PT Bank Syariah Indonesia Tbk. (BSI) is positioning itself to pioneer bullion banking in Indonesia. This move follows an initiative by Coordinating Minister for Economic Affairs Airlangga Hartarto, who proposed that BSI and PT Bank Rakyat Indonesia Tbk. (BRI) spearhead the development of bullion banks in the country.

BSI’s CEO, Hery Gunardi, expressed readiness to support this vision. “We welcome the initiative. Preparations are underway, requiring infrastructure, studies, and more,” he said during an event in Jakarta on Wednesday evening.

Hery noted that BSI's internal preparations are ongoing. Once completed, the bank plans to seek regulatory approval from the Financial Services Authority (OJK). “Hopefully, by early next year, we’ll submit our request. Of course, the approval process will take time,” he added.

Gold-related products like installment plans and gold pawning already form a significant part of BSI’s portfolio, demonstrating consistent growth. These trends bolster optimism about the prospects for bullion banking.

Airlangga highlighted the importance of utilizing Indonesia’s gold reserves through specialized banking services, including trading gold bars and coins. He aims for the bullion bank initiative to launch in the first half of 2025, with supporting regulations currently being drafted.

“By law, the framework is already in place. We hope to realize this initiative in the first semester of next year,” Airlangga stated at a recent economic forum in Jakarta.

Maman Firmansyah, OJK’s Director of Financial Institution Supervision, emphasized that a presidential regulation is being prepared to support bullion banking. Additionally, OJK has issued guidelines under POJK No. 17/2024, outlining permissible activities such as gold deposits, financing, custodial services, and trading.

However, challenges persist in building a robust bullion ecosystem. “The current ecosystem in Indonesia has significant gaps compared to other countries like Singapore, the UK, and Turkey,” Maman noted. Despite these hurdles, the initiative is expected to drive growth in Indonesia's financial services sector, fostering innovation and diversification.

The roadmap for bullion banking reflects a bold step forward in integrating traditional assets like gold into modern financial systems, signaling new opportunities for banks and investors alike.

BISNIS