The social media accounts of Indonesia’s new digital banks are abuzz with promotional messages these days. Get IDR 25,000 (US$1.7) for referring a friend! Win IDR 50,000 (US$3.4) cashback for signing up for a new feature! Receive an IDR 110,000 (US$7.5) bonus just for opening a new account!
Allo Bank, one of the sector’s latest entrants, even hosted a music festival to build out its image. Thanks to the popularity of the headlining K-Pop bands, the festival’s ticket-sales platform immediately gave out under high demand. A PR nightmare for Allo.
Two of the largest digibanks in the space, Seabank and Bank Jago, seem to have a much more practical, and perhaps more enticing, ace up their sleeves—high interest rates.