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MSMEs requiring as little as 30 minutes to obtain business permit
The Government of Indonesia offers a streamlined process for MSMEs to obtain business permits, using the online single submission system (“OSS”). MSMEs can now obtain a business identification number (“NIB”) in as fast as 30 minutes. Investment Minister, Bahlil Lahadalia,
Supporting MSMEs digitize during the pandemic
As small businesses (“MSMEs”) are increasingly turning to digital solutions to operate, fintechs are working hard to effectively reach the MSME segment. Latest national data reveals that 11.7 million MSMEs have entered the digital ecosystem, as of early 2021. The
BRI agriculture credit grew by 12.8%, reaching US$ 8.2 billion
In the midst of pandemic, the agriculture sector has shown resilience and maintained productivity. State-owned bank BRI disbursed agricultural loans amounting to US$ 8.2 billion (IDR 118 trillion), a 12.8% year-on-year growth, by the end of Q2 this year. BRI
Sri Mulyani highlights the impact of PPKM for Indonesia’s economic recovery
The Financial System Stability Committee (“KSSK”) shared that from April to June, Indonesia’s financial system had shown economic recovery and stability. However in Q3, since the implementation of lockdowns (“PPKM”) due to the rising Covid-19 cases, the progress has halted.
Fintech Kredivo plans to go public via SPAC at a valuation of US$ 2.5 billion
Digital credit platform Kredivo plans to go public at a valuation of US$ 2.5 billion, IDR 36.25 trillion, on the NASDAQ stock exchange next year via SPAC, a special purpose acquisition company. Kredivo distributes instant credit for consumer purchases on
Indonesia has reached 52% of its renewable energy investment target for 2021
The Ministry of Energy and Mineral Resources noted that the realization of investment in new, renewable energy and energy conservation (EBTKE) have reached US$ 1.07 billion, as of June 2021. This figure reached 52% of the investment target set for
Fintechs anticipating rise of Non-Performing Loans
Non-performing loans for fintech lenders have increased in the midst of the lockdowns, or “PPKM”. OJK data shows that non-performing loans (NPLs) increased from 1.32% in March to 1.54% in May. Therefore, fintech lenders are managing the credit risk in
Jokowi distributes cash assistance to MSMEs
President Joko Widodo is distributing cash assistance (“BPUM”) to micro enterprise owners of US$ 80 (IDR 1.2 million). The total allocated budget for BPUM is US$ 1 billion (IDR 15.3 trillion), with plans to reach 12.8 million micro businesses throughout
Sri Mulyani predicts the national health budget to reach US$ 20.7 billion (IDR 300 trillion)
Finance Minister, Sri Mulyani, estimates that the budgeted need for healthcare will rise again this year, reaching US$ 20.7 billion (IDR 300 trillion). It would be the second time that the government has increased its health budget due to the
Impact Credit Solutions : Banking on data-driven credit decisions to increase SME lending
Very excited to announce our partnership with Thought Machine and Google Cloud to deliver cloud-native technology to scale SME lending in Southeast Asia. With support from Google Cloud and Thought Machine, we have deployed customized financial products (e.g. Sharia-compliant invoice
