Indonesian banks to increase IT spending by 34%

Financial Insights forecasts that Indonesian banks will spend approximately $450 mln on IT and related financial technology by the end of 2005, representing a year-on-year growth of 34%. This will grow to more than $500 mln in 2006. The ten largest banks’ share of total bank IT spending is set to grow from about 70% in 2005 to 75% in 2009.