A shifting landscape for traditional banks in Indonesia

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Hello there,

Last week, I went to an ATM after a lull of over six months. These days, I use cards, net banking or UPI for my transactions.

I hardly carry any cash now, but this was unimaginable until about five to six years ago. I’ve definitely seen the fintech revolution unfold in India.

While digital adoption is rising at an unprecedented pace in the country, there is no dearth of ATMs in my city, Bengaluru, that continue to serve people who prefer cash over digital swipes.

However, this is not the case in Indonesia. As local banks such as BRI, Bank Mandiri, BCA, and BNI see a spike in online transactions, they are downsizing their network of branch offices and ATMs.

In the Big Story this week, my colleague Budi maps out the top commercial banks in Indonesia and their race to ace digital banking in the archipelago.

For our Hot Take, I discuss how Singapore and India recently linked their real-time payment systems and what it means for cross-border payments in both countries.

–Samreen

THE BIG STORY

Indonesia’s big four banks are minting it but need to watch their backs

Image credit: Timmy Loen

BRI, Bank Mandiri, BCA, and BNI may boast high net interest margins, but they shouldn’t be complacent.

THE HOT TAKE

A new era for cross-border payments

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