JB Financial Group has signed a strategic memorandum of understanding (MOU) with CIMB Niaga, a leading Indonesian commercial bank, and MITRA JASA LIMA for the open banking platform business in Indonesia on December 14.

The MOU represents that JB Financial Group is the first Korean banking group exporting its unique open banking platform, in contrast to the practice of entering new markets through local banking license acquisition.

CIMB Niaga has grown to be the second largest private commercial bank with total assets of US$18 billion. Its fundamentals are also impressive with 1.87% ROA, 5.1% NIM and 9.76% ROE.