BRIS - Record 15 mn transactions, BYOND becomes BRIS's breakthrough

BRIS - Record 15 mn transactions, BYOND becomes BRIS's breakthrough "Bank Syariah Indonesia (BRIS)'s super app, BYOND, has been a game-changer, solidifying the bank's position as a modern and technologically advanced player in the Islamic banking sector. Since its November 9th launch, BYOND has garnered over 2 mn downloads and facilitated 15 mn transactions as of January 1st, 2025. Deputy Minister Dony Oskaria emphasized the necessity of digital transformation for Islamic banks to thrive. He praised BSI's successful implementation of BYOND, stating it can serve as a model for the industry. Oskaria stressed the importance of customer engagement and the need to provide tailored financial solutions. He highlighted BSI's efforts to strengthen customer relationships through digitalization BRIS reports that QRIS, Ziswaf, and Investment are the most popular features on its super app, BYOND. With 15 mn transactions recorded, BSI aims to attract 10 mn users to BYOND by 2025. To achieve this, the company is actively promoting BYOND to both new and existing customers. (Source : Investor Daily) Comment : BYOND demonstrates BSI's commitment to embracing digital transformation and modernizing its services. This move is crucial for the bank to remain competitive in the rapidly evolving financial landscape. The success of BYOND will likely intensify competition within the Indonesian banking sector, forcing other banks to innovate and improve their digital offerings. BYOND can play a crucial role in promoting financial inclusion by providing access to financial services to underserved segments of the population. The launch and rapid adoption of BYOND represent a significant achievement for BSI and a positive development for the Indonesian Islamic banking industry. By embracing digital innovation and focusing on customer needs, BSI is well-positioned to thrive in the future and contribute to the growth of the Islamic economy in Indonesia. Maintain BUY BRIS, GGM TP of IDR3,670, (3.4x ‘25F P/B).