The app, dubbed WISE, originated from the Women Investment Series (WISE) movement that the bank initiated last year.

"Many women are not aware of their spending, so that they find themselves running out of money by the end of the month without knowing what they have spent it on. We want to help women to manage their money, to plan ahead for their own needs with the help of this app," Commonwealth Bank Indonesia head of wealth management and business strategy Rian Kaslan told The Jakarta Post on Saturday.

The app enables users to track their income and spending, automatically computes their balance and also connects them with other women in a forum embedded in the app to talk about topics such as health, fashion, finance and recreation.

A survey conducted by Financial Services Authority (OJK) shows that 18.84 percent of Indonesian women have adequate financial literacy, while women hold a significant role in managing family finances and also their own businesses.

The bank aims to target women who are in their first jobs, stay-at-home women, women entrepreneurs, as well as employees as potential users of the app.

Rian also stated that she expected women to gain an understanding of the right financial instruments for their needs. Higher financial literacy and correct management of money, she said, would hopefully lead to an increase in overall prosperity.

The OJK has expressed its support for the app and is participating as the advisory board of WISE. The app has also garnered support from First State Investments Indonesia.

The application is available from Google Play and the Appstore for free. (fsu) (++++)

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