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Fintech firm launches youth-focused digital bank Krom
The company follows in the footsteps of other tech firms in Southeast Asia, such as GoTo and Grab, which have either built or invested in Indonesia’s banking sector.
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Anton Hermawan (left), president director of PT Krom Bank Indonesia, and Kredivo Group chief strategy officer Abhijay Sethia stand on stage during the Krom app launch event in Jakarta on Feb. 27, 2024. (JP/Aditya Hadi)
K
redivo Group, the fintech firm behind buy now pay later (BNPL) service Kredivo and peer-to-peer (P2P) lending platform Kredifazz, has launched digital banking app called Krom.
The company follows in the footsteps of tech firms in Southeast Asia, such as GoTo, Grab, Akulaku, Sea Group and LINE, which have either built or invested in Indonesia’s banking sector.
The app is run by Kredivo Group subsidiary PT Krom Bank Indonesia.
"Krom's focus is aligned with Kredivo Group's mission to encourage the younger generation to be more proactive in saving money and building financial freedom, both in the short term and the long term," Krom Bank Indonesia president director Anton Hermawan said during the launch event on Tuesday.
Krom vows to attract young individuals and business people with annual interest rates of up to 8.75 percent for time deposits and 6 percent for savings and claims that the time deposit rate is the highest in the country's banking sector at present.
In November last year, a joint venture between Hong Kong-based fintech firm WeLab and a subsidiary of local conglomerate Astra Group launched digital lender Bank Saqu, which offers a maximum rate of 7 percent for time deposits. However, customers only receive these rates if they get 19 other people to join in the same batch.
Bank Saqu reported that it had acquired 100,000 new users as of the end of last year, just a month after its app was introduced.
