Bank Jago, previously known as Bank Artos Indonesia, was never really a well-known bank in Indonesia. However, quite suddenly, Bank Jago not only became a big item in Indonesian media but even the subject of 'gossip' in the local stock market when it was acquired by Jerry Ng (via PT Metamorfosis Ekosistem Indonesia, MEI) and Patrick Walujo (via Wealth Track Technology Limited) at the end of 2019. Together, both acquired 51 percent of Bank Jago's shares, and turned this small bank into a digital bank (which was when it changed its name from Bank Artos Indonesia to Bank Jago).

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Sovereign wealth funds (SWFs) have existed for many decades around the world. By establishing a SWF – and inject capital into the SWF – governments can strengthen their national economies and generate wealth for future generations. In fact, a SWF is essentially a state-owned investment fund typically funded using excess capital.

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At its latest monetary policy meeting, which ended on 18 February 2021, the central bank of Indonesia (Bank Indonesia) decided to cut its benchmark interest rate (BI 7-Day Reverse Repo Rate), again, by 25 basis points (bps) to 3.50 percent, touching a historically low level.

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It came as a big surprise to us when the central bank of Indonesia (Bank Indonesia) announced on 19 November 2020 (the day it concluded its two-day monetary policy meeting) that it decided to cut its benchmark interest rate (the seven-day reverse repo rate) by 25 basis points to 3.75 percent. Bank Indonesia also cut its deposit facility and lending facility rates by 25 basis points to 3.00 percent and 4.50 percent, respectively.

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