Digital Banking Battle: Seabank vs Bank Jago in E-commerce Ecosystem

Performance Comparison as of September 2025

The digital banking landscape in Indonesia is witnessing intense competition between PT Bank Seabank Indonesia and PT Bank Jago Tbk, both backed by major e-commerce players. Seabank, integrated with Shopee's ecosystem, has demonstrated stronger financial performance compared to Bank Jago, which is associated with the Gojek-Tokopedia platform.

Financial Performance Highlights

As of September 2025, Seabank reported a net profit of Rp 408 billion, significantly higher than Bank Jago's Rp 199 billion. This performance difference highlights the varying degrees of success in leveraging their respective e-commerce partnerships.

Ecosystem Integration

The success of these digital banks is closely tied to their integration with e-commerce platforms. Seabank's association with Shopee has apparently contributed to its stronger financial results. Meanwhile, Bank Jago's integration with the Gojek-Tokopedia ecosystem, while significant, has yielded comparatively lower financial returns so far.

Business Model Analysis

Both banks have adopted different strategies in their respective ecosystems. Seabank has focused on deep integration with Shopee's vast user base, while Bank Jago has leveraged the combined strength of Gojek's financial services and Tokopedia's e-commerce platform. The difference in their financial performance suggests varying levels of success in these strategies.

Market Implications

The competition between Seabank and Bank Jago represents a broader trend in Indonesia's digital banking sector, where e-commerce integration is becoming a key differentiator. As digital banks continue to grow, their ability to leverage their respective ecosystems will likely remain a critical factor in their success.