Indonesia: Islamic Bank Syariah Mandiri to Issue E-Money Next Year

• Oct 24, 2017

TEMPO.CO, Jakarta – After three years of co-branding with its parent company, Islamic BankSyariah Mandiri (BSM) has decided to issue its own electronic money. The company’s official said the plan will be carried out next year.

“Our business plan for 2018 is to become an e-money issuer,” The bank’s distribution and services director Edwin Dwidjajanto said on Monday, October 2017.

If the plan materializes, Edwin said, BSM will become Indonesia’s first Islamic bank that issues its own e-money separately, not through co-branding with its holding. 

Edwin said the bank also supports the government’s program to fully implement a non-cash system in toll roads. BSM plans to distribute and promote their e-money cards by exempting users from paying for the card-making fee.

This year, BSM plans to produce an additional of 25,000 e-money cards. 

“The sharia e-money market is still very small because Islamic bank customers only account for a little over five percent [of the total banking market],” he said.

Source: https://en.tempo.co/read/news/2017/10/24/056912588/Islamic-Bank-Syariah-Mandiri-to-Issue-E-Money-Next-Year