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JB Financial Group Signs a Strategic MOU with CIMB Niaga for the Open Banking Platform Business in Indonesia

SEOUL, South Korea–(BUSINESS WIRE)–lt;a href=”https://twitter.com/hashtag/175330KS?src=hash” target=”_blank”gt;#175330KSlt;/agt;–JB
Financial Group
(KRX:175330) announced that the Group has signed a
strategic memorandum of understanding (MOU) with CIMB Niaga, a leading
Indonesian commercial bank, and MITRA JASA LIMA for the open banking
platform business in Indonesia on December 14.


The MOU represents that JB Financial Group is the first Korean banking
group exporting its unique open banking platform, in contrast to the
practice of entering new markets through local banking license
acquisition.

CIMB Group is a Malaysian banking operation comprising with exposure to
retail, corporate, investment and Islamic banking and being its
achievements are often cited as worthy of a role model in ASEAN capital
market. In Indonesia, the Bank, under the name of Bank CIMB Niaga, has
grown to be the second largest private commercial bank with total assets
of USD 18 billion. Its fundamentals are also impressive with 1.87% ROA,
5.1% NIM and 9.76% ROE.

The open banking platform, “Obank”, launched in last year by JB
Financial Group, facilitates various Fintech companies to cooperate with
JB’s banking affiliates by using open APIs. Through cooperation,
customers will be able to use faster, cheaper and more convenient
financial services such as P2P lending, international remittance and
bill payment.

Roberto Akyuwen, a deputy commissioner of banking supervisor IV at the
Indonesia Financial Supervisory Authority (OJK), said during the
signing, that through the JB Financial Group’s open banking platform,
more than 1,600 local banks (BPRs) in Indonesia will be able to improve
their banking processes in an efficient way and create fee-based
revenues. The cooperation will drive greater financial inclusion in
Indonesia and contribute to building financial stability in the
financial services industry.

According to an official from JB Financial Group, the project is
scheduled to start in Jakarta and neighboring provinces at the beginning
of next year, and will expand to the whole Indonesia.

Contacts

JB Financial Group
IR Department
Erin Choi
82-2-2128-2754
erin.choi@jbfg.com

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