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.
Bank Indonesia (BI) issues new banking rules to make it easier for banks to meet mandatory MSME or business lending targets. Under this new regulation, banks are required to allocate a minimum 20% of total lending to the MSME sector
JULY 2021 – ALAMI, a Sharia-compliant fintech, and Impact Credit Solutions (ICS) have partnered to offer affordable financing to the Indonesian healthcare sector during the COVID-19 pandemic. ALAMI and ICS have entered into a US$20 million credit facility to finance
President Joko Widodo urged the administration to continue supporting the growth of the agricultural sector, among others, by facilitating the distribution of micro loans (“KUR”). The allocation of KUR for the agricultural sector this year reached US$ 4.88 billion (IDR
Digital banks and fintech companies are partnering with social media companies like TikTok, Facebook, and LINE to better serve the MSME sector. Last week, Bank Aladin Syariah partnered with Facebook Indonesia to provide financial literacy training for small business owners.
President Joko Widodo’s three-part approach includes industrial downstreaming, digitising MSMEs, and the green economy. Jokowi said that some of the downstream results are already observable. Indonesia’s steel exports have reached US$ 10.5 billion during the first half of 2021. Other
OJK requires the banking industry to implement a climate-resistance risk management strategy. This regulation requirement is part of OJK’s commitment to a sustainable economy, and to encourage capital flow to sustainable public investment, private investment, infrastructure development, human resource development.
The Asian Development Bank (ADB) plans to disburse financing of up to US$ 80 million to address net-zero carbon transition for its member countries by 2030. The financing targets Indonesia, Vietnam, and the Philippines, to reduce dependency on coal power
The Ministry of Health, along with PT Pfizer Indonesia and BioNTech SE, signed a commitment to manufacture 50 million doses of Pfizer vaccine in 2021. This commitment is part of Pfizer and BioNTech’s global commitment to produce Covid-19 vaccines. Meanwhile,
OJK will be announcing the core capital requirements for digital banks, and explicit regulations concerning the incorporation of digital banks. The blanket capital requirements for fully digital banks is at IDR 10 trillion, or US$ ~700 million. This requirement is
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