The largest bank in term of market capitalization in Indonesia, PT Bank Central Asia Tbk (IDX: BBCA) targeting to launches Bank Digital BCA in the near time - Photo by the Company

TheInsiderStories) – The largest bank in term of market capitalization in Indonesia, PT Bank Central Asia Tbk (IDX: BBCA) targeting to launches Bank Digital BCA in the near time, said the company yesterday (02/04). The bank is the transformation of PT Bank Royal Indonesia which has been acquired in 2019.

The statement came from the deputy president director of the lender, Suwignyo Budiman. He states, “BCA digital will be launched early this year, with the special aim of serving millennials.”

Previously, finance director of Bank Central Asia, Vera Eve Lim, said the digital bank had received approval from the Financial Services Authority and was initially to introduced in the second half of 2020 but was plagued by a pandemic. To support the new businesses, the lender has allocated Rp2 trillion fresh capital to the units.

She said, around Rp1 trillion will be distributes to develop the sharia banking business line through PT BCA Syariah and another Rp1 trillion for Bank Royal to enter Commercial Bank Business Group II group. After the injection, the unit’ capital will raised to Rp1.3 trillion from initially was Rp319.71 billion.

While, Jahja Setiaatmadja, President Director of Bank Central Asia, added, that Bank Digital BCA, will work on the micro, small and medium enterprises segment because these sectors have a very open market niche. BCA took over shares of Bank Royal in November 2019 with valued Rp988,05 billion.

The concept of digital banking in Indonesia has been run around five years. One of the initiators is PT Bank Tabungan Pensiunan Nasional Tbk (IDX: BTPN). On August 11, 2016, the bank has launched a digital banking innovation application called Jenius. Then, DBS Indonesia participated by launched Digibank with the theme Bank Less Live More.

Commonwealth Bank from Australia also participated in the digital bank competition through a vehicle called TymeDigital three years ago. Furthermore, there are PT Bank Rakyat Indonesia Tbk (IDX: BBRI), PT Bank Bukopin Tbk (IDX: BBKP), PT Bank Permata Tbk (IDX: BNLI), PT Bank Danamon Tbk (IDX: BDMN), PT Bank Neo Commerce Tbk (IDX: BBYB), PT Bank Jago Tbk (ARTO ), and PT Bank Harda Internasional Tbk IDX: BBHI).

US$: Rp14,000

Written by Editorial Staff, Email: theinsiderstories@gmail.com