Asmawi Syam, president director of Bank Rakyat Indonesia (BRI), started his career in the second largest bank in Indonesia almost four decades ago, back in 1980.
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Asmawi Syam, president director of Bank Rakyat Indonesia (BRI), started his career in the second largest bank in Indonesia almost four decades ago, back in 1980. He says he never imagined that banking services would evolve into what they are today. He remembers that, well into the 1990s, bankers could just wait for customers. Now, the situation is far different, with fierce competition between banks to find and hold customers, and each one offering competitive rates, services, and prizes. Not to mention the digital revolution with fintech firms offering disruptive services and alternatives to traditional banking.
“Changes happen and we need to adapt to survive and grow,” says Asmawi, 60. But the state-owned BRI has gone far beyond just adapting to the new situation. In June 18, BRI became the first bank in the world to launch its own satellite, dubbed BRIsat, from French Guiana in South America. The satellite is already parked in a geostationary orbit just above Papua and will be handed over to BRI before the end of August.
The $250 million satellite, which Asmawi says only cost the equivalent of 2.5 months of BRI’s payroll, is a giant step for the bank. But is it necessary? Part of the answer lies in the bank’s customer base. Being the country’s second largest lender in terms of assets and loan size after Bank Mandiri, BRI’s customers are spread out across the archipelago, mostly SMEs and micro business. To reach all of them is a logistical nightmare. BRI even has special branches on boats, called BRI Teras Kapal, to provide banking services on some islands and coastal areas. Last year the SMEs and micro segments represented nearly 45% of BRI loans, equal to about Rp 248 trillion.
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