In the beginning of 2021, Bank Indonesia observed an improved efficiency in banking operations. Labor costs and rental costs have decreased due to digitization, 0.03% and 0.05% YOY respectively. BRI reported its BOPO, operating cost to operating income ratio, of
‘Superapp’ refers to a closed digital ecosystem with many applications that users use daily. In Indonesia, the superapps are no longer limited to Gojek and Grab; Bukalapak, Shopee and Koinworks have also been developing a variety of services to become
The Chairman of OJK (Financial Services Authority), Wimbah Santoso, mentioned an improvement in credit growth, in line with the government’s strategy to promote a national economic recovery from the pandemic. The credit growth rate was at negative 1.92% as of
Governor of Bank Indonesia (BI), Perry Warjiyo, appealed to all banks in Indonesia to immediately reduce interest rates to provide credit stimulus to the private sector and grow the economy by 4.3 – 5.3% this year. To date, only banks
OJK released new regulations concerning the implementation of risk management in the use of information technology by non-bank financial institutions (NBFIs). The regulation requires NBFIs to have: 1) active supervision by the board of directors and the board of commissioners;
ICS celebrates the launch of our Indonesian Resilience Fund, a US$40 million facility to invest in SMEs within the healthcare sector as part of the national recovery from the pandemic. Read More
East Ventures, an Indonesian venture capital firm, and Katadata Insights Center launched the East Ventures Digital Competitiveness Index 2021 (EV-DCI 2021). The study shows the rise in digital competitiveness across Indonesian provinces, with two key drivers being equitable infrastructure development
Many conventional banks have started providing digital lending products to adapt to changing customer preferences and in anticipation of digital banks. In 2019, BRI introduced in-house lending platform, Ceria, with volumes of IDR 61 billion (US$4.5 million) and11,676 users at
The US International Development Finance Corporation (DFC) and the US Agency for International Development (USAID), provide a loan guarantee and technical assistance to Pintek, a fintech P2P company in the education sector. This is in line with President Joko Widodo’s
Investors expect existing healthcare startups, fintech and e-commerce platforms to consolidate via mergers and acquisitions in 2021. Meanwhile, unicorns such as Gojek, Tokopedia, Traveloka and Bukalapak have announced their readiness for IPOs. The fintech sector is primed for consolidation partly
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