Ranking of Digital Banks and Their Market Capitalizations: Who's the Biggest?

Digital banks are increasingly popular among Indonesians, fueled by rapid technological advancements. Bank Indonesia (BI) data shows that digital bank transaction values reached Rp52.245 trillion in 2022.

According to *Katadata*, this figure represents a 22.13% year-on-year (YoY) increase. BI projects similar growth of around 22% for this year.

Data from the RTI Business application shows that Bank Jago (stock code ARTO) had the largest market capitalization among digital banks, reaching Rp39.91 trillion on Wednesday, February 15th.

Jago, listed since January 12, 2016, has 20.53 million shares outstanding, with transaction values reaching Rp58.84 billion.

Second is Allo Bank (BBHI) with a market capitalization of Rp36.40 trillion on the same day. Owned by CT Corp founder Chairul Tanjung, the bank has 387,000 shares outstanding, with transaction values reaching Rp641.23 million.

Third is Bank Aladin Syariah (BANK) with a market capitalization of Rp19.27 trillion. This digital bank, listed on February 1, 2021, has 6 million shares outstanding, with transaction values reaching Rp7.94 billion as of February 15, 2023.

Digital banks in Indonesia currently operate under licenses from their conventional parent banks. In addition to those mentioned above, there's Jenius from Bank Tabungan Pensiunan Nasional (BTPN). Launched on August 11, 2016, Jenius is considered one of the early entrants in Indonesia's digital banking landscape.

Another relatively new entrant is Blu from Bank Central Asia (BCA), launched on July 2, 2021. Neither Jenius nor Blu has yet conducted an Initial Public Offering (IPO).

Here's a list of digital banks and their market capitalizations:

1. Bank Jago (ARTO) Rp39.91 trillion
2. Allo Bank (BBHI) Rp36.07 trillion
3. Bank Aladin Syariah (BANK) Rp19.27 trillion
4. Bank Raya (AGRO) Rp10.59 trillion
5. Bank Neo Commerce (BBYB) Rp8.07 trillion
6. Amar Indonesia (AMAR) Rp5.40 trillion
7. MNC Inter (BABP) Rp3.21 trillion
8. Bank Capital (BACA) Rp2.61 trillion
9. Bank QNB Indonesia (BKSW) Rp2.04 trillion

(See also: Bank Jago is the Most Popular Digital Banking Application)