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Veteran Indonesian banker Jerry Ng, who was behind one of the country's first digital banks, bought Bank Artos in 2019 and rebranded it as Bank Jago with the aim of creating a leading player in the country's digital banking market.
Shares of Bank Jago has soared more than 3,600% since Ng's acquisition.
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Bank Jago currently extends loans though partnerships with peer-to-peer lenders and savings via investment fintechs, which Siregar expects will help the bank book a profit in 2021 for the first time since its rebranding.
But it faces competition as traditional lenders, like Bank Central Asia (BCA), and other tech groups including, Sea Group's SeaBank Indonesia and Softbank-linked LINE Bank, enter the arena.
"Like in any other industry, the more you have competition, as long as it's a healthy competition, it's actually very very good for the customers," Siregar said.
