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
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)
‘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
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;
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
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
OJK has issued two schemes (technical guidance) for Indonesian rural banks (BPRs) and fintech P2P platforms to collaborate. The channeling scheme enables the P2P platform to be the channel or intermediary between the BPR as the institutional lender and the
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