric login, and real-time fraud detection to safeguard your personal and financial data.
Selecting the right digital bank involves assessing multiple factors, from the range of services to the security infrastructure.
By choosing a digital bank that aligns with your financial needs and offers a seamless, secure experience, you can maximise the benefits of digital banking in Indonesia.
The Future of Digital Banking in Indonesia
Indonesia’s digital banking sector is poised for continued growth, driven by artificial intelligence, blockchain technology, and strategic fintech collaborations.
With a rapidly expanding internet user base and an increasing reliance on digital transactions, the future of banking in Indonesia is centred on enhanced automation, hyper-personalisation, and financial inclusion.
AI-driven customer insights will enable banks to offer tailored financial solutions, while blockchain will improve transaction transparency and security.
Moreover, as digital banks grow in prominence, the integration of open banking and embedded finance will redefine the traditional banking experience. Open banking initiatives will allow customers to seamlessly access financial services across multiple platforms, fostering a more interconnected and efficient banking ecosystem.
Digital banks are also expected to play a crucial role in supporting micro, small, and medium enterprises (MSMEs), providing easier access to credit and business financing solutions through digital lending models.
With these advancements, Indonesia is well on its way to establishing a robust digital banking ecosystem that empowers businesses and individuals alike.
Regulatory bodies such as OJK are expected to implement more refined policies that encourage digital banking innovation while ensuring security and regulatory compliance.
This will involve a greater emphasis on real-time fraud detection, enhanced cybersecurity protocols, and cross-sector collaborations with fintech companies to further drive financial accessibility.
In addition, increased investment in cloud computing and data-driven decision-making will help digital banks remain agile in an ever-evolving financial landscape.
As the digital landscape evolves, consumers and businesses alike must be prepared to embrace the changes, ensuring they are well-positioned to benefit from the opportunities presented by Indonesia’s thriving digital banking ecosystem.
With that amount of digital banks, I believe, Indonesia is a force that is not to be reckoned with.
FAQs
1. What is a digital bank, and how is it different from a traditional bank?
A digital bank operates primarily through online and mobile platforms without relying on physical branches.
Unlike traditional banks, digital banks leverage technology to provide banking services such as account opening, fund transfers, bill payments, and loans entirely through digital means, offering greater convenience and lower costs.
2. Is it safe to use digital banks in Indonesia?
Yes, digital banks in Indonesia are regulated by the Financial Services Authority (OJK) under POJK 12/2021. They are required to implement stringent cybersecurity measures, data protection protocols, and fraud prevention systems to ensure the safety and security of customers’ funds and personal information.
3. Can I open an account with a digital bank without visiting a branch?
Yes, most digital banks in Indonesia allow customers to open an account entirely online through their mobile apps or websites. The process typically involves electronic Know Your Customer (e-KYC) verification using ID cards, selfies, and biometric authentication to ensure compliance with regulations.
4. Are digital banks covered by Indonesia’s deposit insurance?
Yes, digital banks that are licensed and supervised by the OJK are members of the Indonesia Deposit Insurance Corporation (LPS). This means customer deposits are insured up to the applicable limit, providing additional security for account holders.
5. What services do digital banks in Indonesia offer?
Digital banks in Indonesia offer a variety of services, including savings and checking accounts, fund transfers, bill payments, QRIS transactions, digital loans, investment options, and financial management tools. Some digital banks also provide higher interest rates on savings and lower fees compared to traditional banks.
6. Can I withdraw cash from a digital bank account?
While digital banks primarily operate without branches, most allow customers to withdraw cash from ATMs using linked debit cards or cardless withdrawal features via mobile apps. Some digital banks also partner with retail outlets or agent banking networks for cash deposit and withdrawal services.
Featured image credit: Edited from Freepik
