Jakarta. State-owned bank BRI was recently named Indonesia’s most valuable brand by global consultant firm Brand Finance which the bank’s chief executive officer on Monday attributed to strong financial results, improved services, and smooth digitalization transformation. 

BRI CEO Sunarso said the recognition by a respected global rating firm will only encourage the state bank to ensure quality services and expand its customer base through digitalization.

“BRI manages to become the most valuable brand for the [Indonesian] people. It demonstrates the company’s success in providing the best service to a large number of community members,” Sunarso said in a statement.

“This achievement is attributed to BRI's commitment to consistently creating value with a greater focus on the MSME segment, coupled with effective risk management. In addition, BRI continues to pursue digital transformation to enhance productivity and efficiency, as well as improve services to its customers,” he added.

BRI’s digitalization push is translated into BRImo app which currently has 26.3 million users, making it the online banking app with the most users in the country,

During the first quarter of the year, BRImo recorded Rp 884 trillion ($59.5 billion) in total transactions, almost double the transaction value in the same quarter last year.

According to Brand Finance’s latest report, BRI is Indonesia’s most valuable brand with a brand value of $4.3 billion.

It inched a place forward to claim the title from state-owned telecommunication company Telkom.

“The banking brand saw its brand value increase by 15 percent toS$4.3 billion while retaining a brand strength rating of AAA,” Brand Finance said on its website. 

“BRI remains dedicated in its pledge to sustainability with the close alignment of its business practices with environmental, social, and governance (ESG) principles. The brand implemented financing policies for various sub-sectors, encouraging customers to adopt sustainability-based business processes. By December 2022, the brand had pumped Rp 78.8 trillion ($5.26 billion) into the green sector.”

Also made up to the top ten of Indonesia’s most valuable brands are Telkom, state-run oil company Pertamina, state-owned bank Mandiri, HM Sampoerna, private bank BCA, cigarette brands Gudang Garam and  A Mild, state-owned electricity company PLN, and state bank BNI.