What Bank Sinarmas does

Bank Sinarmas is an Indonesian commercial bank that provides retail, priority, and business banking services across Indonesia. Founded in 1989 and headquartered in Jakarta, the bank operates through 68 branch offices (Kantor Cabang) distributed nationwide from Sabang to Merauke, alongside a multi-channel digital presence, and serves personal banking customers, high-net-worth individuals via Priority Banking, small and medium enterprises, and mortgage borrowers.

The bank's core digital platform is SimobiPlus, a mobile banking application that supports savings management, investments (mutual funds via Sinarmas Asset Management), credit card management, bill payments, QRIS payments, BI Fast instant interbank transfers, international remittances, and online account opening for the Simas Digi product. Supporting infrastructure includes a WhatsApp-based chatbot (Prissa), internet banking, an ATM network, and a portfolio of sub-brands (Simas Tara, Simas Diamond, Simas Valas, Simas Gold, Teman KPR, Bank Sinarmas Prioritas, Red Diamond Infinite Card). Business banking offerings include trade finance instruments (Letter of Credit, SKBDN), foreign exchange products (FX Today, FX Tomorrow, FX Spot, FX Forward, FX Swap), supply chain financing, micro credit (Kredit Mikro), and sector-specific personal loans (KTA Simas Agri for agriculture, livestock, fisheries, plantation).

Bank Sinarmas generates revenue primarily through interest income from loans (KPR mortgages with fixed rates starting at 1.36%, business loans, micro credit, and consumer loans), transaction and service fees (transfers, FX, account administration), commission-based distribution of mutual funds and bancassurance products through Sinarmas Group affiliates, and credit card operations. Listed on the Indonesia Stock Exchange (IDX: BSIM) as PT. Bank Sinarmas Tbk, the bank is regulated by OJK and Bank Indonesia, with deposits insured by LPS up to Rp2 billion per customer. It operates within the broader Sinarmas Group conglomerate alongside Sinarmas Asset Management, Sinarmas Sekuritas, and Bank Nano Syariah.

Name

Bank Sinarmas

Legal name

PT. Bank Sinarmas Tb

Website

https://www.banksinarmas.com/

Company type

Public

Founded year

1989

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

PT. Bank Sinarmas Tbk is an Indonesian commercial bank operating since 1989, serving retail, priority (HNWI), SME, and mortgage customers through 68 branch offices nationwide and the SimobiPlus digital banking platform. It is listed on IDX as BSIM and operates within the Sinarmas Group conglomerate.

Ownership category

akta.pro rank

Product category

Commercial Banking

NAICS

Commercial Banking (52211), Credit Card Issuing (52221)

SIC

State Commercial Banks (6022)

akta.pro primary industry

SME Deposits & Business Accounts (Operating, Savings, CDs) (FSABABAC)

Keywords

• Retail banking services
• Commercial banking products
• Digital banking platform
• Wealth management services
• Trade finance solutions

Headquarters

HQ city

Jakarta

HQ country

Indonesia

HQ region

Asia

Offices2 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Infrastructure, Marketing or Sales

Revenue model

1. Interest Income from Loans: Traditional banking revenue from interest spreads on mortgage loans (KPR), business loans, micro credits, and consumer loans
2. Transaction and Service Fees: Fees from transfers, bill payments, ATM withdrawals, account administration, and foreign exchange transactions
3. Mutual Fund Distribution (Bancassurance): Commission revenue from distribution of mutual funds and insurance products through bancassurance partnerships
4. Credit Card Operations: Revenue from credit card transactions including merchant discounts, annual fees, and interest on revolving balances

Pricing tiers

Go-to-market motion2 records

Distribution channels6 records

Marketing channels6 records

Core offering

PT. Bank Sinarmas Tbk is an Indonesian commercial bank that provides deposit accounts, credit cards, mortgages (KPR), consumer and business loans, mutual funds, insurance (bancassurance), and trade finance (L/C, SKBDN, FX products) for individuals, priority/high-net-worth clients, and micro/small/medium enterprises. Its products are distributed through 68 branch offices and digital channels including the SimobiPlus mobile banking app, internet banking, and the Prissa WhatsApp banking chatbot.

Product overview

Bank Sinarmas operates as a comprehensive Indonesian bank offering a portfolio of interconnected financial products and digital services. The core platform is SimobiPlus, a mobile banking application that serves as the central hub connecting savings products (Simas Digi, Simas Tara, Simas Diamond, Simas Valas), investment services (Reksa Dana mutual funds, Smart Investa Link bancassurance), credit products (KPR home loans, credit cards including Red Diamond Infinite and INDIGO), and transaction services (QRIS payments, BI Fast transfers, international remittance). Business banking services include trade finance (Letter of Credit, SKBDN), forex products (FX Today/Spot/Forward/Swap), and supply chain financing. The 'Finansial Lebih Baik' (Better Financial) ecosystem integrates priority banking, digital savings, and investment planning tools to serve both personal and business customers across Indonesia through 68 branch offices.

Differentiator

Problem solved

Functional benefit

Brands

• SimobiPlus: Mobile banking application for digital transactions
• Simas Digi
• Simas Tara
• Simas Valas
• Simas Diamond
• Simas Gold
• Teman KPR
• Simas Double Untung
• Finansial Lebih Baik
• Bank Sinarmas Prioritas
• Red Diamond Infinite Card

Products and services

• SimobiPlus Mobile Banking Bank Sinarmas's primary mobile banking application that enables users to manage savings, investments, credit cards, bill payments, QRIS transactions, foreign currency transfers, and BI Fast instant transfers. Available on iOS (id938705552) and Android.
• Simas Digi 100% online digital savings account with no monthly administration fees, no initial deposit required, and free account closure. Includes free interbank transfers up to 20 times per month for average balances ≥ Rp1 million. Opened via SimobiPlus without branch visit.
• Simas Tara Savings product with flexible financial plans to help customers achieve their dreams through disciplined savings.
• Simas Diamond Exclusive savings account with premium features for high-net-worth priority customers.
• Simas Valas Foreign currency savings account supporting multiple currencies including USD, SGD, EUR, JPY, and GBP for international transactions and currency diversification.
• Red Diamond Infinite Card Premium credit card offering exclusive benefits and infinite experiences for priority customers.
• INDIGO Credit Card Credit card product with 3D Secure feature for enhanced online transaction security.
• KPR (Kredit Pemilikan Rumah) Home Ownership Credit Home ownership financing with various programs including Primary KPR, Take Over, and Secondary KPR. Offers terms up to 25 years with competitive fixed and tiered interest rates starting from 1.36% fixed for 1 year.
• Reksa Dana (Mutual Funds) Mutual fund investment products including Money Market Fund, Fixed Income Fund, Mixed Fund, and Stock Fund, available through SimobiPlus. Distributed via affiliated Sinarmas Asset Management.
• Smart Investa Link Investment-linked insurance product providing death protection from accidents and non-accidents along with policy value investment benefits.
• Simas Investment Plan (SIP) Regular mutual fund investment through auto-debit for convenient wealth building.
• Giro Sinarmas Business current account product for managing large-value payments and business transactions.
• FX Products (FX Today, FX Tomorrow, FX Spot, FX Forward, FX Swap) Comprehensive forex trading products including same-day transactions, next-day settlement, spot rates, forward contracts, and currency swaps for businesses.
• Letter of Credit (L/C) and SKBDN Services Import/export transaction services including L/C and SKBDN collection (sight and usance/forward) and L/C negotiation for international trade.
• Supply Chain Financing Working capital financing service for business supply chains to support goods and services provision from suppliers.
• Kredit Mikro Micro credit product designed to support small business growth.
• KTA Simas Agri Personal loan for individuals engaged in agriculture, livestock, fisheries, or plantation sectors, referred by third parties for working capital or investment purposes.
• QRIS Payment QR Code Indonesian Standard payment service for seamless transactions at merchants, supporting both domestic and cross-border QRIS.
• BI Fast Transfer 24-hour instant interbank transfer service through SimobiPlus.
• International Remittance Worldwide money transfer service for cross-border transactions in foreign currency.
• Prissa WhatsApp Banking WhatsApp-based banking information service allowing customers to inquire about exchange rates and banking information via chatbot.
• Priority Banking (Bank Sinarmas Prioritas) Premium banking service for entrepreneurs providing one-stop solutions including integrated asset management, exclusive opportunities, and strategic knowledge sharing, with dedicated relationship managers.
• Bancassurance Products Insurance products offered through bank distribution including Simas Prestige Link, Simas Prima, Simas Flexi Link, Simas Income Protection, Personal Accident, and Simas KID for children's education funding.

Quantifiable outcome

• Bebas biaya admin bulanan dengan Simas Digi
• +2 more outcomes

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Five partnerships are on record, tiered minor and core.

• KADIN DKI JakartaminorStrategic or Co-development Partner · 25 November 2025KADIN DKI Jakarta (Jakarta Chamber of Commerce and Industry) is supporting the WFIS 2025 event where Bank Sinarmas participates as part of Indonesia's digital finance ecosystem development.
• Sinarmas Asset ManagementcoreChannel Partner/ Reseller/ DistributorSinarmas Asset Management is an affiliated company offering mutual fund investments. Bank Sinarmas distributes Sinarmas Asset Management products through its branch and digital channels, with the fund recognized as 'Terbaik Investasi Reksadana' (Best Mutual Fund Investment).
• Sinarmas SekuritascoreChannel Partner/ Reseller/ DistributorSinarmas Sekuritas is an affiliated securities company offering stock trading and investment services. Bank Sinarmas provides links to Sinarmas Sekuritas for customers interested in stock investments, with the company recognized as 'Terbaik Online Trading Investasi Saham' (Best Online Trading for Stock Investment).
• Bank Nano SyariahminorChannel Partner/ Reseller/ DistributorBank Nano Syariah is an affiliated Islamic banking entity. Bank Sinarmas provides promotional links to Bank Nano Syariah for customers seeking Sharia-compliant banking products.
• World Financial Innovation Series (WFIS)minorGTM or Marketing PartnerBank Sinarmas participates in the World Financial Innovation Series 2025 event to be held in Jakarta on November 25-26, 2025, focusing on inclusive finance, smarter banking, and mobile banking to support Indonesia's digital financial ecosystem.

Scale indicators4 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• Bank Central Asia (BCA): Indonesia's largest privately-owned commercial bank, offering the same retail, SME, credit card, mortgage, and digital-banking product set as Bank Sinarmas but at materially greater scale; the closest large-cap comparable for an Indonesian commercial bank.
• Bank Mandiri: Indonesia's largest state-owned commercial bank with full retail, corporate, SME, and trade-finance offerings; directly comparable to Bank Sinarmas across product mix and target customer base, though at significantly larger scale.
• Bank Rakyat Indonesia (BRI): Indonesia's leading micro, small, and SME-focused bank; highly comparable to Bank Sinarmas given its micro-credit (Kredit Mikro) and agribusiness lending products, while operating at much larger scale.
• Bank Negara Indonesia (BNI): Major Indonesian state-owned commercial bank with broad retail, SME, and corporate banking; competes with Bank Sinarmas in mortgages, KPR-style products, trade finance, and digital banking.
• HSBC Indonesia: International bank operating in Indonesia with priority banking, trade finance, and FX products that overlap with Bank Sinarmas's higher-end and corporate-adjacent offerings.

Direct peers

• CIMB Niaga: Mid-to-large private Indonesian commercial bank with a comparable product mix (retail, SME, credit cards, mortgages, FX, trade finance) and similar digital-banking investments; the closest scaled competitor to Bank Sinarmas in the private segment.
• Bank Permata: Indonesian private commercial bank owned by Bangkok Bank/ASTRA; operates a similar retail, SME, and digital-banking portfolio at a comparable mid-tier scale, making it a direct head-to-head peer.
• Maybank Indonesia: Indonesian subsidiary of Malaysia's Maybank, providing retail, SME, treasury, and trade-finance services comparable to Bank Sinarmas's offerings, with similar mid-tier positioning and digital initiatives.
• Bank Mega: Indonesian private commercial bank focused on retail, credit cards, and SME lending; competes directly with Bank Sinarmas in credit cards, mortgages, and priority banking segments.
• Panin Bank: Indonesian private commercial bank with overlapping retail, mortgage, and SME lending products; serves as a similar mid-tier private bank competitor in the same domestic market.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/banksinarmas
• YouTubeyoutube.com/channel/UCSmhM7eABYIz-6K5MgwKyEg
• Facebookfacebook.com/BankSinarmas
• LinkedInlinkedin.com/company/banksinarmas
• Instagraminstagram.com/BankSinarmas
• TikToktiktok.com/@banksinarmasofficial

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Bank Sinarmas