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Hello there,
As a child, I used to save money in earthen piggy banks, which were popular in India at the time. Made with terracotta clay, they came in a bright red color and had silver patterns on them.
These types of piggy banks served their purpose excellently. Unlike the fancy ones that come with locks and keys, these wouldn’t let you just take out the cash once deposited. The only way to get the coins out was to shatter the piggy bank on the floor.
This simple invention served as my bank at home – one that did not require any technology.
But physical banks, unlike my clay bank, need to be ahead in innovation to bring more customers into the financial fold.
In this week’s big story, my colleague Ardi looks at how Bank Rakyat Indonesia (BRI), the country’s largest lender, went from late adopter to major front-runner in Indonesian tech.
While BRI earlier avoided adopting technologies it considered risky, it is now sprinting with a bouquet of innovations such as a fast lending app, an all-in-one super app for customers, and a pay-later app. Via its open API, it is also partnering with front-end partners to build a digital ecosystem beyond its core businesses.
This week, we’re also introducing a fresh newsletter format, where we’ll analyze the most important news that happened recently.
To kick off this segment, our writer, Simon, examines the benefits and dangers of the Singapore central bank’s preparations for the introduction of a digital dollar.
Read on to know more.
— Samreen
THE BIG STORY
How BRI went from late adopter to frontrunner in Indonesia’s tech scene
Image credit: Timmy Loen
THE BIG NEWS
MORE NEWS YOU SHOULD KNOW
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