Simon Loong, cofounder and CEO of WeLab, believes the Indonesian digital banking market has room to grow and the fierce competition is good for the market.
“Indonesia is a large market,” Loong says in a video interview from the startup’s office in Hong Kong. “It’s not a winner-takes-all market. And in terms of digital banking, it’s still in its early stage, so there is no developed and clear winner.”
According to Loong, WeLab prefers to enter a new market where there are multiple players already in operation. Despite the tougher competition, it makes educating the consumers easier and more efficient as many players are doing the same thing.In 2020, WeLab launched its first digital bank in Hong Kong, WeLab Bank, that currently has around 150,000 customers. The bank’s most popular product is the GoSave time deposit, where interest will be higher if more customers joined the batch of deposit.
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