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Digital financial service providers partners with social media to reach users
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.
Jokowi’s approach to spur the economy
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
Banks are now required to implement climate-risk management strategies
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.
ADB financing for Indonesia’s energy transition
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
Indonesia received 1.5 Million Pfizer Vaccines, with 48 more million does to follow
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 to announce regulation for digital banks, including core capital requirements
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
Ensuring the competitiveness of MSMEs by digitizing business process and accessing markets
Jokowi shared that 14 million MSMEs have digitized parts of their businesses during the pandemic. Last year alone, Indonesia’s e-commerce transaction volumes reached US$ 17.5 billion (IDR 253 trillion). E-commerce transactions are estimated to reach US$ 22.9 billion (IDR 331
Green and equitable economy as a means to boost Indonesia’s GDP
Jokowi emphasized the role of a clean-technology enabled economy, and the transition towards new and renewable energy to accelerate Indonesia’s growth. Excluding the upstream oil and gas industry and financial services, Indonesia’s in-country investments had reached US$ 31 billion (IDR
Indonesian economic growth is targeted at 5- 5.5% for 2022, attracting continued investments
Indonesia’s GDP growth is targeted at 5- 5.5% in the draft State Budget 2022 (“RAPBN”). Venture investors remain optimistic for Indonesia’s startup ecosystem, provided there are signs of economic recovery in the short term. With a typical investment period of
UN Climate change report, Code Red for the earth’s future
The effects of climate change are increasingly apparent. The United Nations climate panel report warned that the Earth’s temperature has increased by 1.1 degrees Celsius since the 19th century. If there are no significant reductions in carbon emissions from now,
