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Ada Pertanyaan? Hubungi Kami Fathan Qorib, Christina Desy
Having entered the final quarter of 2014, like other ASEAN nations, Indonesia has started the countdown for the start of the ASEAN Economic Community (AEC). To date, countless discussions and initiatives have been organized to design the best programs for each Indonesian business sector to compete under the 2015 ASEAN market liberalization.
Luckily for the banking sector, its liberalization is scheduled to start later in 2020. Indonesia will need all of this additional time for focused preparation for this important sector. In addition to multiple discourse at various levels between interested parties, a specific strategy for the sector is considered critical and needed be established without delay.
Forecasting tougher competition from foreign banks in the AEC, Farid Rahman, Vice Chairman of the National Bank Association (Perhimpunan Bank Nasional – “Perbanas”) believes that the Indonesian banking sector must create financial products which are in line with consumer needs and take advantage of new technology as it develops.
One example is the implementation of branchless banking. The branchless bank initiative is expected to assist banks in providing inclusive financial access to people living in rural areas. Moreover, this program also has the potential to generate additional fiscal benefits for consumers living in rural areas who could potentially act as agents or third party managers for office-less bank transactions. Such enthusiasm, however, must be tempered by regulatory prudence and concerns about capital requirements.
“Being highly technological, such banks need sufficient capital to operate,” said Gandjar Mustika, Head of the Banking Research and Management Department at the Financial Services Authority (“OJK”).
To that end, the OJK is currently discussing appropriate policies for such products. According to Mr. Mustika, this program is available for banks that fall under the BUKU II to BUKU IV categories. Participation by BUKU I banks is still under consideration.
The OJK, however, has promised to support smaller banks to be able to provide these services to their consumers through infrastructure and systems to support possible programs, especially for matters related to capital and payment system. A regulation on branchless banking is expected to be issued by the end of 2014.
Sharing Mr. Mustika’s views, Felia Salim, Vice President of Bank BNI, also believes that the branchless banking program will increase Indonesian people’s access to banking services. Consequently, BNI will focus on expanding its regional business networks through branchless banking. To date, BNI is at the stage of selecting parties that will be BNI’s business partners.
(hot/kc)
Fathan Qorib, Christina Desy
Having entered the final quarter of 2014, like other ASEAN nations, Indonesia has started the countdown for the start of the ASEAN Economic Community (AEC). To date, countless discussions and initiatives have been organized to design the best programs for each Indonesian business sector to compete under the 2015 ASEAN market liberalization.
Luckily for the banking sector, its liberalization is scheduled to start later in 2020. Indonesia will need all of this additional time for focused preparation for this important sector. In addition to multiple discourse at various levels between interested parties, a specific strategy for the sector is considered critical and needed be established without delay.
Forecasting tougher competition from foreign banks in the AEC, Farid Rahman, Vice Chairman of the National Bank Association (Perhimpunan Bank Nasional – “Perbanas”) believes that the Indonesian banking sector must create financial products which are in line with consumer needs and take advantage of new technology as it develops.
One example is the implementation of branchless banking. The branchless bank initiative is expected to assist banks in providing inclusive financial access to people living in rural areas. Moreover, this program also has the potential to generate additional fiscal benefits for consumers living in rural areas who could potentially act as agents or third party managers for office-less bank transactions. Such enthusiasm, however, must be tempered by regulatory prudence and concerns about capital requirements.
“Being highly technological, such banks need sufficient capital to operate,” said Gandjar Mustika, Head of the Banking Research and Management Department at the Financial Services Authority (“OJK”).
To that end, the OJK is currently discussing appropriate policies for such products. According to Mr. Mustika, this program is available for banks that fall under the BUKU II to BUKU IV categories. Participation by BUKU I banks is still under consideration.
The OJK, however, has promised to support smaller banks to be able to provide these services to their consumers through infrastructure and systems to support possible programs, especially for matters related to capital and payment system. A regulation on branchless banking is expected to be issued by the end of 2014.
Sharing Mr. Mustika’s views, Felia Salim, Vice President of Bank BNI, also believes that the branchless banking program will increase Indonesian people’s access to banking services. Consequently, BNI will focus on expanding its regional business networks through branchless banking. To date, BNI is at the stage of selecting parties that will be BNI’s business partners.
(hot/kc)