Major banks Indonesia 2022, by total assets
As of February 2022, Bank Rakyat Indonesia was the largest bank in Indonesia in terms of assets. Along with Bank Mandiri and Bank Central Asia (BCA), they were the only Indonesian banks with total assets exceeding one quadrillion Indonesian rupiah (around 71 billion U.S. dollars).
Banking sector in Indonesia
Indonesia’s banking sector has continuously been on the rise. The growth of the middle class and overall population resulted in the ongoing development of the finance industry. As of April 2022, there were about 1.46 thousand rural banks and 107 commercial banks available. The market is regulated by the financial service authority, whereas the central bank of Indonesia, Bank Indonesia (BI), is responsible for foreign exchange supervision and payment systems.
Digital banking services in Indonesia
Indonesia is one of the most adaptable countries to digital banking services in the world. The majority of the rather young population are open to digital payment methods as well as digital consumption in general. Not surprisingly, the e-wallet market size in Indonesia, was already at 1.5 billion U.S. dollars in 2018, and is expected to grow to 25 billion U.S. dollars by 2023. For traditional banks, this development could be perceived as a threat and an opportunity. The possibility of reaching customers without a physical presence could lead to an increase in clients. On the other hand, a lack of technological know-how and the slow implementation and enforcement of digital actions could allow smaller competitors to establish themselves in a more favorable position.
Banking sector in Indonesia
Indonesia’s banking sector has continuously been on the rise. The growth of the middle class and overall population resulted in the ongoing development of the finance industry. As of April 2022, there were about 1.46 thousand rural banks and 107 commercial banks available. The market is regulated by the financial service authority, whereas the central bank of Indonesia, Bank Indonesia (BI), is responsible for foreign exchange supervision and payment systems.
Digital banking services in Indonesia
Indonesia is one of the most adaptable countries to digital banking services in the world. The majority of the rather young population are open to digital payment methods as well as digital consumption in general. Not surprisingly, the e-wallet market size in Indonesia, was already at 1.5 billion U.S. dollars in 2018, and is expected to grow to 25 billion U.S. dollars by 2023. For traditional banks, this development could be perceived as a threat and an opportunity. The possibility of reaching customers without a physical presence could lead to an increase in clients. On the other hand, a lack of technological know-how and the slow implementation and enforcement of digital actions could allow smaller competitors to establish themselves in a more favorable position.
