Allo Bank partners with Tencent Cloud to boost banking solutions

Photo credit: Donald Wu / Unsplash

Allo Bank, a digital banking platform in Indonesia, has partnered with Tencent Cloud to improve its services and tech.

Under the partnership, Tencent Cloud will provide solutions that suit Allo Bank’s needs such as TDSQL, a database management system. The tech can help the bank cut costs in app download distribution and provide security features.

Since it was introduced in 2021, Allo Bank has gained 6 million users, making it one of the most popular digibanks in Indonesia. Other players in the space include Bank Neo Commerce and Bank Jago.

Last year, ecommerce major Bukalapak spent US$83 million to purchase a 12.05% stake in Allo Bank, a deal that marked the former’s entry into the digibank space.

See also: Behind Bukalapak’s entry into Indonesia’s digital banking race

“We look forward to more collaborations in the future, including partnerships for additional solutions and services like eKYC,” said Jimmy Chen, vice president of Tencent Cloud International and managing director of the firm’s Southeast Asia business.

In 2021, Tencent Cloud set up two internet data centers in Indonesia. At the time, the company said its services were used by financial service providers like Bank Neo Commerce and Bank Mega.