Superbank Introduces a New Auto-Savings Feature
References: techinasia
Superbank, the Indonesian digital bank supported by Grab and Singtel, has introduced Celengan, a new auto-savings feature accessible through its app. This product, named after the Bahasa Indonesian term for 'piggy bank,' enables users to save automatically with minimal daily contributions starting from US$0.07. Once the savings reach US$333, the virtual piggy bank "breaks" and Superbank offers a competitive interest rate of 10% per annum.
Since rebranding from Bank Fama in February 2023, Superbank has expanded its offerings beyond the basics, including working capital loans for female entrepreneurs and a US$40 million startup fund. Celengan marks the bank's first consumer-focused offering, aligning with its mission to simplify financial management for its users.
Superbank's introduction of Celengan mirrors similar efforts by Grab-backed digital banks in neighboring countries. GXS Bank in Singapore and GXBank in Malaysia have launched their own savings products, highlighting Grab's commitment to expanding its financial services ecosystem across Southeast Asia.
Image Credit: Superbank
Since rebranding from Bank Fama in February 2023, Superbank has expanded its offerings beyond the basics, including working capital loans for female entrepreneurs and a US$40 million startup fund. Celengan marks the bank's first consumer-focused offering, aligning with its mission to simplify financial management for its users.
Superbank's introduction of Celengan mirrors similar efforts by Grab-backed digital banks in neighboring countries. GXS Bank in Singapore and GXBank in Malaysia have launched their own savings products, highlighting Grab's commitment to expanding its financial services ecosystem across Southeast Asia.
Image Credit: Superbank
Trend Themes
1. Auto-savings Features Expansion - Opportunity to streamline financial management through tech-driven saving solutions and personalized user experiences.
2. Competitive Interest Rates Innovation - Potential to attract and retain customers by offering high interest rates through disruptive financial products.
3. Regional Digital Bank Collaboration - Collaborative opportunities between digital banks to enhance financial services across Southeast Asia and foster innovation in the sector.
Industry Implications
1. Fintech - Harnessing technology to revolutionize traditional banking services and drive financial inclusion through innovative solutions.
2. Digital Banking - Transforming the way consumers manage finances by introducing automated savings features and personalized financial tools.
3. Financial Technology Partnerships - Exploring strategic alliances to offer diverse financial products and services, catering to evolving consumer needs in the digital age.
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