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Jokowi urges banks to allocate 30% of total lending to MSME by 2024
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
With declining restructuring needs, banks show signs of recovery
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)
WHO extends booster vaccine moratorium given the current inequality
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 Enters Vietnam as part of Fintechs in Indonesia Intensively Expanding During the Pandemic
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
Agriculture sector begins to show signs of growth in August
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
Economy shows signs of improvement in August
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
OJK extends grace period for banks’ credit restructuring until 2023
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.
BI requires banks to disburse a minimum of 20% of lending to MSME sector by June 2022
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
Impact Credit Solutions partners with ALAMI
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$20 million credit facility to finance
Jokowi urges a more effective KUR distribution for agriculture sector
President Joko Widodo urged the administration to continue supporting the growth of the agricultural sector, among others, by facilitating the distribution of micro loans (“KUR”). The allocation of KUR for the agricultural sector this year reached US$ 4.88 billion (IDR