Bank Mandiri has become the first conventional bank in Indonesia to receive a bullion licence from the financial regulator. It has launched gold savings, trading and physical gold withdrawal in its Livin' by Mandiri app, as Indonesian demand for gold bars and coins rises.
At a glance
- Customers can open a gold account from 0.02 grams, about Rp50,000, and buy more from 0.005 grams.
- Digital gold balances can be turned into physical bars at Mandiri gold ATMs or branches.
- Indonesian demand for gold bars and coins rose 40% to 15 tonnes in Q2 2026, the World Gold Council says.
Background
Indonesia created a legal framework for bullion businesses in 2024 through Financial Services Authority (OJK) Regulation 17/2024. A bullion licence lets an institution offer gold savings, trading, lending and storage. State pawnbroker Pegadaian and Islamic lender Bank Syariah Indonesia were among the first to enter the business. Bank Mandiri is the first conventional bank to join them.
What happened
Bank Mandiri said on October 9 that it has received a bullion licence from the OJK, making it the first conventional bank in Indonesia with one. It has added gold services to its Livin' by Mandiri super app, which had 42.1 million registered users as of August 2026.
Customers can open a gold savings account, buy and sell gold, buy it in instalments, store it with the bank and withdraw physical gold, at any time of day. Accounts open from 0.02 grams, about Rp50,000, and further purchases start at 0.005 grams. The app offers ANTAM Logam Mulia and HRTA GOLD Emasku bars.
How the services work
A financing product, KSM Emas, lets customers buy gold in instalments, with the price locked when they apply. Once the loan is repaid, the gold becomes a tradable savings balance.
Savings can be converted into physical bars. Customers collect them from Mandiri gold ATMs by scanning a QR code in the app, or at branches. Saptari, Bank Mandiri's director of consumer banking, described the service as an end-to-end way to plan, manage and cash out gold from one app.
What it means
The launch comes as Indonesians buy more physical gold. Demand for bars and coins rose 40% from a year earlier to 15 tonnes in the second quarter of 2026, according to World Gold Council data cited by Kontan.
Bringing gold savings into a mass-market banking app could pull more household gold into the formal financial system, a goal the government has pursued this year. It also gives Mandiri a new source of fee income from its existing customer base.
Our read
Outlook: neutral. Easier access to gold savings could support Indonesian retail demand over time, but the launch is too small to move global gold prices.
What to watch
- How many Livin' users open gold accounts in the first months.
- Whether other Indonesian banks follow Mandiri in seeking bullion licences.
- Indonesia's third-quarter gold bar and coin demand in World Gold Council data.
For information only, not investment advice.
Gold price in India
metalscost.com India reference price as of 2026-10-23.
Detailed analysis
Timeline
- 2026-10-09: Bank Mandiri announces its OJK bullion licence and gold services in the Livin' app.
Demand Drivers
Indonesian bar and coin demand rose 40% to 15 tonnes in Q2 2026, and app access could widen it further.
Government Policies
OJK's 2024 bullion regulation is bringing banks into gold savings and trading.
What could lift prices
- Small minimums of 0.005 grams make gold buying easier for millions of app users.
- Instalment purchases with a locked price could draw in new retail buyers.
What could weigh on prices
- Gold already held by households may simply move into bank accounts rather than adding new demand.
- Indonesian retail demand is small compared with global flows.
Country impact
| Country | Impact | Reason |
|---|---|---|
| Indonesia | Medium | A major bank now offers gold savings to tens of millions of app users. |
Industry impact
| Industry | Effect | Reason |
|---|---|---|
| Banking | Positive | Bullion services give banks a new source of fee income. |
| Bullion Trading | Positive | A large new distribution channel opens for gold bars in Indonesia. |
Who gains, who loses
- Bank Mandiri: It gains fee income from gold trading and financing.
- Indonesian savers: They can buy gold in very small amounts from a banking app.
- Pegadaian and other early bullion players: They now face competition from a large conventional bank.
Other ways this could play out
- If uptake is strong, more Indonesian banks could seek bullion licences.
- If gold prices fall further, interest in new gold savings accounts could cool.
Price risks
- Gold prices depend on interest rates and central bank buying, not on one bank's product launch.
- Indonesian demand matters for local premiums more than for the global price.
Technical view
Price is trading below both its 20-period and 50-period moving averages, a bearish alignment.
Computed from metalscost.com's own stored price history.
