The Indonesian Joint Funding Fintech Association (AFPI) forecasts that fintech lending in collaboration with BPRs (rural banks) can increase financing outside of Java to 20% in 2022, from the current 15%. This is in line with the recent guidelines issued
The Indonesian Joint Funding Fintech Association (AFPI) is expecting total loan disbursement of IDR86 trillion (US$5.9 billion) for 2021, a significant increase from IDR65 trillion (US$4.46 billion) in 2020. According to OJK, the non-performing loans (NPL) for outstanding credit past
Grab, Singapore’s ride hailing super app, is reportedly preparing to IPO on the New York Stock Exchange through a merger with a SPAC (special purpose acquisition company), at an estimated valuation of US$35 billion. The Financial Times reports that Grab
A handful of e-commerce companies have been targeting multi-finance companies to acquire as part of offering a pay-later service for customers. This includes companies like Traveloka, an online travel booking company, and Atome Financial, beauty and fashion e-commerce, that plan
Governor of Bank Indonesia (BI) Perry Warjiyo stated that BI Fast Payment system will be launched this year to replace National Clearing System (SKNBI). This upgrade will speed up bank clearing time from 2-3 days to real-time. In addition, BI
During the pandemic, digital technology development in Indonesia has grown rapidly. Bank Indonesia commented that this is in line with the national plan to digitise payments and changing consumer preferences to use digital technology. E-commerce transactions are projected to increase
The Cento Ventures report shares that funding for Southeast Asian startups fell 3.5% year-on-year, to US$8.2 billion in 2020. 70% of the funding went to Indonesian startups, followed by 14% to Singapore, and 5% to Malaysia. The majority of the
Bank Jago signed an agreement with Akulaku Finance, a fintech company, to increase its funding facilities to an undisclosed amount. In 2020, Gojek, with its ~18% stake in Bank Jago, has provided funding of IDR100 billion to Akulaku Finance. The
Five banks, BRI, Bank Neo Commerce, KEB Hana, Permata, and J Trust, have come together to sign a channeling facility with Esta Group to lend to the MSME segment. Esta Group consists of Esta Kapital (fintech), Esta Dana Ventura (microfinance)
According to Bank Indonesia, Indonesia’s Sharia economy in 2020 shrank by 1.72% year-on-year, compared to the national economy which shrank by 2.07%. Despite the overall contraction in Indonesia’s Sharia economy, there were two priority sectors within the Halal value chain
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