Question 1

What is Bank Index Selindo?

Accepted Answer

Bank Index Selindo (commonly known as Bank Index) is a private commercial bank in Indonesia specializing in small and medium enterprise (SME) financing. Founded in 1992 and headquartered in Jakarta, the bank operates as a foreign exchange-licensed institution (Bank Umum Swasta Nasional Devisa).

With approximately 58 branches spread across 22 cities in Indonesia, Bank Index focuses primarily on the commercial sector, with SME lending comprising 84% of its total loan portfolio. The bank has positioned itself as a strategic partner for small and medium businesses, providing working capital and investment loans.

Question 2

When was Bank Index Selindo founded?

Accepted Answer

Bank Index Selindo was founded on July 30, 1992, under the name PT Bank Index Selindo. The bank was established following Indonesia's October 1988 Banking Deregulation Package (PAKTO 88), which liberalized the banking sector and allowed new private banks to enter the market.

The bank was initially led by Bambang Surjadi and began operations on August 23, 1993, as a non-foreign exchange general bank from its original headquarters at Jl. Asemka 18-19, Jakarta. Bank Index was among the banks that survived the 1997-1998 Asian financial crisis, demonstrating resilience during a period when many Indonesian banks failed or were merged.

Question 3

Where is Bank Index Selindo headquartered?

Accepted Answer

Bank Index Selindo is headquartered at Plaza Bank Index, Jalan M.H. Thamrin Kav. 57 in Jakarta, Indonesia. This location in central Jakarta serves as the bank's operational headquarters and reflects its position as a Jakarta-based financial institution serving the Indonesian market.

Question 4

Where does Bank Index Selindo operate?

Accepted Answer

Bank Index Selindo operates across Indonesia with a network of approximately 58 branches spread across 22 cities. The bank maintains a significant presence in Java, with 22 branches located in Jakarta alone, and has expanded operations to other major economic centers throughout the archipelago.

Key operational areas include Jabodetabek (Greater Jakarta), Bandung, Cirebon, Solo, Surabaya, Bali, Batam, Lampung, Palembang, Medan, Samarinda, and Pontianak. This strategic distribution positions the bank in major commercial hubs across Java, Sumatra, Sulawesi, and Bali, enabling it to serve SME clients throughout Indonesia's most economically active regions.

Question 5

What services does Bank Index Selindo offer?

Accepted Answer

Bank Index Selindo offers a comprehensive range of commercial banking services with a focus on SME financing. The bank's core services include working capital loans, investment financing, and deposit accounts tailored to small and medium enterprises.

Digital banking services include IndexQu, the bank's internet and mobile banking platform launched in May 2018, which provides customers with online account management and transaction capabilities. The bank also offers IndexQu Business for commercial clients and virtual account services for Internet Banking Business (IBB) customers who need to facilitate payments from their own customers.

Additional services include ATM access through the bank's proprietary ATM Index network and participation in the ATM Bersama shared network, EDC machines for merchant services, and government revenue collection services (tax payments, customs, and other state revenues) through branches and ATMs. The bank has also developed API Management capabilities to facilitate third-party integrations and partnerships.

Question 6

What makes Bank Index Selindo unique?

Accepted Answer

Bank Index Selindo distinguishes itself through its specialized focus on SME financing, with 84% of its loan portfolio dedicated to small and medium enterprises. This concentration makes it one of Indonesia's banking institutions most committed to serving the underserved SME sector.

The bank has demonstrated innovation in digital transformation while maintaining strong security standards. In 2023, Bank Index obtained ISO/IEC 27001:2013 certification for information security management and successfully maintained this certification through reaccreditation in 2024, showcasing its commitment to cybersecurity.

Bank Index has attracted strategic investment from fintech companies and international investors. In April 2022, fintech platforms Modalku (now Funding Societies) and automotive platform Carro announced investments in the bank, citing shared vision and mission. The bank also received funding from FMO (Dutch Development Bank) in 2020 to support its SME lending expansion.

The bank has implemented artificial intelligence for fraud detection and SLIK robotic checking (Financial Information Service System) to assess credit histories, demonstrating technological sophistication. It received recognition at the 2024 TOP Digital Awards for balancing innovation with security and compliance.

Question 7

What type of financial institution is Bank Index Selindo?

Accepted Answer

Bank Index Selindo is classified as a Bank Umum Swasta Nasional Devisa (Private National Commercial Foreign Exchange Bank) in Indonesia's banking regulatory framework. This designation indicates it is a privately-owned commercial bank authorized to conduct foreign exchange transactions.

The bank operates as a commercial bank specializing in retail and SME banking rather than investment banking or universal banking. Its foreign exchange license, obtained on December 2, 2009, allows it to facilitate international transactions, trade finance, and foreign currency operations for its clients.

As a BUSN Devisa, Bank Index is regulated by Indonesia's Otoritas Jasa Keuangan (Financial Services Authority/OJK) and operates under the framework of the Indonesian Banking Architecture (Arsitektur Perbankan Indonesia/API) established by Bank Indonesia.

Question 8

Who owns Bank Index Selindo?

Accepted Answer

Bank Index Selindo is majority-owned by PT Kazanah Indexindo (45.13%), with significant ownership by international investment firms. Creador Capital holds 15.68%, Funding Asia Group owns 10%, and Trusty Cars Pte. Ltd. holds 5% of the bank's shares.

The Setiawan family, a prominent Indonesian business family with interests spanning financial services, sugar and flour refinery, and property sectors, maintains ownership through Kurniadi Setiawan (3.12%) and Alwi Setiawan (1.03%). Other shareholders include SBI Emerging Asia Finance (2.87%) and Nederlandese Financierings (2.13%).

This diverse ownership structure combines Indonesian entrepreneurial capital with international institutional investors focused on emerging market financial institutions.

Question 9

What was the Bank Harmoni merger?

Accepted Answer

In July 2007, Bank Index announced its acquisition of Bank Harmoni Internasional, a smaller bank owned by Petrus Soepratman and Dewi Djutiana Hatianto. The acquisition was completed on December 18, 2007, with Bank Index and its owner Kurniadi Setiawan jointly purchasing Bank Harmoni, which had capital of approximately Rp 24 billion.

On April 7, 2008, Bank Harmoni was formally merged into Bank Index, with Bank Index as the surviving entity. This merger was undertaken as part of Bank Index's strategy to comply with the Indonesian Banking Architecture (Arsitektur Perbankan Indonesia/API) requirements established by Bank Indonesia.

Following the merger, Bank Harmoni's branches were converted into Bank Index branches, and the combined entity's assets reached approximately Rp 1.06 trillion. This consolidation marked a significant expansion phase for Bank Index and positioned the bank for its subsequent growth trajectory.

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