Bank Rakyat Indonesia (BRI) is planning a remittance partnership with Bank Kerjasama Rakyat Malaysia (Bank Rakyat) with plans to expand its services.

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

BRI president director Asmawi Syam said: "That’s the most feasible partnership to do within a short period. It will widen our remittance coverage to cater to the needs of Indonesian workers there."

The collaboration will enable both banks to provide banking services to customers in the two countries.

Bank Rakyat president Datuk Mustafha Abd Razak told Bernama: "For example, Indonesian workers in Malaysia can become BRI’s customers and use services offered by Bank Rakyat in Malaysia for remittances and withdrawals."

The cooperation will enable Indonesian workers in Malaysia to open accounts with BRI and facilitate the transfer of their wages to families through money remittance services, which in turn will generate fee-based income for Bank Rakyat in Malaysia.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

The partnership with Bank Rakyat will also allow BRI to use the former’s 147 branches to channel services, said The Jakarta Post.

Syam said: "If we opened our own branch there, we may have been able to establish one branch only. So instead of doing that, we’ve established this partnership that will allow us to use all of those [Bank Rakyat] branches."