ALONG with the rapid growth of digital banking in Indonesia, Bank Aladin continues to expand its digital ecosystem.
Recently, Indonesia’s first Islamic digital bank announced a new partnership with ZA Tech Global Limited (ZA Tech), Asia’s leading provider of insurance technology InsurTech.
ZA Tech is the latest strategic partner to collaborate with Aladin Bank as an investor and business partner who is fully committed to strengthening the Aladin Bank business ecosystem.
Previously, Bank Aladin had also collaborated with the largest retail store chain in Indonesia (Alfamart) and the Hajj Financial Management Agency (BPKH).
Bank Aladin President Director Dyota Marsudi said Bank Aladin’s collaboration with ZA Tech is a tangible manifestation of the company’s commitment to support the digital transformation of insurance companies and accelerate the adoption of InsurTech in Indonesia.
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“More and more big players are seeing Aladin Bank’s value proposition in expanding the reach of Islamic finance in Indonesia,” said Dyota in his official statement in Jakarta, Wednesday (6/4).
Through this collaboration, Dyota said, Bank Aladin wants to increase synergies, especially in the Indonesian insurance sector.
In addition, he hopes that through this initiative digital insurance products will be more affordable for the wider community, considering that ZA Tech is a very innovative InsurTech globally and has an excellent track record in empowering the digital transformation of the insurance business.
“We are also proud that ZA Tech has entered as one of Aladdin Bank’s investors. This will certainly strengthen Aladin Bank as a digital bank, both in terms of capital and various strategic business plans going forward.” he added.
Meanwhile, ZA Tech Southeast Asia General Manager Young Yang welcomed the collaboration with Aladin Bank. According to him, this partnership is one of ZA Tech’s commitments in promoting financial inclusion in Indonesia.
“Collaboration of sharia digital banking services with InsurTech such as Aladin Bank and ZA Tech will provide options for the public to conduct insurance transactions digitally and modernly,” said Young.
Young added that being an investor in Aladin Bank will support ZA Tech’s aspirations to do business in Indonesia, by leveraging the latest technology and the company’s experience in empowering the digital insurance ecosystem.
“We believe that this investment will facilitate Bank Aladin to democratize financial literacy, especially for the underbanked segment, as well as expand its footprint as a digital bank that puts forward sharia principles,” he concluded.
This breakthrough will create a solid foundation to collaborate with both parties, as well as provide innovative solutions to customers and the insurance market in Indonesia.
With the scope of the partnership not limited to only products and technology, ZA Tech and Aladin Bank will work closely together in the long term.
This long-term view is evidenced by ZA Tech’s commitment to become an investor in Aladin Bank through the latest ongoing rights issue process.
It is known, ZA Tech is a company joint venture between ZhongAn Technologies International Group Limited (“ZA International”) and SoftBank Vision Fund 1 focuses on exporting cutting-edge InsurTech products and solutions to insurance companies and Internet platforms.
Today, ZA Tech’s footprint spans Japan, Singapore, Thailand and other Asian markets. In 2021, ZA Tech further expands its InsurTech business into Europe.
Previously, ZA Tech has established strategic partnerships with various insurance companies and platform The leading internet in the region.
Regional digital technology partnership already established with AIA, the largest publicly listed independent pan-Asian life insurance group, in AIA’s Asian market excluding Mainland China.
In Southeast Asia, ZA Tech has collaborated with Grab, a decacorn cellular technology company, while in Indonesia it has collaborated with OVO, a leading digital wallet company. (RO/OL-09)