Author: Kaspar Situmorang

Author

Kaspar Situmorang, Executive Vice President of Bank Rakyat Indonesia

Kaspar Situmorang is the Executive Vice President of Digital Banking at Bank BRI, the largest microfinance institution in the world and the nation’s largest MSME lender by assets. Its open banking initiative BRIAPI (ISO:27001) has more than 200 partners, including household names like Shopee, Tokopedia, GoPay, and OVO, as well as universities and government ministries.

Fintech Opinion Leader Indonesia Open Banking

The Future of Finance: How to Cope With Open Banking In Emerging Asia

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For more than a decade, Asia has been the largest regional banking market and as the continent’s massive middle class continues to grow, McKinsey expects personal financial assets in the region to reach US$69 trillion by 2025, or 75% of the global total. However, in recent years, traditional banks have been disrupted or have faced stiff competition from fintech startups — be they pure-play digital banks or e-commerce platforms offering quasi-banking services. These players have catered to largely ignored, low-margin, high-risk customer bases, namely those in rural areas of emerging markets. Despite the significant growth in Asia’s banked population, a…

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