Jakarta, 6 October 2020 – BTPN Wow!, a banking product developed by PT Bank BTPN Tbk (Bank BTPN), has obtained international recognition through the 2020 Schwab Foundation Awards.
A sister organization of the World Economic Forum, the Schwab Foundation for Social Entrepreneurship (the Schwab Foundation) conferred the Award to Hadi Wibowo for his contribution to the development of BTPN Wow! during his term as Head of Branchless Banking 2017-2019. Hadi now serves as the President Director of PT Bank BTPN Syariah Tbk, a sharia subsidiary of Bank BTPN.
BTPN Wow! is a low-cost financial product that offers savings, loan, and payment services to unbanked persons, especially those living in rural areas. The product’s development is in line with the Financial Services Authority’s (OJK) branchless banking program, “Laku Pandai.”
BTPN Wow! has served more than 6.7 million customers through around 290,000 agents and has raised approximately Rp 140 billion in deposits since its launch in March 2015.
It only takes Unstructured Supplementary Services Data (USSD) technology to operate BTPN Wow! on GSM-based cell phones and simply requires a minimum signal. A user does not have to possess a smartphone to benefit from BTPN Wow! services.
BTPN Wow! began as a savings product dedicated to unbanked people. It now also provides loan products and payment facilities.
Hadi was named as a “Corporate Social Intrapreneur of the Year” for 2020 by the Schwab Foundation, an international organization that accelerates outstanding models of social innovation.
The Award was virtually conferred at an online event on 22 September 2020.
“BTPN Wow! aims to support low-income households that have no access to the banking system, to help them meet their individual and business needs,” said Hadi in a statement to the Schwab Foundation. “They can better manage their own finances, using BTPN Wow! services, to improve the quality of their lives.”
Bank BTPN President Director Ongki Wanadjati Dana said in a separate statement that “the Award represents a great achievement for Indonesia, Bank BTPN, BTPN Wow!, as well as a Hadi Wibowo.”
“The Award also reaffirms Bank BTPN’s role in bringing about a significant change in the lives of millions of people, especially through digital technology, including innovations in BTPN Wow!,” said Ongki. “We would like to congratulate Bapak Hadi Wibowo for the Schwab Foundation Award and to offer gratitude for his contribution to BTPN Wow! development.”
Hadi’s current position as the President Director of BTPN Syariah becomes more relevant in helping wider communities improve the quality of their lives, said Ongki.
“The 2020 Awardees represent a new ecosystem of leaders who are driving change and shifting
organizations and systems towards a more just, inclusive, sustainable future,” said Dr. François Bonnici, Head of the Schwab Foundation.
Apart from the Schwab Foundation Award, BTPN Wow! also allowed Bank BTPN to rank 44th in Fortune magazine’s “Top 50 companies which change the world” in 2016.
BTPN Wow! has also won recognition as the Best Mobile Banking Project in Indonesia at the 2016 Asian Banker Technology Awards, and as the Best Digital Financial Inclusion Initiative, Application or Program at the 2018 Asian Banker Retail Financial Services Awards.