JAKARTA -- Bank Raya, a subsidiary of state-owned Bank Rakyat Indonesia (BRI) is aiming to offer bank accounts to 10% of the country's growing coterie of gig, or informal, workers by 2024, its CEO told Nikkei Asia.
Southeast Asia's economy has been transformed in recent years by the rise of digital-focused startup companies including e-commerce giant Bukalapak and GoTo, which offers a super app that has generated millions of such workers. Many, however, are "underbanked," meaning they have trouble accessing financial services. And some fall into the "unbanked" population, those without any bank account.
Bank Raya runs a digital bank under BRI -- Indonesia's largest lender by assets. Core products are its digital savings "Raya app" and "Pinang," Indonesia's first app-based bank loan that enables gig workers to raise capital for their businesses. As of July, it had signed up more than 700,000 customers.