“As a standalone institutional bank, we can also provide access to Indonesian investors who are willing to invest in small amounts,” said Batara Sianturi.
Heaptalk, Jakarta — Indonesia’s digital investment app, Bibit, established a strategic partnership with Citi Indonesia in expanding access to wealth management services. The partnership is marked by the exchange of appreciation tokens between the two parties, represented by the CEO and Co-founder of Bibit Sigit Kouwagam and the CEO of Citi Indonesia Batara Sianturi at Alila Hotel SCBD, Jakarta (07/20).
According to the CEO of Citi Indonesia Batara Sianturi, this cooperation will facilitate nearly 5 million Bibit customers throughout Indonesia to access the bond market with small investments, unlike conventional banking which only allows customers with large investments to access the market.
“As a standalone institutional bank, we can also provide access to Indonesian investors who are willing to invest in small amounts. This is a kind of B2B2C with B2B between Citi and Bibit then B2C between Bibit and its customers,” he explained.
Further, Batara conveyed that this move is the beginning of the possibilities for more partnerships with Bibit. Through the initiative, Citi and Bibit demonstrate their support for the financial inclusion goal released by the Financial Services Authority (OJK) as stated in the Indonesian Capital Market Roadmap 2023-2027.
Bibit serves investors in more than 500 cities
Meanwhile, the CEO and Co-founder of Bibit Sigit Kouwagam delivered that with support from Bibit’s strategic partners, wealth management services are now accessible and affordable to investors in more than 500 cities in Indonesia. The partnership with Citi Indonesia started when Bibit offered mutual funds products to retail investors.
Moreover, according to Batara, Citi Indonesia has become a reliable custodian bank for mutual funds managers. “We are grateful for our continuous collaboration with Citi Indonesia, a globally renowned institution, in furthering our commitment to financial inclusion and quality investment in Indonesia. We are looking forward to having more strategic partnerships with Citi Indonesia in the upcoming future,” Sigit said.
Citi is the only foreign bank in Indonesia that have an integrated Global Markets platform offering global products and services, spanning rates, currencies, commodities, credit, hybrid, advisory, as well as capital markets origination & distribution.
Bibit’s presence itself in the wealth management landscape facilitates investors to diversify their investment portfolio in multiple asset classes, including mutual funds, primary and secondary government bonds such as Obligasi Negara Ritel (ORI), Savings Bond Ritel (SBR), Sukuk Tabungan (ST), Sukuk Ritel (SR), Project Based Sukuk (PBS), Fixed Rate (FR), and stocks.
Sigit is optimistic that both parties could serve more investors in the dynamic financial market of Indonesia with the continuous partnership with Citi Indonesia.
