Here are three themes: the rise of digital banking; growing financial literacy and smartphone access in rural Indonesia; and the transformation of the gig economy there as a result of the Covid-19 pandemic. Bank Raya sits where these three themes meet.
Bank Raya’s story begins as BRI Agro, a subsidiary of Bank Rakyat Indonesia (BRI), Indonesia’s largest bank by assets. For 30 years BRI Agro was mainly a corporate bank for the agricultural sector.
In 2016, BRI’s president director Sunarso Sunarso set about a transformation plan for the overall bank on two fronts: culture and digital.
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