A Swedish security solution and cash handling firm is looking to offer its cash handling solution in Indonesia during the third quarter in an attempt to tap growing cash transactions in Southeast Asia’s biggest economy.
Gunnebo Security Group, which operates in Indonesia through two subsidiaries, Indolok Bakti Utama and Chubb Safes Indonesia, said the company’s cash handling system could eliminate the time needed by banks and business to manage their cash.
“This systematic and integrated cash handling for both notes and coins allows businesses to run safely and smoothly,” said Hindra Kurniawan, Gunnebo Indonesia’s country manager.
The company says that administrative processes in handling cash in the retail business can take six to eight hours per day for the entire process, citing research conducted by the Center for Retail Research, a Nottingham-based analysis firm.
But despite this time drain, more than 80 percent of daily transactions are still conducted in cash.
According to Bank Indonesia’s Payment System and Money Management Report 2012, there was Rp 440 trillion ($44.6 billion) in bank notes and coins in circulation last year, up 18 percent from a year earlier, in line with the growing economy.
Gunnebo Indonesia has been operating in Indonesia for 40 years, focusing on bank security and cash handling, secure storage, entrance control, and fire products.
It currently has 70 percent market share in business secure storage, 50 percent market share in fire safety products, and about 30 percent shares in security systems.
Gunnebo’s operations in Indonesia account for more than 20 percent of its sales in the Asia-Pacific region.