Indonesia Tokenizes; 4 Indonesian State owned Institutions Push Real-World Assets On-Chain
In the world’s third-largest crypto market by user adoption, a shift is underway not through token launches or speculative hype, but deep inside Indonesia’s most strategic institutions.
Representing a combined market capitalization of over US$35 billion, BRI Bank, Pegadaian, PosDigi, and MDI Ventures have all joined Tokenize Indonesia to push their respective tokenization and real-world asset (RWA) use cases.
Tokenize Indonesia, initiated by Saison Capital, Coinvestasi, and BRI Ventures (BVI), is designed as a structured experimental platform for institutions to explore blockchain’s real-world use cases within their operations. Rather than focusing on buzz, the program aims to bridge legacy institutions with blockchain infrastructure providers to co-develop deployment-ready proof-of-concept (PoC) solutions.
The program kicks off in July 2025 and will culminate in a showcase at Coinfest Asia—the world’s largest crypto festival on August 21–22, 2025.
“Our goal is to foster meaningful collaboration between well-established financial institutions and innovative, fast-moving technology partners. By bridging these two worlds, we aim to catalyze sustainable growth, drive financial inclusion, and accelerate the adoption of digital assets across Indonesia, “ said Markus Liman Rahardja, Chief Investment Officer at BRI Ventures.
Tokenize is viewed as a potential gateway to Indonesia’s upcoming regulatory sandbox, which will be launched by the Financial Services Authority (OJK) in 2025. This marks a strategic shift: Indonesia is transitioning from a retail-driven crypto market to a national testbed for institutional blockchain adoption.
Who’s Involved: Institutions That Move National Systems
The scale of the institutions involved reflects just how serious this shift is. Bank Rakyat Indonesia (BRI), for example, manages around US$130 billion in assets and serves over 20 million customers, with more than 65% market share in Indonesia’s ultra-micro lending sector. It operates more than 15,400 outlets and nearly 993,000 agents nationwide, reaching even the most remote parts of the archipelago.
Pegadaian, another state-owned financial services company, serves over 24 million active users and oversees roughly US$6.5 billion in assets through 4,092 branches and a nationwide agent network. POS DIGI, the digital arm of national logistics provider Pos Indonesia, manages more than 4,000 logistics and payment points across 500+ cities. Meanwhile, MDI Ventures, the corporate venture capital arm of Telkom Indonesia, manages US$656 million in assets under management with US$1.1 billion in committed capital, and has backed 99 portfolio companies, including leading fintech and infrastructure startups.
These institutions are not only massive in reach they collectively represent:
- Over US$138 billion in assets and committed capital
- More than 65 million users and customers
- 20,000+ physical outlets, branches, and access points nationwide.
This is what makes Tokenize Indonesia different from typical blockchain pilots; it is not a lab experiment. It is a national-scale collaboration with institutions that already power Indonesia’s financial, logistics, and digital infrastructure. This isn’t about testing blockchain. It’s about deploying it where it matters most.
Strategic to Get US$88B Future
Globally, real-world asset (RWA) tokenization is expected to be one of blockchain’s most lucrative segments, with Boston Consulting Group projecting a US$16 trillion market by 2030. In Indonesia, local analysts forecast that RWA tokenization could account for US$88 billion in value by the same year.
This projection is based on a confluence of factors: a population of over 270 million, a financial system where more than half the population remains underbanked or unbanked, and the rapid rise of digital financial services such as e-wallets and online lending. Indonesia’s growing appetite for trusted digital infrastructure has opened the door for applications like tokenized microloans, digitized gold-backed contracts, traceable supply chain finance, and cross-border remittance layers all of which are being considered within Tokenize Indonesia’s framework.
Infrastructure-Grade Blockchain Partners Are Already Lined Up
To execute such high-stakes experimentation, the program is bringing in some of the most trusted names in blockchain infrastructure. These include IOTA, whose feeless, DAG-based network is already in use for logistics and IoT projects globally; Stellar, widely adopted in cross-border finance and known for working with humanitarian agencies; and Ripple, whose payment protocol has been used by over 100 financial institutions worldwide. infrastructure solutions are expected to be provided by Fireblocks, which secures over US$4 trillion in institutional digital assets for banks, fintechs, and asset managers.
A Sandbox-Ready Blueprint Before the Rules Are Even Final
The timing couldn’t be more aligned. Indonesia is on the verge of a regulatory shift: by January 2025, oversight of digital assets will move from Bappebti, the commodities regulator, to the Financial Services Authority (OJK). This transition is expected to redefine how digital assets are classified and pave the way for sandbox-style experimentation—giving fintech and blockchain innovators room to pilot new models under regulatory supervision.
By proactively aligning its structure with this upcoming framework, Tokenize Indonesia is positioning its participants for first-mover advantage in a reshaped digital asset landscape.
Indonesia’s crypto ecosystem has already demonstrated its capacity to scale, especially at the retail level. Between 2021 and 2024, registered users more than doubled from 9.9 million to 20.9 million, while monthly crypto transaction volumes surged from US$739 million to US$2.25 billion. However, while retail growth can be fast, it’s also volatile.
The real opportunity lies in institutional adoption, which is more sustainable and systemic. Once blockchain systems are integrated into sectors like banking, logistics, or telecommunications, they don’t just improve efficiency they embed legitimacy. And that legitimacy is what will anchor the next wave of long-term growth in Indonesia’s digital economy.
About Saison Capital
Saison Capital is an early-stage venture capital fund (pre-seed to Series B) with a focus on emerging markets. The firm backs ambitious founders at the pre-seed or seed stage and focuses on web3, fintech, and commerce.
Operating from the Asia Pacific region but deploying capital on a global scale, Saison Capital harnesses Credit Saison’s extensive financial services operating background and resources across key markets, including Singapore, Indonesia, India, Vietnam, Thailand, Philippines, Cambodia, Japan, Brazil, and Mexico. Saison Capital is a wholly-owned subsidiary of Credit Saison.
About BRI Ventures
BRI Ventures is the corporate venture capital arm of Bank Rakyat Indonesia (BRI), Indonesia’s largest and most inclusive bank. With a mission to drive innovation and financial inclusion, BRI Ventures invests in early to growth-stage startups that are reshaping the future of financial services, MSME empowerment, and the digital economy. Backed by BRI’s deep expertise in financial services and extensive reach, BRI Ventures provides not just capital, but also strategic support, market access, and collaborative opportunities to help visionary founders scale their impact across Indonesia and beyond.
About Coinvestasi
Coinvestasi is Indonesia’s top Web3 and crypto media platforms, reaching 4M+ users monthly. As part of Indonesia Crypto Network (ICN)—the parent company behind major initiatives like Coinfest Asia— Coinvestasi connects global projects with local audiences and drives Web3 adoption across the ecosystem.
