BNI Immediately Use Blockchain to Drive Business

BNI revealed that it will soon implement blockchain technology to spur the company's performance by the end of this year. After signing a memorandum of understanding with PT Adamobile Solutions Networks, trade finance and remittances will be BNI's first business unit to use the technology.

This memorandum of understanding was signed by Director of Treasury and International BNI Rico Rizal Budidarmo and CEO of Adamobile Solutions Networks Adam Suherman last week, Friday (11/5). In this memorandum of understanding, both parties will conduct a business review regarding blockchain implementation over the next three to six months.

"Use of blockchain in transactions trade finance can provide convenience in the form of access and validation of documents that can be done directly real-time through an integrated system among its members," explained Rico as quoted from Business.

For remittance transactions, blockchain is useful for exchanging data online real-time and safe because the data is encrypted to all members of the blockchain. The company hopes that this technology can significantly boost BNI's transactions and revenues in the trade finance and remittance business.

Adamobile Solutions Networks CEO Adam Suherman said, the blockchain technology that will be implemented by BNI can streamline business trade finance and future remittances. Efficiency is not only in terms of time, but also cost.

"The cost that can be streamlined will still be studied by us with BNI, but if you look at overseas banks that apply blockchain, the cost efficiency can be between 20-40%," he said.

General Manager of BNI International Business Henry Panjaitan added that after the business study is completed in the next three months, six BNI branches abroad will use the new technology. So it is expected that its performance will be more efficient in terms of cost and time.

Based on performance, BNI's trade finance business volume last year reached $40 billion or grew 25% compared to the previous year. Meanwhile, remittances amounted to $74 billion or grew 10%.

When viewed as of April 2018, transaction volume trade finance BNI reached $15 billion or grew 23%. The export destination country that contributes the portion trade finance The largest are Singapore, China, and Japan. This year, the company targets the realization of transaction volume trade finance could reach $45 billion.