BRI Collaborates with PT Castrol Indonesia to Provide Banking Services to Lubricant Distributors and Outlets

Rhea-AI Summary

PT Bank Rakyat Indonesia (BRI) has entered a strategic partnership with PT Castrol Indonesia to enhance financial services for Castrol's distributors and outlets. A Banking Services Memorandum of Understanding was signed on September 1, 2022, in Jakarta. The collaboration focuses on Distributor Financing and Outlet Financing to streamline transactions and improve financial management for MSMEs in the lubricant sector. BRI aims to provide integrated banking solutions to help Castrol Indonesia's business ecosystem thrive, especially in the wake of pandemic-induced cash flow challenges.

Positive

• Collaboration enhances financial services for Castrol's distributors and outlets.
• Distributor Financing and Outlet Financing will optimize business capacity.
• BRI's Cash Management Platform offers flexibility for transactions.
• Partnership aims to support MSMEs in the lubricant sector.

Negative

• None.

JAKARTA, Indonesia, Sept. 7, 2022 /PRNewswire/ -- PT Bank Rakyat Indonesia (Persero) Tbk. (IDX: BBRI) collaborates with PT Castrol Indonesia, an industrial and automotive lubricants company, to facilitate the company's transactions using BRI's Corporate Billing Management, Distributor Financing BRI Distribution and Outlet Financing services.

The collaboration was initiated through the signing of the Banking Services Memorandum of Understanding (MoU) between Agus Noorsanto, Director of Institutional and Wholesale Business BRI; Arif Lukas Darmawan, Director of PT Castrol Indonesia; and Augustnine Adrianto, Director of PT Castrol Indonesia, on 1 September 2022 in Jakarta, Indonesia. The Distributor Financing Cooperation Agreement was also signed in this occasion.

BRI is ready to support transactions in PT Castrol Indonesia's business ecosystem, especially MSME players. "We hope PT Castrol Indonesia and its business ecosystem can benefit from BRI's Distribution Financing, Outlet Financing, and banking transaction management facilities. We continue to meet world-class standards to fulfill the banking needs of multinational corporations," said Agus.

The agreement consists of the use of credit and banking services specifically intended for PT Castrol Indonesia's distributors and outlets. The solutions offered are Distributor Financing and Outlet Financing based on microfinance to optimize business capacity while increasing sales volume, and financial management effectiveness and efficiency.

The collaboration facilitates efficient management of financial transactions and ensures timely receipt of payments through integrated systems. BRI's Cash Management Platform (BRICaMS) and Corporate Billing Management (BRICBM) provide flexibility to PT Castrol Indonesia and its distributors to make transactions anywhere and anytime.

"PT. Castrol Indonesia is constantly innovating to find the best solutions for customers. We believe that as our customers grow, our company will also grow. As a result of the COVID-19 pandemic, cash problems and credit risk have increased for our distribution partners. We believe that our collaboration with BRI will help us come up with solutions to overcome this problem," said Nitin Mengi, the Castrol Asia Pacific Management of PT Castrol Indonesia.

"This is a new step to improve financial services for our partners in Indonesia. This collaboration is expected to make it easier for Castrol's distributors and outlets to do business in Indonesia. In the end, we expect company growth from this partnership," concluded Arif.

For more information about Bank BRI, visit www.bri.co.id

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SOURCE PT Bank Rakyat Indonesia Tbk (BRI)

FAQ

What services does BRI provide to PT Castrol Indonesia?

BRI provides Distributor Financing, Outlet Financing, and banking transaction management services to PT Castrol Indonesia.

When was the Memorandum of Understanding signed between BRI and Castrol Indonesia?

The Memorandum of Understanding was signed on September 1, 2022.

How does the partnership benefit MSMEs?

The partnership offers financial solutions to optimize business capacity and improve sales volume for MSMEs.

Where was the signing ceremony held?

The signing ceremony took place in Jakarta, Indonesia.

What is the aim of the collaboration between BRI and Castrol Indonesia?

The collaboration aims to improve financial services and support business growth for Castrol's distributors and outlets.