The economic cooperation between Indonesia and Singapore not only showcases a robust bilateral partnership but also fosters new innovations in the regional financial sector as both countries continuously strive to strengthen economic integration through various strategic initiatives.
One such strategic partnership is between Indonesian State-owned Bank Rakyat Indonesia (BRI) and the Singapore Chinese Chamber of Commerce & Industry (SCCCI), recently agreed upon during the BRI-SCCCI event at BRILiaN Center in Jakarta.
The event was attended by prominent business figures and high-ranking officials from both countries, including Indonesian Ambassador to Singapore Suryo Pratomo and SCCCI President Kho Choon Keeng.
Agus Noorsanto, Director of Wholesale and Institution Business at BRI, welcomed the delegation, which included representatives from the Singapore Embassy and 30 Singaporean companies.
“This event marks a significant moment in strengthening bilateral relations between the two countries and expanding cooperation in the investment sector,” Agus said in a statement as quoted on Monday, August 5, 2024.
Agus emphasized BRI’s strategic role in supporting foreign direct investment. He is optimistic that the partnership with Singaporean investors will bring substantial benefits to both parties.
“BRI is committed to facilitating the investment process for business players, including those from Singapore, by providing efficient, transparent, and business-oriented services,” he said. “With advanced technology infrastructure, we are ready to help investors smoothly start their businesses in Indonesia.”
The strengthened partnership between BRI and the Singaporean business community is expected to yield significant benefits for both nations. With support from the Indonesian Embassy and the Indonesian Investment Promotion Center (IIPC) in Singapore, BRI has managed to establish connections with various potential partners in Singapore through its branch office.
“This collaboration is expected to strengthen bilateral economic relations and pave the way for closer cooperation in the future,” Agus said.
“With BRI’s commitment to providing innovative and reliable banking solutions, we anticipate creating a strong synergy between both parties,” he added.
Agus also highlighted that the immense potential of this partnership would not only enhance Indonesia-Singapore economic relations, but also contribute to regional economic stability and growth.
“With a spirit of innovation and cooperation, BRI is ready to be a strategic partner for the Singaporean business community, paving the way for sustainable economic growth and shared prosperity,” he said.
Global expansion
BRI has made significant expansion by strengthening its banking representation in countries like Malaysia, Korea, Japan, the United Arab Emirates, Saudi Arabia, and plans to expand to Germany and China.
Additionally, BRI has a global presence with six overseas branches in New York, Singapore, Timor-Leste, Taipei, Hong Kong, and the Cayman Islands, along with bank representatives in Malaysia, Korea, Japan, the UAE, Saudi Arabia, and the U.S.
This extensive network enables BRI to provide tailored financial solutions for multinational companies and support the business ecosystem more effectively.
In 2024, BRI also established a special function to handle foreign direct investment (FDI), aiming to foster strategic partnerships with international companies.
This initiative is expected to strengthen cross-border economic growth and collaboration, making BRI a top choice for foreign investors looking to do business in Indonesia.
BRI has solidified its position as one of Indonesia’s leading banks with numerous international achievements. In 2023, BRI received over 200 prestigious awards, including “Best Retail Bank in Indonesia” and “Most Innovative Bank in Southeast Asia” in 2024.
Furthermore, BRI has garnered significant recognition from the Triple A Awards, being named “Best Services Provider Transaction Bank” and “Best Treasury and Working Capital-SMEs,” reinforcing its leadership in transaction banking and working capital management services, especially for Small and Medium Enterprises (SMEs).
