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Competing to Peddle Cheap Loans

Sunday, 22 May 2022

A number of banks now offer pay-later features, just like those managed by fintech and e-commerce companies. They target millennial customers who seek easy access to consumer loans.

Allo Bank Indonesia Ultimate Shareholder Chairul Tanjung (left) and Allo Bank CEO Indra Utoyo deliver press statement during the Allo Bank Festival at Istora Senayan, Jakarta, May 19. ANTARA FOTO/Asprilla Dwi Adha . tempo : 169624315139_

IN front of 6,000 people who filled the Istora Senayan sports arena in Jakarta on Friday night, May 20, CT Corp Chairman Chairul Tanjung launched Allo Bank, a digital banking app. According to Chairul, Allo—an acronym for All for One—is not an ordinary digital bank. Not only does it provide savings and loans, Allo Bank also offers a pay-later feature.

To keep up with fintech companies, Allo Bank provides a pay later service, a &ldquo


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