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Indonesia’s rapid growth in digital banking
Bank Indonesia (BI) noted the increase in digital banking transactions, as the consumer preference for online shopping and digital payment options rose.The total volume of digital banking transactions in April 2021 grew by 60.27% year-on-year to ~573 million transactions with
Increased venture capital to startups
Since the beginning of this year, there has been an increase in venture capital to startups. For example, Mandiri Capital Indonesia and BRI Ventures, injected funds into Bukalapak last April. MDI Ventures also participated in Series C funding for Cermati,
ALAMI acquires Sharia BPR as part of its growth strategy
ALAMI, P2P for sharia lending, acquired one of the rural Sharia banks (BPRS) located in Jakarta, as part of its expansion to position itself as a leading sharia fintech company. The acquisition process was carried out in stages at the
Gojek and Tokopedia officially merges to form GoTo Group
With a combined gross transaction value of >US$22 billion and >11 million merchants, GoTo’s core business include e-commerce services, goods delivery, food delivery, and transportation. The network of merchants and delivery partners in the GoTo Group presents a wide choice
Pertamina announces its fossil energy transition to clean energy sources
President Director of Pertamina, state-owned energy distribution enterprise, Nicke Widyawati, shared that the transition will focus on three main strategies with the goal of utilizing Indonesia’s abundant natural capital and optimizing its existing infrastructure. The strategies are intended to reduce
Concerns on affordability of vaccines for private sector
In March, as part of Indonesia’s effort to accelerate the nation-wide vaccination program of its 270 million population, the government introduced a scheme (Gotong Royong) for private companies and state-owned enterprises to procure vaccinations for their own workforce. The scheme
Potential for Indonesia to become world economic power post-pandemic
McKinsey, a global consulting firm, predicts Indonesia to become the seventh largest global economy by 2030. There are three areas for Indonesia to address to achieve this: to invest in long-term healthcare infrastructure, to modernise the agriculture sector with emphasis
Indonesia and Azerbaijan plan to cooperate on oil, gas and renewable energy sector
The Ministry of Energy and Mineral Resources (ESDM) has just signed a memorandum of cooperation (MoC) in the energy sector with Azerbaijan in developing the upstream and downstream sectors of oil and gas, as well as renewable energy. The MoC
Digital wallets are actively expanding into the lending business
Digital wallet companies are seeking growth through lending, with some acquiring peer-to-peer companies as part of their growth strategy. Most recently, LinkAja, a digital payment company, acquired iGrow, a peer-to-peer fintech company. Similarly, OVO also partnered with Taralite since 2019
OJK plans to reduce the bureaucracy for fintech lenders to obtain license
OJK plans to revise its current regulation that will allow fintech lenders to get a licensed status without needing to go through the preliminary “registered” entity status. Despite the reduction in bureaucracy, fintech lenders need to go through a fit
