BRIS - Targets 10 mn BYOND users in 2025

BRIS - Targets 10 mn BYOND users in 2025 Bank Syariah Indonesia (BRIS) aims to reach 10 mn users for its BYOND by BSI superapp in 2025. Since its launch on November 9th, BYOND has already garnered 2 mn users. BSI President Director, Hery Gunardi, expressed confidence in achieving this goal, highlighting the rapid growth of the bank's customer base. He emphasized the need to convert 6 million existing BSI Mobile users and attract 13 mn new customers to the platform, citing its enhanced features and benefits. BYOND by BSI is poised to become the primary channel for accessing BSI's modern and inclusive sharia banking services. Gunardi emphasized that the 2 mn user milestone marks only the beginning of the journey, and the company is committed to further developing and expanding the platform. (Source : Kontan) Comment : The rapid growth of BSI's customer base and the successful onboarding of 2 min users since BYOND's launch in November 2024 provide a strong foundation for achieving the 10 mn user target. The fintech landscape is highly competitive. BSI will need to differentiate BYOND by BSI from other superapps and mobile banking platforms to attract and retain users. Ensuring the smooth and secure operation of a sophisticated superapp with a large user base will require ongoing technological innovation and robust infrastructure. Continuously enhancing the user experience and introducing new features will be crucial to maintaining user engagement and driving long-term growth. By effectively capitalizing on the substantial potential within the Sharia banking market and strategically leveraging its existing user base, BRIS is poised to exhibit robust earnings growth trajectory in the future. Our investment recommendation for BRIS remains a "BUY" with a 12M GGM TP of IDR3,670 (3.4x ‘25F P/B).