BRI BANK BRANCH IN SINGAPORE EXPECTED TO BE SINGAPORE’S BUSINESS INSTRUMENT

Vice Chairman of Commission XI of House Marwan Cik Hasan appreciated opening of BRI Bank in Singapore yesterday. The first BRI Bank in Singapore was located at QUE Bayfront, 50 Collyer Qauy, Singapore. Marwan expected opening of this branch office as expansion of Indonesia’s market abroad. BRI Bank Singapore was expected to grow as Singapore’s business instrument and be a business player in Singapore. This was disclosed by the Public Relations Dept of House (30/7).

He also reminded the Management of Bank BRI no just to be a branch office but to drum up Singapore’s market so BRI could make profit, be business worthy and perform in Singapore’s market. BRI should not only be a place of transaction for Indonesian Citizens in Singapore, but be a business-player there not without class.

Although BRI Bank Singapore branch was still operating by restricted licensing, i.e. not to open savings accounts and fix deposits in Singapore Dollar for Singapore or non-Singapore citizens, Marwan still rate this a positive signal by the Singapore Government to Indonesian banks to consider that in the past it was not easy for Indonesian banks to operate in Singapore.

The Government of RI could lobby Governments of other countries so Indonesian banks could branch out abroad. So far it was so easy for foreign banks to open their office in Indonesia but the rule did not apply in reserve.

Therefore Indonesia must pursue reciprocal in inter action. Other countries open their banks in Indonesia and vice versa. Indonesia could explore Southeast Asia before expanding further.

Marwan stated that the Parliament planned to amend the Law of Banking to regulate foreign banks in Indonesia. If it was hard for national banks to branch out abroad, then they must be strengthened.

If other countries protected their banks, Indonesia could protect local banks from foreign competition; all that we need was communication between the Indonesian Government and the Government of Singapore with support of OJK.

Marwan expected that Indonesian banks should expand market not just in Singapore but also to Asian countries or even the world.

Indonesia had enough resources and potentials in banking business, but betterment in all aspects was needed for it.

The President of BRI Asmawi Syam stated that Bank BRI branched out to Singapore because of the strategic location in the financial hub of Southeast Asia. The presence of Bank BRI in Singapore served to bridge Indonesia’s business interest in Asia. (SS)

Business New - August 5, 2015