PT. Bank Negara Indonesia Event: BNI Ventures Match Arc
A business matching event held and hosted by PT. Bank Negara Indonesia and its affiliates on the 28th of August, 2024. The purpose of the event was to match business divisions that PT. Bank Negara Indonesia has, with ventures and startups selected through the preliminary sessions. RubiLabs was nominated to participate the week prior, and our representative participated in the event.
The Cross-Border Payment Messaging
RubiLabs proposed their solution in facilitating a faster, cheaper, and seamless cross-border payment system, in the scope of messaging to different banking institutions. The goal of the system is to exchange payment instructions and the details included in a transaction, where the recipient and the sending bank will be facilitated with the function to cross-check and validate the authenticity of the beneficiary and the sender. Throughout the event, RubiLabs met with three different divisions from PT. Bank Negara Indonesia, and information exchange and opportunity for collaboration was explored.
The Business Opportunity
In regards to facilitating PT. Bank Negara Indonesia, one of the largest banking institution in Indonesia, their scope is to expand their use-cases in the overseas market, primarily Japan. Being a Japanese company, RubiLabs shared their insights and the regulatory issues in the land of Sakura, accommodating with the requests mentioned by PT. Bank Negara Indonesia. Potential business collaboration was explored with wholesale and corporate banking division, with their head of divisions participating in the discussion. Overall, RubiLabs made its presence in Indonesia, and it was a good opportunity for RubiLabs team to understand the landscape and the market in Indonesia.
The Networking Event
Post the event, a networking session was held, where the RubiLabs team was able to meet with other ventures, and other divisions of PT. Bank Negara Indonesia. The memorable event was concluded by photographs, and ventures seeking collaborations amongst themselves, and with the bank. Until today, the discussion on potential partnerships and further collaborations are still discussed between RubiLabs and the other counterparts participating in the event.
The Indonesian Landscape
The Indonesian banking sector is advanced, and mature when compared to Japan. In terms of technology related to payment infrastructure, and digital optimization, the Indonesian banking infrastructure is more adept in these changes. However, with that said, issues regarding security was raised during the discussion. As the banking sector is one of the oldest and most complex industry, a high standard for security is on demand. With that in mind, the Indonesian market has higher appetite to potential cyber fraud, due to the digital literacy of the residents, and the weaker standards for security, raising concerns and data leakage as raised by the bank.
The Future of Banking
The RubiLabs team strongly believes that an international collaboration between PT. Bank Negara Indonesia and RubiLabs will bring a synergy, and will result in a new, innovative products to combat the issues raised during the discussions. This synergistic collaboration can bring PT. Bank Negara Indonesia facilities and banking products to be introduced in the land of Sakura, and vice-versa, where new products and standards can be introduced in their home country, Indonesia, for a better, and more secure services.