Merger of Indonesian State-Owned Shariah-Compliant Banks to Contribute Towards the Growth of Islamic Fintech

The merger of state-owned Shariah-compliant banks in Indonesia is forecast to boost the growth of Shariah-compliant financial technology (fintech) and increase industrial distribution to the tune of trillions of IDR. In line with the merger, Bank BRISyariah, BNI Syariah and Bank Mandiri Syariah are now all a part of Bank Syariah Indonesia.

Why it Matters?

The pipelines for distribution to Shariah-compliant fintech are expected to be over IDR 2 trillion. Further, the development of Shariah fintech is driven by the rising number of regional banks converting to Shariah. In turn, this raises the potential of corporate partners as lenders to Shariah-compliant fintech players.

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