Bank DBS Indonesia secures Indonesia Partner Experience of the Year - Banking at Asian Experience Awards 2024

The company was honoured for its DBS RAPID solution in collaboration with Topremit.

Bank DBS Indonesia has been recognised in the Indonesia Partner Experience of the Year - Banking category at the Asian Experience Awards 2024 for its innovative DBS RAPID solution. The accolade recognised the DBS RAPID solution's success in enhancing cross-border remittance services and delivering superior digital experiences.

In early 2023, Bank DBS Indonesia embarked on a strategic collaboration with Topremit to revolutionise cross-border remittance services. This initiative focussed on improving digital customer experience and resolving key pain points, leveraging Bank DBS Indonesia’s innovative digital solutions to streamline processes and deliver faster, more reliable international transactions.

This strategic partnership aimed to cater to the increasing demand for efficient money transfers, combining Topremit’s industry leadership with Bank DBS Indonesia’s cutting-edge financial services.

Innovative solutions with DBS RAPID

To elevate the remittance experience, Bank DBS Indonesia provides and combines several advanced solutions that simplify the complexities of foreign exchange and money transfers.

One such feature was the API for FX Conversion, which provided customers with real-time foreign exchange rates, empowering them to manage their funds more effectively. Additionally, Bank DBS Indonesia implemented the API for Telegraphic Transfer, facilitating secure and swift cross-border foreign currency transfers, which enhanced transaction speed and reliability.

The bank also launched an API for Local/Domestic Payments, offering a comprehensive solution for both domestic and international payment needs. A notable improvement was the simplification of document submissions for cross-border transfers and foreign exchange conversions against IDR, which made the process more user-friendly.

By June 2023, the collaboration achieved a significant milestone with the successful obtain approval of the National Open API Payment Standard (SNAP), followed by the launch of live services in July 2023. The swift deployment demonstrated the readiness and efficiency of Bank DBS Indonesia’s digital infrastructure, effectively supporting Topremit's operations from the outset.

Improving processes with robust solutions and support

As a result of this collaboration, Topremit saw an increase in transaction volume and value, with figures climbing from 30,000 transactions and IDR150b in the second half of 2023 to 70,000 transactions and IDR300b in the first half of 2024.

This partnership has had a profound impact on Topremit’s service offering, enabling the remittance provider to deliver faster, more reliable, and compliant services to its customers.

The enhanced digital solutions have elevated the overall user experience. DBS RAPID has underscored Bank DBS Indonesia’s commitment to innovation and customer-centricity in the digital space. By setting a new standard in the Cross-Border Remittance sector, Bank DBS Indonesia has solidified its leadership in digital banking, continuously striving to provide seamless, cutting-edge financial solutions that meet the evolving needs of its customers.

This award from the Asian Experience Awards 2024 further highlights Bank DBS Indonesia’s dedication to excellence in the banking sector and its pursuit of enhancing the customer experience through innovation.

The Asian Experience Awards is a prestigious awards programme presented by Asian Business Review. It celebrates the region’s top organisations delivering exceptional product and customer experiences to their stakeholders.

The Asian Experience Awards is presented by Asian Business Review Magazine. To view the full list of winners, click here. If you want to join the 2025 awards programme and be acclaimed for providing meaningful brand experiences to stakeholders, please contact Jane Patiag at [email protected].