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The bullion banking ecosystem in Indonesia represents part of the new development in the national gold industry that connects activities mining, refining, trading, storage, financing, investment, and even gold-based digital services.

Its development is increasingly resting on a solid foundation. The OJK has issued... OJK Regulation Number 17 of 2024 concerning the Conduct of Bullion Business Activities, which includes, among other things, gold savings, gold financing, gold trading, and gold safekeeping.

Building an End-to-End Gold Value Chain

The bullion ecosystem is not just about the buying and selling of gold; it encompasses a series of interconnected activities:

Mining → Refinery & Assay → Gold Trading → Gold Custody → Gold Financing → Investment → Digital Bullion

This integration enables gold to be managed as an asset with broader economic functions, while simultaneously creating domestic value added.

The OJK, together with relevant ministries and agencies, has even launched... Roadmap for the Development and Strengthening of Bullion Business Activities and Ecosystem 2026–2031, which encompasses ecosystem development from upstream to downstream as well as bullion business activities within the financial services industry.

The Role of Bullion Banks

In this ecosystem, bullion banks can act as a link between gold and the financial systemThe services may include gold trading, custody, financing, gold deposits, settlement, and institutional services, subject to applicable licenses, products, and regulations.

Thus, gold is not merely held as an asset but can become part of more productive economic activities.

Promoting Gold Downstreaming in Indonesia

One of the biggest benefits of the bullion ecosystem is that it supports downstreaming of the gold sectorIndonesia possesses an extensive industrial value chain, ranging from mining to financial products and services.

An integrated ecosystem can help increase value added through strengthening. refining, assaying, trading, storage, financing, and technology infrastructure ...domestically. The OJK explicitly identifies the strengthening of gold downstreaming as one of the objectives for developing the bullion ecosystem.

Opening Access for the Public and the Business Sector

The bullion ecosystem can also provide benefits to various groups:

• Public — access to more structured gold products and services.
• Investor — the option to manage gold as part of a portfolio.
• MSMEs and corporations — opportunities to utilize gold for financing and business needs.
• Gold industry — access to trading, custody, and financial services.
• Institution — a professional solution for gold asset and transaction management.

This development is already beginning to be seen. The Financial Services Authority (OJK) reported that in February 2026, gold management by Pegadaian and Bank Syariah Indonesia reached 1.2 billion rupiah. 153,05 ton, reflecting the growing bullion business activities in Indonesia.

Digitalization of the Bullion Ecosystem

The future of bullion will also become increasingly connected to technology. Digitalization can support this. ownership recording, transactions, asset monitoring, settlement, data security, and service access.

The OJK has also encouraged innovations such as gold tokenization through the regulatory sandbox and issued OJK Regulation (POJK) Number 2 of 2026 regarding ETFs with gold as the underlying asset.

Bulion Bank Indonesia

For Bulion Bank Indonesia (BBI), the bullion ecosystem presents an opportunity to build a platform that brings together gold, technology, industry, institutions, investors, and society within a modern ecosystem.

BBI can be directed to become part of that ecosystem through the development of services such as:

Gold Trading | Gold Custody | Gold Financing | Institutional Services | Digital Bullion | Corporate Gold Solutions | Refinery & Assay | Bullion Advisory

With robust governance, risk management, consumer protection, technology, and compliance, the bullion ecosystem can serve as a key instrument for enhancing the value-added contribution of gold to the Indonesian economy. This aligns with the five priorities of the OJK roadmap, which include strengthening governance, downstreaming, infrastructure and technology, cross-sector coordination, and consumer protection.

Positioning Indonesia as a Hub for the Gold Ecosystem

Ultimately, the bullion ecosystem is not just about... “gold bank”, but about building national gold economic infrastructure.

If the entire value chain can be connected effectively—from from mine to market, from physical gold to digital services, and from assets to financing—Indonesia has the opportunity to create far greater value-added from its gold wealth.

Bullion Bank Indonesia — Connecting Gold, Finance, and the Future of Indonesia's Economy.