Amar Bank
Offers banking and financial services.
Originally established in 1991 as PT Anglomas International Bank in Surabaya, the company underwent a significant transformation after being acquired by the Tolaram Group in 2014, rebranding to Amar Bank. This marked a strategic pivot towards digital banking, targeting Indonesia's retail and micro, small, and medium-sized enterprise (MSME) sectors. The bank is led by President Director Vishal Tulsian, a financial expert with extensive experience in multinational corporations who joined Tolaram Group in 2003. Recognizing a gap in financial services for a large portion of Indonesia's population, Tulsian spearheaded the bank's digital evolution. His background includes a Master's degree from the University of Liverpool, an Executive Management Program from Harvard Business School, and launching the fintech lender Tunaiku.
Amar Bank operates as a digital-first institution, focusing on providing financial access to the unbanked and underbanked populations in Indonesia. Its business model centers on leveraging technology to offer accessible financial products, primarily generating revenue through interest on loans and other banking service fees. The bank's clientele includes individuals and MSMEs who have historically faced barriers to accessing traditional banking services. A key milestone was the bank's Initial Public Offering (IPO) on the Indonesian Stock Exchange in January 2020. Furthermore, the Singapore-based holding company, Tolaram Group, continues to be a significant shareholder, increasing its stake in the bank.
The bank's flagship product is Tunaiku, a digital lending platform launched in 2014 that provides unsecured personal loans. Tunaiku utilizes big data and predictive analytics to process loan applications, often within 24 hours, disbursing funds for needs such as business capital and home renovations. In 2020, Amar Bank launched Senyumku, a cloud-based, mobile-only digital banking application developed in partnership with Google. Senyumku uses AI to help customers manage their finances and develop better savings habits. The bank also offers an embedded banking service through a software development kit (SDK), allowing partners in sectors like e-commerce to integrate banking features such as payments and loans directly into their platforms.
Keywords: digital banking, fintech, microfinance, MSME lending, unsecured loans, financial inclusion, embedded banking, mobile banking, data analytics, predictive analytics