Wednesday, 05 August 2020

BNI Utilizes Blockchain Technology to Improve Banking Business

PT Bank Negara Indonesia (Persero) Tbk or BNI utilizes blockchain technology to improve banking business performance for trade finance and remittance products.
Currently BNI is the first banking in Indonesia to implement blockchain technology. BNI's seriousness in utilizing blockchain technology was marked by the signing of a Memorandum of Understanding (MoU) between Treasury and International Director Rico Rizal Budidarmo with Chief Executive Officer (CEO) of PT Adamobile Solutions Networks Adam Suherman in Jakarta.

Also present witnessed the signing of the Indonesian Ambassador to China Djauhari Oratmangun, and Director of Information Technology and Operations of BNI Dadang Setiabudi.
Rico Rizal Budidarmo said, blockchain technology is a technology that uses the concept of a distributed ledger that allows distributed data at every point connected in it to be efficient and accountable, so that all parties including blockchain members can exchange data in real time. Blockchain technology is one of the right solutions that can be applied to the banking industry.

"The use of blockchain in trade finance transactions can provide convenience in the form of access and document validation that can be done in real time through an integrated system among its members. Remittance transactions include exchanging data in real time and securely because the data is encrypted to all blockchain members. It is expected that this blockchain technology can significantly increase BNI's transactions and revenues, especially in trade finance and remittance transactions and be

come a banking solution in the midst of the digital age competition, "Rico said. In 2017, BNI's trade business volume was USD 40 billion or grew by 25% compared to the previous year, while BNI's remittance business volume was USD 74 billion or grew by 10% compared to the previous year.

With this achievement, BNI is committed to continuing to develop banking products in the digital direction by cooperating with fintech companies to provide solutions and ease of transactions for all BNI customers. PT Adamobile Solutions Networks is one of the financial technology (fintech) companies specializing in blockchain technology.

Source: BNI BANK
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