Former CEO of CIMB Niaga Reportedly Will Lead Digital Bank Owned by EMTEK and Grab

Senior banker Tigor M Siahaan is reported to have joined a digital bank founded by media conglomerate PT Elang Mahkota Tbk (IDX: EMTK) and platform great app Grab.

This news was revealed after Tigor officially resigned from his position as President Director and CEO of PT Bank CIMB Niaga Tbk (IDX: BNGA) on October 21, 2021. DailySocial tried to confirm to Tigor, but got no answer.

In his article, Dataword mentions that Tigor will lead the digital bank of results j EMTEK and Grab, which will reportedly be integrated with the digital ecosystem.

"Tigor will lead a digital bank that is integrated with a digital business ecosystem that includes a variety of commerce services, both online and offline (O2O), digital payments, and other technology services," said a source as reported. Dataword.

Tigor previously held key positions in previous companies, namely Country Head for Institutional Clients Group, Head of Corporate & Investment Banking and Country Risk Manager. Then, Tigor also served as Chief Country Officer of Citi Indonesia in the period 2011-2015.

Both EMTEK and Grab both have a strong ecosystem in the media and digital business. EMTEK houses SCTV and Indosiar television stations, KapanLagi Networks, and platforms streaming Video. Temporary Grab has a complete service ecosystem, such as ride hailing, food delivery, and instant courier. Dataword report the number of users Grab estimated at 22 million users.

In addition, both of them also have a strong affiliation in which Grab owns 2,59% of EMTEK's shares purchased in March 2021. Currently, Grab reportedly has a 5,88% stake in this conglomerate company owned by tycoon Sariaatmadja.

Digital bank synergy

If the news is true, this will add to the series of corporate synergies and digital platforms to realize digital banking over the past two years. This synergy no longer occurs in the banking sector, but extends to other sectors.

In the banking sector, the public seems to see various synergies carried out by banks to strengthen their digital bank concept. For example, Bank Artos and Gojek (Jago Bank), Bank Yudha Bhakti and Akulaku Group (Neo Commerce Bank), as well as the Economic Welfare Bank and the Sea Group (Seabank).

Meanwhile, in the media sector, there is Bank Harda Internasional which was annexed by conglomerate Chairul Tanjung in 2020 (Allo Bank). Others, there is BCA through Digital BCA, BRI through Bank Raya, and Bank Mandiri who chose to develop the platform great app rather than establishing a new digital bank.

Collaboration signifies competition digital bank in Indonesia will be increasingly stringent in line with banking efforts to strengthen its digital service ecosystem in the future.