BSI Targets To Get Permits For Two Bulion Business Activities This Year

Photo: Doc. Bank Syariah Indonesia (BSI)

PT Bank Syariah Indonesia Tbk (BSI) targets to obtain permits for two other Bulion business activities this year, namely gold financing and gold storage, after the company has a business license for gold storage and gold trading.

"Hopefully we can add the two products this year. But that's back again, depending on the assessment from the authority (OJK)," said BSI Sales & Distribution Director Anton Sukarna during a breaking of the fast with the media in Jakarta, quoted by Antara, Thursday, March 6.

Anton explained that there are many aspects that the company must prepare internally before applying for permits for the two types of Bulion businesses to the Financial Services Authority (OJK), starting from risk assessment criteria, business models that are built, model operations, to systems that are built thoroughly.

"But we are optimistic that this will soon (get permission from the OJK)," he said.

The gold bank (Billion bank) service was inaugurated by the President of the Republic of Indonesia Prabowo Subianto on February 26. Previously, BSI had obtained an official permit for the implementation of the gold bank from the OJK on February 12, 2025, which included two main business activities, including gold storage and gold trading.

This year, BSI will also focus on developing the gold bank business through three service focuses, one of which is BSI Emas Digital which is a buying and selling service and entrusting gold through the BYOND by BSI application.

Another service is BSI Gold which provides convenience for customers to buy physical gold in cash and in installments at competitive prices. The last is the development of BSI Gold ATMs for easy gold printing at the center and BSI branches.

Anton said the gold bank business at BSI has a number of advantages including BSI Gold with a 99.99 percent capacity with an SNI standard and MUI certificate.

BSI can serve the gold business by utilizing the BSI Agent network of more than 110,000 throughout Indonesia. Gold bank services can also be accessed anywhere and anytime through BYOND by BSI.

During 2024, BSI's total gold management was recorded at 17.5 tons with a transaction volume of 29.7 tons. The potential for the precious metal business will continue to be developed through optimizing the gold bank ecosystem that the company currently has.

BSI noted that the opportunity to develop the Indonesian gold market is also very large considering that Indonesia's per capita gold demand is still the lowest in Southeast Asia, which is 0.16 grams per person. On the other hand, gold circulating in Indonesian society reached 1,800 tons from the upstream to downstream sector, referring to the McKinsey study.

While the number of gold bullion is projected to reach 321 tons which are monetizable assets. This amount has the potential to continue to increase considering that Indonesia has the largest gold reserve potential number six in the world which is equivalent to 2,600 tons.

Through the gold bank business, Anton said that BSI can capture economic value throughout the gold supply chain, monetize gold assets that are less productive, and provide convenience in alternative sharia investments.

This effort is inseparable from BSI's mission to continue the government's directive as the locomotive of the national sharia economy. In addition, it is also in order to support the government's vision to encourage national economic growth which is projected to reach 8 percent by 2029.

Anton is also optimistic that the gold bank or Bulion business will provide attractiveness for upstream to downstream gold industry players who provide added value to the production chain, because downstream precious metals increase the added value of gold ore up to 10 times.