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Citi taps investment app Bibit to provide more access to govt bonds
Citi Indonesia is working with Bibit to provide access to bonds. Prior to Citi, other foreign banks have partnered with local start-ups to serve the consumer segment, including Standard Chartered.
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Bibit CEO Sigit Kouwagam (left) and Citi Indonesia CEO Batara Sianturi in a press briefing in July 20. (Bibit/-)
C
iti Indonesia has announced a partnership with homegrown investment app Bibit to expand access to government bond products for retail investors.
Batara Sianturi, CEO of Citi Indonesia, said the tie-up could bring financial inclusion to young investors that usually do not have access to the bond market. It is also the beginning of other possible future cooperation between both companies, he said.
"Currently, in conventional banks, people can only buy bonds with a big-ticket size. How about if these [investors with a] small ticket size being combined and gave their order to Citi? We can give them access to the market," Batara said in a press briefing on Thursday.
The cooperation allows Citi to provide some of its investment products to Bibit via business-to-business (B2B) relations. Then, the investment app will channel those products to retail investors in a business-to-consumer (B2C) relationship.
Recently, the Financial Services Authority (OJK) released the Indonesian Capital Market Roadmap with the goal of increasing the number of Single Investor Identification (SID) investors from 11.2 million people in June, to more than 20 million by 2027.
Citi's Batara said the cooperation between the two companies could support that mission.
Read also: Executive Column: Citi lauds Indonesia’s bet on EV ‘revolution’
