The government has increased the budget for the People’s Business Credit (KUR) program this year from US$17.5 billion (IDR 253 trillion) to US$20 billion (IDR 285 trillion). Coordinating Minister for Economic Affairs, Airlangga Hartarto, mentioned that the decision was part
Amid the pandemic, there has been a huge uptake in digital commerce, including the Paylater (BNPL) payment schemes offered by technology companies. Banks have taken various measures to remain competitive. Bank CIMB Niaga is currently developing in-house BNPL service, while
Since the pandemic, 15.3 million MSMEs have entered the digital ecosystem. However, the technology companies face several key challenges in targeting the MSME sector, such as loose supply chains for the FMCG sector, MSME credit gap, and storage capability. Nevertheless,
President Joko Widodo urges banks to allocate 30% of total lending to the MSME sector by 2024. Currently, average loan disbursements to MSMEs is 18% on an annual basis. The targeted 30% figure is aggregated at a national level, and
The Financial Services Authority (OJK) has extended credit restructuring until 2023 as banks are showing signs of solid risk management. Credit restructuring has declined and bank reserves have increased. OJK reported a total of USD 54.5 billion (IDR 778 trillion)
The World Health Organization (WHO) has extended its moratorium on booster doses for Covid-19 vaccine until at least the end of 2021 to allow all countries to vaccinate at least 40% of its population. Currently, as many as 70% of
Kredivo expanded its market presence in Vietnam via a joint venture with Phoenix Holding, Vietnam’s pioneering family office with a diversified portfolio in consumer, financial services, retail and technology. Vietnam has a low credit card penetration, at 4.1% of the
The Central Statistics Agency (BPS) saw that farmers’ livelihood improved in August, amid the loosening of lock down measures, or PPKM, in various regions of Indonesia. The agriculture sector grew by 1.6% from the previous month. President Joko Widodo encouraged
The emergency level 4 Community Activity Restrictions (PPKM), or lockdowns, in most areas of Java and Bali, have slowed down domestic consumption in July. Finance Minister, Sri Mulyani, shared that in August, this was reversed, following the ease of the
The Financial Services Authority (OJK) has extended the grace period for banks’ credit restructuring by an additional year to March 31, 2023. Chairman of the OJK Board of Commissioners, Wimboh Santoso, explained that this was to accelerate national economic recovery.
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