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ndonesia’s largest lender Bank Mandiri and popular ojek (motorcycle taxi) application Go-Jek have one thing in common: They want to develop their financial services to ease consumers’ experiences.

Go-Jek has been exploring possibilities for its e-wallet Go-Pay, including expanding services for personal loans for its drivers. In the near future, Go-Pay customers may be able to top up their Go-Pay credit through Go-Jek drivers, thereby eliminating the need for a bank account to use the e-wallet.

“We want Go-Pay to be the bridge to help them sell financial services that help micro businesses, and also for drivers, maybe personal loans,” Go-Jek CEO Nadiem Makarim told attendants of the 2016 Indonesia Fintech Festival and Conference.

“Right now we are focused on the wallet, but we continue to be in discussion with banks on our supply base constituents to grow their businesses. Banks and other financial institutions see opportunities in our supply base data, as there are a lot of ways to make them prosper with financial products.”

Up to 100,000 drivers from its 200,000-strong base now hold debit cards from Bank Central Asia (BCA), through a partnership between Go-Jek and the largest private lender, so that they can use Go-Jek services such as Go-Mart digitally. It also benefits ongoing programs for drivers on paying for goods in installments, such as motorbikes and health insurance.

Nadiem added that his ultimate vision for Go-Pay was to create and foster more financial inclusion for those who had yet to be touched by formal financial services.

Although Go-Pay’s usage is experiencing 20 percent weekly growth, the majority of Go-Jek users still tend to prefer cash transactions.

Acknowledging the upward trend in fintech use, Bank Mandiri will inject funds into one or two start-ups among the 14 under its incubator program to develop new financial products either in payment, digital lending or customer experiences. The program will run for six months until next January.

The state-owned lender will also develop electronic data capture (EDC) machines to serve as loyalty tools instead of only for payment, in a joint venture with South Korea’s BC Card.

“We view fintech players, including start-ups, as a good opportunity to collaborate in order to serve the best and most efficient financial services to customers,” Bank Mandiri president director Kartika “Tiko” Wirjoatmodjo said during the same event.

The bank, through its venture capital (VC) unit Mandiri Capital Indonesia, has set aside Rp 500 billion (US$37.5 million) for two years beginning this year to develop its fintech services, including through partnerships with existing fintech or acquisition of start-ups.

The VC has so far spent Rp 200 billion on developing its e-cash product and on the EDC joint venture with BC Card.

“Mandiri Capital was established to develop fintech. We want to support fintech in finding disruptive technology, instead of being shaken by them,” Mandiri Capital CEO Eddi Danusaputro said.

— JP/ Esther Samboh and Dylan Amirio