Bank Mandiri, Indonesia’s largest lender by assets, on Wednesday signed a deal to exchange services with labor insurance firm Jamsostek
ank Mandiri, Indonesia’s largest lender by assets, on Wednesday signed a deal to exchange services with labor insurance firm Jamsostek.
Jamsostek will integrate its payment system with Bank Mandiri under the deal. All companies using Jamsostek’s services will be given access to Bank Mandiri’s National Pooling Facility, which collects premium payments under one system that can be monitored in real time by companies.
“If we can utilize this facility, hopefully we can give the best service to 110 million Indonesian workers who frequently face difficulties with the traditional banking system,” Bank Mandiri president director Zulkifli Zaini told reporters.
The deal also stipulates that Jamsostek can use Bank Mandiri’s cash management and custodian services.
“Bank Mandiri has a wide cooperation with Jamsostek. We are not only a depositor with Bank Mandiri, but also bondholder, shareholder and investor in [subsidiaries] Mandiri Manajemen Investasi and Mandiri Sekuritas,” Jamsostek president director Elvyn G. Massasya said.
As of October, Bank Mandiri’s custodian services currently manages Rp 182.2 trillion (US$18.91 billion) in assets from 650 companies.
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