ASII - WeLab and ASII launch digital bank

ASII - WeLab and ASII launch digital bank Astra International Tbk (ASII) and WeLab launched digital bank, called bank Saqu to be financial partner for SME’s and individuals. The bank is WeLab’s second digital bank in Asia region, with a total of over 60mn of individual users. Bank Saqu has a social SA which permits multiple customers and with more people join the group, the bank will offer more interest of up to 7% p.a, aside from its benefits package. (Source: Dealstreet Asia). Comment: Despite slightly delay, we like ASII corporate action by establishing digital bank. With Astra’s its strong presence and WeLabs technological proficiency, we believe Bank Saqu will be able to tap and penetrate Indonesia’a potential digital banking market.