Indonesia

Asiamoney’s debut award for best Islamic bank goes to Bank Syariah Indonesia (BSI), a firm that was only formed in February 2021 by the merger of state-owned Islamic banks BNI Syariah, Bank Syariah Mandiri and BRI Syariah.

Micro, small and medium-sized enterprises around the world have been among those worst affected by the pandemic. While governments have rolled out support for these businesses, banks have also had to do their part by adapting their policies and practices to accommodate the rapidly changing financials and behaviour of SMEs. In Indonesia, none did better than Bank Rakyat Indonesia.

When it comes to international banks in Indonesia, Citi is the one to beat.

Mandiri Sekuritas, a subsidiary of Bank Mandiri, is unusual among Indonesia’s corporate and investment banks because it has both domestic and overseas operations. This is essential for the long-term growth of a bank – and for survival during difficult times.

The competition for the award for best bank for CSR was fierce this year, as nearly every bank in Indonesia proved its dedication to its communities, customers and employees during the pandemic. All of them should be lauded for their efforts, but Bank Negara Indonesia (BNI) is the winner.

The lockdowns of 2020 and 2021 showed how important it was for banks to have up-to-date technology and easily accessible digital banking services to survive.

During the last Asiamoney awards period, Indonesia's banks were just beginning to tackle the economic consequences of the Covid-19 pandemic. But the latest awards period was even tougher, as it encompassed a full 12 months of the health crisis.

For proof of the power of female role models, look at Indonesia: the country is confounding stereotypes and narrowing the gender gap.

Luhut Binsar Pandjaitan is one of the most powerful men in Indonesia, leveraging his successes in the military and business to become the president’s key fixer. Will that influence be parleyed into the presidency in 2024?