CT Appoints Indra Utoyo to Lead Allo Bank

The conglomerate and owner of CT Corp Chairul Tanjung officially announced Indra Utoyo as President Director of PT Allo Bank Tbk (IDX: BBHI). Indra Utoyo is trusted to bring Allo Bank to compete in the Indonesian digital banking industry.

The appointment of Indra Utoyo was conveyed by CT in a press conference, and it was only approved at the General Meeting of Shareholders (GMS) which was also held on the same day, Thursday (19/5).

As is known, Indra Utoyo is no longer a stranger to the telecommunications and banking industries. He is an important figure and has left a significant legacy in the digital transformation of two large state-owned companies, namely Telkom and BRI.

At Telkom, Indra worked for 17 years with his last position as Chief Innovation and Strategy Officer (CSO). He is also the pioneer of the Indigo Incubator program which launched in 2016. While at BRI, Indra served as Director of Digital, Information Technology, and Operations.

Through Allo Bank, Indra has a mission to build digital capabilities and talents as well as data technology so that they can provide a more personalized and user-friendly customer experience.

“So is the vision as conveyed by Mr. CT, Allo Bank wants to be able to develop through the ecosystem and collaborate quickly and safely. Gradually, we will connect Allo Bank with the ecosystem under CT Corp later, then collaborate with other partners,” said Indra after Press conference.

For information, CT annexed Allo Bank (formerly Bank Harda Internasional) by taking over its 73.71% stake at the end of 2020. Then, Allo Bank conducted a rights issue involving digital companies such as Bukalapak, Carro, and Traveloka.

Target Allo Bank

Furthermore, CT said the Allo Bank application will officially air on Friday (20/5). He targets to get one million users in one week and ten million in his first year.

To achieve this target, CT said it would take advantage of the strength of its ecosystem. Currently, CT Corp has three large business units consisting of Mega Corp (finance), Trans Media (media), and Trans Corp (fashion, retail, F&B, hospitality, etc.).

This also does not include the ecosystem of its strategic partners, such as Bukalapak, Carro, and Traveloka. However, integration and collaboration with strategic partners will be carried out in stages.

“We believe [with the strategy of] O plus O or Offline plus Online–not O2O yes–as a necessity. The market is getting here not only wants the number of customers, but also [startup] can be profitable. Therefore, we are open to collaboration to strengthen the ecosystem. We want to be an inclusive service,” he said.

Meanwhile, CT mentioned loan services as one of the strategies to accelerate Allo Bank’s growth. Users can later apply for loans in the Allo Bank application, namely Paylater and Instant Cash with a limit of up to IDR 100 million.

Currently the company have not focused on fee-based because we still provide free [fees], no monthly fees.

“Of course we are thinking of strategies to get fee-based from other sources. For example, Paylater does not have interest, but there is fee-based in the form of administrative fees. Everything is available the calculation. So we are eyeing significant growth from loan products,” he said.

Digital Bank

The phenomenon of digital banking in Indonesia is still rolling. After Bank Jago, BNC, Seabank, and BCA Digital, the market will be waiting for several players with new identities/faces who are believed to be entering digital and neobank banks.

According to our records, BNI is currently completing its acquisition of Bank Mayora. BNI cooperates with Sea Group, the parent of Shopee, as a partner to develop a business model and design IT infrastructure.

Not only big banks, but the acquisition of small banks is also carried out by fintech startups. recently, Investree also announced the acquisition of a minority stake in Amar Bank of 18.84% some time ago. A corporate action was also carried out by the Modalku Group together with Carro to invest in shares (co-investment) in Bank Index.