Innovation Under Pressure as Asia’s Financial Leaders Rewrite Banking and Insurance

 AI, blockchain, and digital ecosystems drive industry reinvention in Jakarta.

On 26 June 2025 in Jakarta the Asian Banking and Finance – Insurance Asia Summit brought together leading executives to address growing pressures from digital disruption geopolitical shifts and evolving customer expectations in banking and insurance.

PwC Indonesia’s Rimko Nurral urged financial institutions to see uncertainty as a catalyst for reinvention. He cited a PwC index showing innovation directly boosts profitability and pointed to Indonesia’s shift from branch-based banking as a sign of deeper transformation.

“We’re seeing tech companies become banks and banks become tech companies,” he said.

AXA’s Bukit Rahardjo called on CFOs to evolve beyond finance and lead with data-driven foresight. “It’s not just about numbers—it’s about creating value through analytics execution and strategy,” he said.

He reinforced the CFO’s expanded role as business enabler.

A panel with Astra Life OCBC BTN and Asuransi Central Asia explored mobile strategies for Gen Z. “We focus on relevance not rivalry,” said Astra Life’s Windy Riswantyo.

BTN’s Tresia Sarumpaet described its app as a life-stage platform. OCBC’s Phillip Thomas stressed backend readiness over tech trend-chasing.

YCP’s Fei Yong spotlighted Japan’s growing role in funding Indonesia’s digital banking sector. She noted strategic investments from Mizuho SBI and ITOCHU are bringing capital infrastructure and AI expertise to local players.

“It’s not just about where the money comes from—it’s what comes with it,” she said.

ICS Compute’s Rizki Fajar Ramadhan emphasized the human side of tech implementation. His firm’s stack—from CDPs to AI-powered incident response—is designed for speed security and customer insight.

“Technology is just a helper. People drive real change,” he said.

Raine Renaldi of the Indonesian Bankers Club described blockchain and AI as the next financial revolution. He cited real-world applications in tokenized gold digital currencies and AI-led onboarding.

“We have the talent and regulation—we just need the will to lead,” he said.

DreamFolks’ Adib Kangda introduced a card innovation platform enabling real-time benefits personalization across 250 million cards in Asia. “CVPs should evolve with customers not remain static,” he said.

Citi DBS Zurich and FWD Insurance highlighted transformation through APIs AI and digital inclusion. “It’s not about adding tech—it’s about relevance,” said Citi’s Batara Sianturi.

DBS’s Puneet Punj stressed affordability. Zurich’s Dennis Anwar cited success digitizing rural insurance with satellite data.

KPMG’s Denny Hanafy warned that unchecked AI adoption can undermine critical thinking. “AI may be a powerful servant—but a dangerous master without governance,” he said.

He urged adoption of accountable models like KPMG’s Trusted AI framework.

BTN’s Setiyo Wibowo shared how AI has doubled fraud detection and cut manual loan verification by 80%. “Risk management today is as much about people and policy as it is about tools,” he said.

In a cybersecurity panel with Allobank Sinarmas AIA HSBC and Allianz the threat landscape was laid bare—from ransomware-as-a-service to third-party breaches. “The breach is inevitable—what matters is how fast we recover,” said Sinarmas’ Brahnda Eleazar.

AIA’s Nila Luthfiana emphasized the need for regulatory alignment. Allianz’s Adrianus Darmawan linked resilience to internal culture.

BNI’s Efransyah showcased milestones in the Payment System Blueprint 2025. QRIS adoption is up 270% and APIs now serve 9000 healthcare providers.

“Fintechs and banks are co-building the future,” he said. He also outlined plans for RTGS Gen 3 and the Digital Rupiah.
Closing the summit Allobank’s Boma Harahap emphasized embedded banking as the next frontier. “Banking should show up inside the apps people already use,” he said.

With just two branches Allobank has scaled by integrating services into retail and lifestyle platforms. “The future of banking is invisible but highly present.”