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As of the first quarter of 2025, Bank Mandiri was the largest bank in Indonesia in terms of assets. Along with Bank Rakyat Indonesia (BRI), Bank Central Asia (BCA), and Bank Negara Indonesia (BNI), they were the only Indonesian banks with total assets exceeding *** quadrillion Indonesian rupiah. 

Banking sector in Indonesia

Indonesia’s banking sector has continuously been on the rise. The growth of the middle-class and overall population resulted in the ongoing development of the finance industry. As of March 2025, there were about rural banks and ***commercial banks available. The market is regulated by the financial service authority, whereas the central bank of Indonesia, Bank Indonesia (BI), is responsible for foreign exchange supervision and payment systems.

Digital banking services in Indonesia

Indonesia is one of the most adaptable countries to digital banking services in the world. The majority of the rather young population are open to digital payment methods as well as digital consumption in general. Not surprisingly, the mobile wallet penetration increased over the past years, and almost reached ** percent in 2023. For traditional banks, this development could be perceived as a threat and an opportunity. The possibility of reaching customers without a physical presence could lead to an increase in clients. On the other hand, a lack of technological know-how and the slow implementation and enforcement of digital actions could allow smaller competitors to establish themselves in a more favorable position.