Indonesia’s digital banking sector continues to thrive, driven by technological integration and ecosystem support. PT Bank Seabank Indonesia, affiliated with e-commerce giant Shopee under the Sea Group, offers a unique perspective on this competitive yet transformative industry. Rather than viewing the rise of digital banks solely as a race for market share, Seabank CEO Sasmaya Tuhuleley sees it as an opportunity to advance financial inclusion.

Indonesia has a substantial unbanked population, with approximately 80 million individuals lacking access to formal financial services. For Seabank, this represents a vast market ready for disruption. The bank’s strategy leverages Shopee’s extensive reach, particularly in suburban and rural areas, to bring financial services closer to underserved communities. Unlike other digital banks targeting urban users, Seabank focuses on segments with limited access to traditional banking, demonstrating how tailored strategies can carve out distinct market niches.

Digital banking ecosystems enable institutions to integrate seamlessly with user lifestyles, creating a mutually beneficial relationship between platforms and customers. Seabank’s Vice CEO, Junedy Liu, emphasizes the importance of understanding how digital banks fit within the broader financial landscape. He highlights Seabank’s dual focus on education and inclusion, ensuring that users not only access banking services but also gain the knowledge necessary to utilize them effectively.

This approach aligns with broader industry insights. Trioksa Siahaan, Head of Research at the Indonesian Banking Development Institute (LPPI), stresses the need for digital banks to strengthen their foundational business elements. Robust asset and liability management, along with transparent credit quality, are critical for building trust among prospective customers. The ability to manage these factors distinguishes successful digital banks from those that struggle to scale sustainably.

For Seabank, ecosystem backing provides more than just operational support. It helps the institution identify and address gaps in the market, particularly in bridging funding needs and promoting digital literacy. By prioritizing customer-centric services and leveraging Shopee’s ecosystem, Seabank is well-positioned to grow without overlapping competitors’ target demographics.

As digital banking becomes increasingly vital to Indonesia’s economic growth, Seabank’s model highlights how ecosystem-driven strategies can meet diverse user needs. This demonstrates the evolving role of technology in redefining financial accessibility and advancing national financial inclusion goals.

BISNIS.COM