PT Bank Multiarta Sentosa Tbk (Bank MAS) Company Profile

Background

PT Bank Multiarta Sentosa Tbk (Bank MAS) was established in 1992 as a commercial bank in Indonesia. In 2013, it obtained a foreign exchange trading business license and became part of the Wings Group, a prominent Indonesian consumer goods company. Bank MAS commenced operations as a Foreign Exchange Bank in 2016 and became a publicly listed company on the Indonesia Stock Exchange in 2021. The bank aims to be a leading financial management and payment solution provider, focusing on delivering convenience and comfort to its users. It primarily serves the small and medium-sized enterprise (SME) sector, commercial businesses, and personal banking needs of business owners, employees, and their families.

Key Strategic Focus

Bank MAS concentrates on fostering the growth of SMEs and the commercial sector by offering a diverse range of financial products and services. These include savings accounts, time deposits, ownership loans, and a widespread network of ATMs across Indonesia. The bank is committed to enhancing financial inclusion by leveraging the Wings Group ecosystem and developing digital banking services to provide seamless financial planning experiences for its customers.

Financials and Funding

In June 2021, Bank MAS conducted its Initial Public Offering (IPO), releasing 186,176,500 shares at a nominal value of IDR 1,000 per share, priced at IDR 3,360 per share. This IPO raised approximately IDR 625.55 billion. The capital raised was allocated with 85% to strengthen credit development and 15% to enhance digital banking services.

As of March 14, 2025, Bank MAS's stock price was IDR 3,350, with a market capitalization of approximately IDR 4.7 trillion. The bank reported a net income of IDR 103.51 billion for the half-year ended June 30, 2024.

Technological Platform and Innovation

Bank MAS has been actively developing its digital banking services to enhance customer experience and financial inclusion. The bank offers Internet Banking and Mobile Banking services, providing customers with convenient access to their accounts and facilitating various transactions. Additionally, Bank MAS plans to introduce services such as Laku Pandai (branchless banking) to reach underserved areas, QRIS & Virtual Accounts for streamlined payment processing, online account opening, and online loans through its mobile banking platform. The bank also aims to implement Open Banking APIs to foster collaboration and connectivity with various institutions.

Leadership Team

• Ho Danny Hartono: Chief Executive Officer since December 31, 2013.

• Rahmat Bagas Santoso: Chief Operating Officer since May 8, 2022.

• Iwan Yuda Pramudhi: Compliance Officer since December 31, 2011.

• A. Kian: Chief Technology Officer since December 31, 2013.

• Haryati Lawidjaja: Corporate Officer since November 30, 2021.

Leadership Changes

In May 2022, Rahmat Bagas Santoso was appointed as Chief Operating Officer, succeeding the previous COO. Additionally, in November 2021, Haryati Lawidjaja joined as Corporate Officer.

Competitor Profile

Market Insights and Dynamics

The Indonesian banking sector is characterized by a mix of large state-owned banks and smaller private banks, with a growing emphasis on digital banking services to cater to the country's increasing internet penetration and mobile usage.

Competitor Analysis

Key competitors in the Indonesian banking sector include:

• PT Bank Bisnis Internasional Tbk (BBSI): Focuses on providing comprehensive banking services with a strong emphasis on digital transformation.

• PT Bank Nationalnobu Tbk (NOBU): Offers a range of banking products and services, targeting both retail and corporate customers.

• PT Bank Ina Perdana Tbk (BINA): Provides various banking services with a focus on small and medium enterprises.

• PT Bank Maspion Indonesia Tbk (BMAS): Caters to retail and corporate clients, emphasizing personalized banking solutions.

• PT Bank Aladin Syariah Tbk (BANK): Operates as a Sharia-compliant bank, offering Islamic banking products and services.

These competitors are also investing in digital banking platforms to enhance customer engagement and expand their market reach.

Strategic Collaborations and Partnerships

As a member of the Wings Group, Bank MAS collaborates within the group's ecosystem to accelerate financial inclusion in Indonesia. This partnership enables the bank to leverage the extensive distribution network and customer base of the Wings Group, facilitating the introduction of innovative financial products and services tailored to the needs of SMEs and individual customers.

Operational Insights

Bank MAS differentiates itself through its strategic focus on SMEs and the commercial sector, offering tailored financial products and services. The bank's integration with the Wings Group provides a competitive advantage by enabling access to a vast distribution network and customer base. Additionally, the bank's commitment to digital transformation positions it well to meet the evolving needs of its customers and compete effectively in the Indonesian banking sector.

Strategic Opportunities and Future Directions

Bank MAS plans to continue enhancing its digital banking services, including the development of branchless banking, QRIS & Virtual Accounts, online account opening, and online loans. The bank also aims to implement Open Banking APIs to foster collaboration with various institutions.