through digital portals and applications further increased the frequency and smoothes the flow of transactions, increased transaction capacity, increased the level of user experience and service quality, which had an impact on increasing BRI Global Financial Services Co Ltd Hong Kong’s income. BRI Global Financial Services Co Ltd Hong Kong’s net profit in 2023 reached IDR4.24 billion, an increase of 52.36% from 2022 of IDR2.75 billion. This increase was supported by increasing income in 2023. Apart from that, the new source engine growth for loan products also had a trickle down impact on other products, thereby increasing revenue significantly. Digitalization also had an impact on the efficiency of business processes, so that BRI Global Financial Services Co Ltd Hong Kong was able to maintain operational expenses and BOPO levels throughout 2023. Strategi BRI Global Financial Services Co Ltd Hong Kong Tahun 2023 Some of the strategies that have been implemented by BRI Global Financial Services Co Ltd Hong Kong in 2023 are as follows: 1. Obtaining a money lender license from the Hong Kong authorities, as an effort to develop business (new source engine growth) in the form of lending services for individuals with a target market of Indonesian Migrant Workers, providing short term financing services to remittance companies that need funds during banking holidays , as well as providing trade financing (invoice financing) services to Indonesian related Small Medium Enterprises (SME) importers in Hong Kong. 2. Diversifying sources of income by becoming a forex dealing solution provider for BRI Global Financial Services counterparts and BRI counterparts. 3. Collaborating with counterparts for new corridors such as Japan, Macau, Taiwan, Korea and the Philippines. 4. The change in the company name from BRI Remittance Company Ltd to BRI Global Financial Services Co Ltd is a form of corporate strategy for transformation by developing a business model in accordance with shareholder aspirations in the BRIvolution 2.0 blueprint. BRI Global Financial Services Co Ltd Hong Kong Competitive Advantage and Innovation BRI Global Financial Services with its remittance products has been the choice of Indonesian Migrant Workers in Hong Kong for years to send money to their families in Indonesia. Being part of the BRI Group is a competitive advantage for BRI Global Financial Services, BRI Global Financial Services customers are also savings customers of BRI Bank. BRI Bank’s network that reaches all corners of Indonesia makes BRI Global Financial Services the main choice for Indonesian Migrant Workers to send money to Indonesia in real time online to their and their families’ BRI Bank accounts in Indonesia. With the support of systems and services that are integrated with the Parent Company (BRI), BRI Global Financial Services can provide additional services to Indonesian Migrant Workers such as balance checking services, printing account books, printing bank statements, and other services to PMIs in Hong Kong. Apart from that, the exchange rate at BRI Global Financial Services is one of the best rates (HKD/IDR) in Hong Kong. BRI Global Financial Services wants to provide the best service and be a one stop solution for Indonesian Migrant Workers in Hong Kong. The company continues to strive to innovate to improve services, such as the remitGo! to provide convenience in carrying out transactions anywhere and anytime. Apart from that, by having obtained a money lender license from the Hong Kong authorities, BRI Global Financial Services can also provide loan services to individual customers, especially to Indonesian Migrant Workers who need emergency funds, both in Hong Kong and for remittance purposes to his family in Indonesia. For non-individual customers, currently the Company can provide financing for Indonesian-related Small and Medium Enterprise (SME) business entrepreneurs in Hong Kong. The combination of the company’s existing business (money transfers or remittances) from Hong Kong to Indonesia and the loan business with the target market of existing remittance customers, provides its own unique competitive advantage. Business Prospect and Strategy for BRI Global Financial Services Co Ltd Hong Kong in 2024 Some economists projected a slowdown in economic growth of 2.7% - 2.9%. The side effects of the Covid-19 pandemic during 2020-2022, as well as Hong Kong’s very conservative policy regarding changing the status of the pandemic to endemic, which was only decided in the middle of 2023, resulted in the uncertainty of conditions at that time which also had an impact on labor demand in Hong Kong. Indirectly, these conditions affect Indonesian Migrant Workers demand in Hong Kong. Taking into account these conditions, as an effort to optimize and diversify the market and business, in 2024 BRI Global Financial Services will focus on working on the existing market with two superior products, namely remittances and new source engine growth in the form of loan services through the BRI Global Financial Services digital channel. Upgrading features and security levels on digital channels (applications) is one of the strategic initiatives in 2024. With this upgrade, it is hoped that BRI Global Financial Services can capture more market potential in Hong Kong, as well as increase market penetration and market share in Hong Kong. The growth of the new customer base and new features that are more user friendly and can meet customer needs are expected to generate greater revenue for BRI Global Financial Service Co Ltd from the cross border money transfer and loan business. PT Bank Rakyat Indonesia (Persero) Tbk. 2023 Annual Report 247 Management Discussion and Analysis on Bank Performance
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