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Building an Inclusive
Digital Economy

Leveraging digitally powered solutions to make everyday financial transactions easier, safer, and readily accessible to everyone.

Due to its geographical location, Indonesia experiences several earthquakes each year. Between 2018 and 2019 a number of devastating earthquakes occurred across Lombok, Sulawesi, and Java, causing widespread devastation and leaving hundreds in need. Wanting to help his countrymen, an Indonesian native living in London at the time decided to raise funds to assist with relief efforts. But he needed a reliable way to send the money back home. Through the safe and efficient digital remittance solution of Indonesian fintech startup, Flip, the funds were smoothly transferred and well-received by the intended beneficiaries.

It’s not the first time that Flip has been used to help those in need. The money-transfer app was initially created because the founders, who were in university at the time, wanted a quicker, cheaper and more accessible way for students like themselves to send and receive money.

Since its launch in 2015, Flip has remained true to its mission of helping those in the community with their everyday needs. Not only can users use the app for free interbank transfers both locally and abroad, they can also top up their e-wallets, pay utility bills and even manage their company financials. Keeping in line with its original purpose to serve the community, Flip also became a lifeline for many during the pandemic, where the demand for online financial services reached an all-time high.

Flip allows users to manage online money transfers and pay utility bills via their mobile devices.

A Platform Built on Trust

As of May 2022, more than 10 million users have leveraged Flip to carry out money transfers. The app’s impressive growth can be attributed to the trust that it’s built in the community with the help of partners like DBS, with whom Flip has been working since 2019.

Since its launch in 2015, Flip has helped over 10 million users in Indonesia access financial transactions.

“DBS was one of the early banks that put its trust in Flip, allowing us to scale our services faster than we expected.”

– Rafi Putra Arriyan, CEO and co-founder, Flip

He adds that the bank’s openness to innovation and dedication to serving its customers has allowed for an extremely productive partnership. “When we are facing problems, DBS solves them relatively quickly. They can give us a timeline and a plan for solving [the issues], and they can commit and execute according to the plan that they have. This is something that is quite rare, especially in the banking sector, because the nature of the business is quite complicated. But in spite of that, DBS delivers.”

An innovative interface allows secure and hassle-free money transfers to multiple destinations.

Flip currently uses several of the bank’s API-driven solutions, including DBS RAPID, which allows it to integrate the bank’s services directly into its own systems to enable instant, secure and hassle-free money transfers.

“DBS, with our mission of being digital to the core, supports corporates and startups such as Flip with robust and reliable digital payment solutions,” says Chu Chong Lim, President Director, PT Bank DBS Indonesia.

“Similar to Flip, we believe that innovation breaks limitations. Through our partnership, people can enjoy access to fair financial freedom with easier transactions.”

– Chu Chong Lim, President Director, PT Bank DBS Indonesia

Fostering the Future of Finance

DBS’s partnership with Flip reflects the bank’s wider commitment to working with dynamic new fintech players and startups to create more impactful and accessible financial solutions. Across the Group, DBS offers close to 200+ types of modular APIs that cover everything from 24/7 account transfers and real-time online transactions to invoice financing and FX rates. Easily customizable to fit different needs, these API solutions contribute to a diverse digital ecosystem by empowering DBS’s clients to provide top-level services to their own customers.

Flip’s digital payment solutions enable instant money transfers.            
Users can top up their e-wallets, pay bills and manage their financials.

To complement its API offerings, DBS has also rolled out various initiatives in recent years to support innovators in the fintech space. For example, through its Startup Xchange program, which operates in several markets in Asia, the bank identifies companies to support and with whom to co-create solutions. Such efforts have allowed the bank to create a wider spectrum of tools and services that address different needs.

“As we continue to grow and innovate, we need to create an ecosystem that is fast, reliable and also sustainable,” says Lim. “Through strategic collaboration with startups and their ecosystems, we drive the expansion of their presence through multiple offerings and services, including financial services and technology solutions,” he added.

“We believe the impact we create goes beyond banking, because we touch real people, real businesses and real lives. We are committed to driving amazing solutions and experiences for our customers and to make banking joyful.”

– Chu Chong Lim, President Director, PT Bank DBS Indonesia

Discover how DBS is pioneering digital solutions to transform businesses and enrich lives