PT Bank Hibank has taken a significant leap in the Indonesian digital banking sphere by launching “hi by Hibank,” a new app specifically designed to meet the needs of Small and Medium Enterprises (SMEs). This strategic move aligns with the bank’s ambitious goal of securing one million app users by the end of the year. As of now, 150,000 users have already downloaded it. This new app, as revealed by CEO Jenny Wiriyanto, offers a variety of transactional capabilities such as transfers, deposits, digital transactions, and online lending options. Furthermore, it includes two lending features: hi-bijak for SMEs utilizing Hibank’s payroll services, and hi-talang for supply-chain entities, aiming to support diverse business requirements.
Enhancing SME Financial Management
The “hi by Hibank” app not only facilitates transactional activities but also serves as an educational tool for SMEs. It empowers these small businesses by enabling them to manage and document their business transactions effectively. This dual functionality aims to transform how SMEs conduct their financial activities, emphasizing a seamless blend of practical and educational features. Following PT Bank Negara Indonesia Tbk (BNI)’s acquisition of PT Bank Mayora in May 2022 and the subsequent rebranding to Hibank, the bank now leverages BNI’s considerable 63.92% stake. Additionally, Hibank benefits from Mayora Group’s strategic minority stake, offering an expansive ecosystem for its clientele. Currently, Hibank’s clientele features 21 retail principals predominantly from the FMCG, food and beverage, and healthcare sectors, indicating a robust foundation linked to diverse industries.
Strategic Partnerships and Market Position
Despite any potential of Sea Ltd acquiring a minority stake in Hibank, the Southeast Asian tech giant will instead serve as a technology partner to Hibank. This strategic partnership ensures that Hibank benefits from advanced technological insights without compromising its ownership structure. On the financial side, Hibank reported 93.73 billion rupiahs in profit for the first three quarters of 2024, which marks a 31% decrease compared to the same period in 2023. Despite this dip in profits, the bank saw a surge in deposits, which increased by over 31% to 12.28 trillion rupiahs. Furthermore, loan disbursements have also risen, depicting strong confidence among stakeholders and customers alike. This move by Hibank is a part of a wider trend within Indonesia’s banking industry, highlighting recent investments and acquisitions in the digital banking sector as a critical market shift.
The Future of Digital Banking for SMEs
PT Bank Hibank has made a significant advancement in Indonesia’s digital banking sector with the introduction of “hi by Hibank,” a new application tailored specifically for Small and Medium Enterprises (SMEs). This strategic initiative aligns with the bank’s ambitious target to achieve one million app users by the end of the year. Currently, the app has already garnered 150,000 downloads. CEO Jenny Wiriyanto disclosed that this innovative app provides an array of transactional features, including transfers, deposits, digital payments, and online lending alternatives. It also offers two unique lending features: hi-bijak, designed for SMEs that utilize Hibank’s payroll services, and hi-talang, aimed at supporting supply-chain entities, thereby catering to a wide range of business needs. This move underscores Hibank’s commitment to enhancing the financial infrastructure for SMEs by offering them tailored digital solutions that can streamline their operations and provide easier access to essential financial services.