Top Banking Financial Services And Insurance Companies in Indonesia
The Banking, Financial Services & Insurance (BFSI) industry plays a vital role in driving economic growth and financial stability in Indonesia. In 2022, the industry continued to grow despite the challenges posed by the COVID-19 pandemic. The industry's success can be attributed to several factors, including government initiatives, the growth of each industry, and technological disruptions. In this article, we will explore the key statistics, factors contributing to its growth, key trends, challenges, and future outlook of the BFSI industry in Indonesia.
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Description
Decision Maker
BANK JATENG
1,570
+62 24 3547541
Bank Jateng is a company majoring in banking operation. The Bank is located in Central Java and it was established by Provincial and District Governmentthroughout Central Java. The aim of bank establishment was to handle the regional financial as the regional cash holder and to help increasing regional economy by distributing credits to small entrepreneurs.This bank, which stock is owned by both Central Java Provincial Government and all Regional Government, has undergone several business change. In 1969, through the Central Java Provincial Government’s Decree No. 3 year 1969, Bank Pembangunan Daerah Jawa Tengah was stated as Badan Usaha Milik Daerah / BUMD (Regional Owned Enterprise). Later on, through the Regional Rules of Central Java Provincial Government No. 1 year 1993, the status had changed into Perusahaan Daerah or Perusda (Regional Company).After setting out of the recapitalization program, especially to present the company’s positive image. The call name of PT. Bank Pembangunan daerah Jawa Tengah (BPD Jateng) was then changed into Bank Jateng, based on Minister of Justice and Human Rights Decree No. C.17331 HT. 01.04.TH.2005 dated June 22nd, 2005 and Bank’s Statutes Change No. 68 dated May 7th, 2005 by The Notary Prof. DR. Liliana Tedjosaputro.
PT BANK PEMBANGUNAN DAERAH BANTEN TBK
517
+62 254 7915877
Bank Umum Nasional yang telah Go Public dan dimiliki oleh Pemerintah Provinsi Banten
CREDIT SUISSE
49,648
+65 6212 2000
Credit Suisse is a leading global wealth manager with strong investment banking capabilities. Headquartered in Zurich, Switzerland, our operation has a global reach and extends to about 50 countries worldwide across mature and emerging markets with more than 45,000 employees from over 150 different nations.We partner across countries, divisions and regions to deliver holistic financial solutions to our clients, including innovative products and specially tailored advice, aligned to our high ethical standards. We strive for quality and excellence in our work and professional relationships, recognizing and rewarding extraordinary performance among our employees and providing opportunities for internal mobility, dedicated training and leadership. As a global and inclusive community, we benefit from a diverse range of perspectives to create value and drive results for our clients, shareholders and communities. Our values are brought to life through the entrepreneurial spirit of all within our network. We are Credit Suisse.Social Media Disclaimer and guidelines: http://bit.ly/2KCQhO6
BANGKOK BANK
3,643
+65 6410 0400
Discover Bangkok Bank – Thailand’s largest commercial bank and one of the leading commercial banks in Southeast Asia. A pioneer bank with long progress of the country. Bangkok Bank has grown and matured with Thai people and their business interests and today is renowned for its size, stability and partnership approach. The bank is driving innovation in new products and services and building on its inherent scale advantages to meet the challenges of a changing financial landscape and consolidate its leadership position for the future.
BANK CTBC INDONESIA
672
+62 807 1 221 111
PT Bank CTBC Indonesia (“CTBC Indonesia”) dimiliki 99% oleh CTBC Bank Co., Ltd, yang merupakan salah satu bank terkemuka di Taiwan. 1% dimiliki oleh PT Bank Danamon Indonesia Tbk., salah satu bank terkemuka di Indonesia. CTBC Indonesia mulai beroperasi di Indonesia pada pertengahan tahun 1997 terutama untuk melayani perdagangan Indonesia-Taiwan, dengan nama PT Bank Chinatrust Tamara, yang dimiliki 85% oleh Chinatrust Commercial Bank Co., Ltd. dan 15% oleh Bank Tamara. Pada tahun 2001 Chinatrust Commercial Bank Co., Ltd. meningkatkan kepemilikannya menjadi 99% dan merubah nama PT Bank Chinatrust Tamara menjadi PT Bank Chinatrust Indonesia. Di tahun 2013, Chinatrust Commercial Bank Co., Ltd. selaku pemegang saham mayoritas CTBC Indonesia melakukan perubahan nama menjadi CTBC Bank Co., Ltd. dan PT Bank Chinatrust Indonesia juga di tahun yang sama berganti menjadi PT Bank CTBC Indonesia.Dengan modal dasar yang kuat dan kinerja yang konsisten sejak didirikan, Bank CTBC Indonesia diakui sebagai salah satu bank terkemuka di Indonesia. Pada tahun 2009, Bank CTBC Indonesia menerima Platinum Award 2009 sebagai bank dengan predikat “Sangat Bagus” selama 10 tahun berturut-turut (1999-2008) dari majalah InfoBank. Dan atas kinerja Bank di periode 2011 dan 2012, Bank CTBC Indonesia juga mendapatkan predikat “Sangat Bagus” dari majalah InfoBank.Bank CTBC Indonesia menyediakan ruang lingkup yang lengkap untuk jasa perbankan korporasi dan individu di seluruh Indonesia dengan komitmen untuk menjadi bank yang dapat diandalkan dan dipercaya.
PT BANK KEB HANA INDONESIA
984
+62 1 500 021
PT Bank KEB Hana Indonesia (Hana Bank) is a foreign exchange commercial bank focuses in serving small and medium business, corporate, and retail segments customers. In Korean, Hana means “the first”. Therefore, as part of our effort to lead a fast customer-focused services that prioritize the convenience of our customers, Hana Bank is committed in improving our services through digital banking innovation. Hana Bank customers can benefit from the Bank’s various digital channels, including: My Hana Mobile Banking, My Hana Internet Banking, as well as Corporate Banking System. Having branch offices and ATM network covering Sumatra, Java, Bali, and Sulawesi, we have a vast presence in Indonesia. Along with the synergy and support from Hana Financial Group as one of the largest and leading financial companies in South Korea, Hana Bank also provide a worldwide network with international service standards.
STANDARD CHARTERED BANK
70,447
+65 6596 7000
We are a leading international banking group, with a presence in more than 60 of the world’s most dynamic markets. Our purpose is to drive commerce and prosperity through our unique diversity, and our heritage and values are expressed in our brand promise, Here for good. Standard Chartered PLC is listed on the London and Hong Kong Stock Exchanges.
WESTPAC NEW ZEALAND
3,972
+64 800 400 600
We’ve been helping New Zealanders find the right financial solutions to suit their lives since 1861. We first opened back then as The Bank of New South Wales, and then changed our name to Westpac in 1982. Along the way we’ve grown stronger by joining forces with the Commercial Bank of Australia and Trust Bank – to become Westpac New Zealand Limited. We bank all sorts of people and businesses – from young children, to first home-owners through to big corporates and the New Zealand Government. Nearly a quarter of all Kiwis bank with Westpac, so we’ve got great experience and knowledge to draw on when it comes to helping people with their very first bank account, all the way through to their retirement.With more than 200 branches, and nearly 500 ATMs, we’re one of New Zealand’s largest banks. We provide a full range of banking and financial services for personal, business and agribusiness banking.A copy of our House Rules can be found here: http://bit.ly/1p0SuxH
OCBC BANK
15,704
+65 1800 773 6437
OCBC Bank is the longest established Singapore bank, formed in 1932 from the merger of three local banks, the oldest of which was founded in 1912. It is now the second largest financial services group in Southeast Asia by assets and one of the world’s most highly-rated banks, with an Aa1 rating from Moody’s. Recognised for its financial strength and stability, OCBC Bank is consistently ranked among the World’s Top 50 Safest Banks by Global Finance and has been named Best Managed Bank in Singapore by The Asian Banker. OCBC Bank and its subsidiaries offer a broad array of commercial banking, specialist financial and wealth management services, ranging from consumer, corporate, investment, private and transaction banking to treasury, insurance, asset management and stockbroking services. OCBC Bank’s key markets are Singapore, Malaysia, Indonesia and Greater China. It has more than 570 branches and representative offices in 19 countries and regions. These include about 300 branches and offices in Indonesia under subsidiary Bank OCBC NISP, and over 90 branches and offices in Mainland China, Hong Kong SAR and Macau SAR under OCBC Wing Hang. OCBC Bank’s private banking services are provided by its wholly-owned subsidiary Bank of Singapore, which operates on a unique open-architecture product platform to source for the best-in-class products to meet its clients’ goals. OCBC Banks insurance subsidiary, Great Eastern Holdings, is the oldest and most established life insurance group in Singapore and Malaysia. Its asset management subsidiary, Lion Global Investors, is one of the largest private sector asset management companies in Southeast Asia.
BANK OF AMERICA
205,260
+65 6678 0000
Bank of America is one of the worlds largest financial institutions, serving individuals, small- and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company serves approximately 56 million U.S. consumer and small business relationships. It is among the worlds leading wealth management companies and is a global leader in corporate and investment banking and trading.This LinkedIn company page is moderated. For more information, please visit: https://bit.ly/32FDdQr.For account issues, please visit: https://bit.ly/2GeTIeP.
LGT PRIVATE BANKING
2,249
+65 6415 3850
Forward-looking for generationsLGT is an international private bank owned by the Princely Family of Liechtenstein with 23 locations in Europe, Asia, Australia, and the Middle East. Our solid capitalization, long-term thinking, and strategic focus underpin our strong values. These are rooted in 900 years tradition and entrepreneurial thinking. Digitization represents a key pillar of how we continually innovate to find better ways of doing things - today and for the future.Sustainable and social: Sustainability is a pillar of LGTs strategy. Thinking, managing, and investing sustainably are integral parts of our DNA. LGT has committed to reducing the net CO2 emissions from its operations and its investments to zero by 2030.The Princely Family’s view is that wealth itself isnt a purpose, but that it comes with a sense of responsibility. Being wealthy means embracing and acting on that responsibility, as well as passing these values on to the next generation.LGT as an employer: LGT is a vibrant, growing international company and employer. We are certified as a Great Place to Work by the international consulting and research institute of the same name. Whether you have a wealth of experience or are embarking on your first professional steps, LGT careers offer an empowering environment to realize your ambitions.Take your next career step at one of our 23 international locations: www.lgt.com/global-en/career/jobsPublishing information: www.lgt.com/global-en/publishing-information
SOCASH PTE LTD
34
+65 3129 2808
SOCASH creates the next-gen distribution for Digital banks and payment platforms.Banks need channels and distribution - to acquire customers , sell products, process payments & deliver services, but the current infrastructure is capital intensive and inefficient. On the other spectrum is the neighbouhood retailer with idle capacity. SOCASH connects these shops and offers a highly scalable and responsive network of retailers, delivering the spectrum of cash management, payment solutions and financial services. This is achieved by blending retail networks, payment solutions and banks with SOCASH platform The platform offers business payment solutions, solves cash management and enables customer onboarding via its ever growing network of retailers. The platform drives convergence of payments with cash and takes banking to where customers are.We are among fast growing fintech, HQd Singapore and expanding our markets across Asia and beyond. As Asia drives up consumption , the next billion are demanding ever increasing access to financial services, which the current network of ATMs and Branches are unable to deliver. With over 20,000 shops on our network and working across Asia, we are working towards a future where banking is delivered on an ubiquitous scale embedded in the community in a cost effective manner.The platform has achieved global sales and is growing with the demand from Digital banking revolution. Generates recurring from platform licences, transaction fees and FX. Products have profitable unit economics. SME lending product in pipeline.The company has raised USD 12.5M capital, most recently a USD 6 Million a strategic round from Glory Ltd (Japan), Standard Chartered and Vertex Ventures.
SBS BANK
210
+64 800 727 2265
SBS is a New Zealand bank, established in the south more than 150 years ago. We’re 100% owned by our members meaning that we’re 100% committed to putting them first. Our profits arent sent offshore; they are retained to allow us to offer competitive rates and exceptional service meaning that when a Member calls us or walks through our doors, they are treated with the warmth and respect that only SBS can offer.To find out more, visit our website: www.sbsbank.co.nz
AMAR BANK
730
+62 31 99015959
Amar Bank is transforming banking for the digital era since 2014. Were all about supporting small businesses and those who dont have access to conventional banks. Our AI and cloud technology hooks you up with personalized ways to save, pay, and handle your finances. Meet our star player: Tunaiku! As of 2023, Tunaiku has served more than 14 million loan applicants, enabling those who are in need to access over IDR 9 trillion loans.At Amar Bank, we aim to make a meaningful impact on the lives of our customers. Get ready to level up with our epic innovations!
BANK UNIVERSAL BPR
257
+62 21 22213993
Universal BPR is a community bank (bank perkreditan rakyat) founded in 2003 by Kaman Siboro and Stephen Satyahadi - two individuals with more than 30 years of experience in banking sector. The bank is engaged in the provision of loan, saving and deposit products to individuals and SMEs. For lending segment, Universal BPR currently focuses on property-backed financing with ticket size ranging from 100 million to 30 billion rupiah per customer.Universal BPR group operates 10 branches located in 8 cities of Indonesia.Universal BPR is registered and regulated by OJK (financial services authority) and is a member of LPS (deposit insurance)MISSION STATEMENTTo become a bank that focuses on improving the quality of life of the community with integrity, respect and continuous improvement.MOTTOFast, Safe, Caring
BANK AUSTRALIA
332
+61 132888
As a customer owned, B Corp certified bank, were doing banking differently. We empower our staff and customers to be part of the clean money movement.We achieve this by staying true to our purpose and values through our strategy, operations, products and services, and advocating to bring others on the journey. This means every role and person in our bank is essential to bringing our values, purpose and aspiration to life.As a customer owned bank, we reinvest our profits to continually serve our customers through competitive rates and fees, responsible banking, and supporting positive impact.Our Contact Centre, lending operations and processing are based in the Latrobe Valley and Bendigo while our head office is in Kew, Melbourne. We also have branches in Melbourne and regional Victoria, Brisbane, Adelaide, Canberra and Sydney.
WESTPAC
16,305
+65 6530 9898
Westpac is Australia’s oldest bank and company, one of four major banking organisations in Australia and one of the largest banks in New Zealand. We provide a broad range of banking and financial services in these markets, including consumer, business and institutional banking and wealth management services. We also have offices in key financial centres around the world including London, New York, Hong Kong and Singapore.Westpac Groups portfolio of financial services brands and businesses is focused on our vision, which is To be one of the world’s great service companies, helping our customers, communities and people to prosper and grow.”We welcome your contributions to our page. Please check our guidelines before you join the conversation: https://www.westpac.com.au/contact-us/social-media/ Westpac acknowledges the traditional owners as the custodians of this land, recognising their connection to land, waters and community. We pay our respects to Australias First Peoples, and to their Elders, past, present and future.Westpac Banking Corporation ABN 33 007 457 141. AFSL and Australian credit licence 233714.
DBS BANK
31,927
+65 800 852 6186
DBS is a leading financial services group in Asia with a presence in 19 markets. Headquartered and listed in Singapore, DBS is in the three key Asian axes of growth: Greater China, Southeast Asia and South Asia. The banks AA- and Aa1 credit ratings are among the highest in the world.Recognised for its global leadership, DBS has been named “World’s Best Bank” by Global Finance, “World’s Best Bank” by Euromoney and “Global Bank of the Year” by The Banker. The bank is at the forefront of leveraging digital technology to shape the future of banking, having been named “World’s Best Digital Bank” by Euromoney and the world’s “Most Innovative in Digital Banking” by The Banker. In addition, DBS has been accorded the “Safest Bank in Asia“ award by Global Finance for 14 consecutive years from 2009 to 2022.DBS provides a full range of services in consumer, SME and corporate banking. As a bank born and bred in Asia, DBS understands the intricacies of doing business in the region’s most dynamic markets. DBS is committed to building lasting relationships with customers, as it banks the Asian way. Through the DBS Foundation, the bank creates impact beyond banking by supporting social enterprises: businesses with a double bottom-line of profit and social and/or environmental impact. DBS Foundation also gives back to society in various ways, including equipping communities with future-ready skills and building food resilience.With its extensive network of operations in Asia and emphasis on engaging and empowering its staff, DBS presents exciting career opportunities. For more information, please visit www.dbs.com
BANK RAKYAT MALAYSIA
2,261
+60 1-300-80-5454
Bank Rakyat was established on 28 September 1954 under the Cooperative Ordinance 1948 (known as the Cooperative Societies Act 1993). Today, Bank Rakyat is the biggest Islamic cooperative bank in Malaysia with assets totaling RM89.18 billion as at end of December 2014. The transformation in 2002 of the Bank from a conventional banking system to a banking system based on Syariah has enabled the Bank to record encouraging profits year after year. For the financial year ending 31 December 2014, we have recorded a pre-tax and pre-zakat profit of RM2.16 billion.We continue to expand our product range and customer facilities that are varied and innovative. The products and facilities include consumer banking, commercial financing, savings and investments as well as products of financial planning to satisfy the many demands of a wide spectrum of modern day customers. Efficient delivery channels continue to be expanded and continuously improved. We continue to maintain a friendly corporate image to place us on a sound footing as Your Choice Bank.We have received various recognitions as an industry player and as an outstanding cooperative organization in Malaysia as well as internationally. The Bank is rated sixth in Malaysia and 273rd in the world rankings bestowed by The Banker Magazines Top 1,000 World Banks survey. Other awards achieved include Best Islamic Bank 2014 - Global Islamic Finance Award (GIFA), CEO of The Year - National Award for Management Accounting (NAfMA) and Best Syariah Programme - MasterCard.As an entity under the control of the Ministry of Domestic Trade, Cooperatives and Consumerism, we are committed to support the mission of the Ministry to consolidate the cooperative sector as the mainstay of economic growth of the nation via all the efforts and steps that we have arranged.To date, we have 148 branches with more than 800 automated teller machines (ATMs) and cash deposit machines (CDM), and 91 Ar-Rahnu XChange nationwide.
BANK SBI INDONESIA
192
+62 21 39838747
State Bank of India (SBI), is the largest shareholder of the Bank SBI Indonesia, and it is the Indians largest financial Banking corporate, headquartered in Mumbai, India.The origins of State Bank of India is dated back to 1806, when the Bank of Calcutta (later called Bank of Bengal) was established. In 1921, the Bank of Bengal and two other Banks (Bank of Madras and Bank of Bombay) were merged to form the Imperial Bank of India. In 1955, the Reserve Bank of India acquires control of the Imperial Bank of India and then SBI were formed under the laws of Parliament to replace the Imperial Bank of India.SBI has extensive administrative structure, supervising large network of branches in India and abroad. The Corporate Centre which is located in Mumbai, India, SBI has 14 Local Head Offices, 57 Zonal Offices, and 191 foreign offices in 36 countries around the world.Bank SBI Indonesia is initially recognized after the State Bank of India (SBI), one of the largest Bank in India, acquired 76% of shares from PT. Bank IndoMonex on 14 December 2006, hereinafter and took over the management control in June 2007 and operated in Indonesia as a subsidiary Bank of SBI. In June 2009, Bank SBI Indonesia obtained the status as a foreign exchange Bank, which has the right to conduct business in foreign exchange transactions. Then, in 2009,the Bank name changed to Bank SBI Indonesia to reflect the new ownership of the SBI. On August 2013, SBI acquired another 23% of shares from PT. Ravindo Jaya, thus adding the ownership of its shares to 99%. In order for the Bank to be the “BUKU 2” Category, shareholders of Bank SBI Indonesia have added the capital in 3 Tranches, where the Tranch 3 were deposited on November 2015.At present, Bank SBI Indonesia has 6 (six) branches and 6 (six) sub-branches spread over 4 (four) major cities in Indonesia namely, Jakarta, Bandung, Surabaya and Medan. Bank SBI Indonesia has (1) cash point, located one at Embassy of India in Jakarta.
Top Banking Financial Services And Insurance Companies in Indonesia
Key Statistics from 2022
According to the Financial Services Authority (OJK), the BFSI industry's contribution to Indonesia's GDP was around 12% in 2022. This indicates an increase from the previous year's contribution, which was 11.8%. The industry also provided employment opportunities for around 4.5 million workers in 2022, which is a significant increase from 4.2 million workers in 2021.
Factors Contributing to Growth and Success
The Indonesian government has played a crucial role in promoting the BFSI industry's growth in the country. The government has implemented several initiatives to attract foreign investment and promote local talent development. For instance, the government has provided tax incentives and other benefits to financial services and insurance firms that set up facilities in the country.
Another factor contributing to the industry's growth is the increasing demand for financial services and insurance products in Indonesia. The country's economic development and increasing middle-class population have led to an increasing demand for financial services and insurance products, including banking services, insurance policies, and investment products. This demand has increased the industry's revenue and provided a boost to the industry.
Each Industry's Growth and Comparison to Previous Years
The BFSI industry in Indonesia comprises various industries, such as banking, insurance, and capital markets. The banking industry has shown the most significant growth, with a growth rate of around 7% in 2022. The insurance industry has also shown growth, with a growth rate of around 5%. The capital markets industry has shown a decrease in growth rate by around 2%, indicating a slower growth rate than the other two industries.
When compared to the previous years, the BFSI industry has shown consistent growth in all sectors. For example, the banking industry's growth rate was 6% in 2021, and it increased to 7% in 2022. The insurance industry's growth rate was 4% in 2021, and it increased to 5% in 2022. The capital markets industry's growth rate was -1% in 2021, and it decreased to -2% in 2022.
Key Trends and Technological Disruptions
The BFSI industry in Indonesia is witnessing several key trends and technological disruptions. One of the significant trends is the increasing use of digital technology to improve financial services and insurance products' efficiency and effectiveness. This trend has been driven by the increasing use of technology in various industries and the need for financial services and insurance products to keep pace with technological advancements.
Another trend is the increasing focus on sustainability and social responsibility in the BFSI industry in Indonesia. Financial services and insurance firms are adopting sustainability and social responsibility practices such as environmental sustainability, social responsibility, and ethical business practices in their products and services. This trend has been driven by the increasing awareness of the need for sustainable development and the role of organizations in promoting sustainability.
Challenges
The BFSI industry in Indonesia faces several challenges that could hinder its growth potential. One of the significant challenges is the impact of the COVID-19 pandemic on the industry. The pandemic has led to a decrease in demand for financial services and insurance products, especially in sectors such as tourism and hospitality. This has significantly impacted the industry's revenue and employment opportunities.
Another challenge is the increasing competition in the industry. The BFSI industry in Indonesia is becoming increasingly competitive, with both local and international firms competing for market share. This competition could lead to a decrease in profit margins for firms and impact their growth potential.
Future Outlook
Despite the challenges, the future outlook for the BFSI industry in Indonesia is positive. The industry is expected to recover gradually from the pandemic's impact and witness continued growth driven by the increasing demand for financial services and insurance products in the country. According to a report by Allied Market Research, the Indonesian BFSI market is expected to grow at a CAGR of 7.8% from 2021 to 2028, reaching a market size of around USD 206.3 billion by 2028.
The industry's adoption of advanced technologies and sustainable practices will play a crucial role in promoting effective financial services and insurance products and driving the industry's growth. The use of technologies such as artificial intelligence and blockchain could improve the efficiency and effectiveness of financial services and insurance products, while sustainability and social responsibility practices could enhance the industry's reputation and brand image.
Conclusion
The BFSI industry in Indonesia is a critical contributor to the country's economic growth and financial stability, providing employment opportunities and attracting foreign investment. The industry's success can be attributed to several factors, including government initiatives, the increasing demand for financial services and insurance products, and technological disruptions. The industry faces challenges due to the impact of the COVID-19 pandemic and increasing competition. However, the future outlook for the industry is positive, with expected continued growth driven by the increasing demand for financial services and insurance products in the country. The industry's adoption of advanced technologies and sustainable practices will play a crucial role in promoting effective financial services and insurance products and driving the industry's growth.