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Nikel develops Artificial Intelligence credit decision engine to promote affordable small business lending
Nikel, formerly known as Impact Credit Solutions, has recently completed a project, Building Credit Footprints for the Unbanked. The project leverages Artificial Intelligence and machine learning techniques in credit modelling to develop a credit decision engine which enables financial institutions
Jokowi Issues JKN presidential instruction for nation-wide health insurance
The National Long-Term Development Plan (RPJMN) targets 98% of Indonesia’s population to be covered by the National Health Insurance (JKN). However, as of December 2021, this target has only reached 86% of the population, and consequently, President Joko Widodo issued
Four largest banks drive operation efficiency by digital transformation
There are four banks categorised as a KBMI, or bank with total capital across group holdings above US$ 4.86 billion (IDR 70 trillion). They are Bank Rakyat Indonesia, Bank Mandiri, Bank Central Asia, and Bank Negara Indonesia. According to the
Sri Mulyani extends MSME tax incentive for 2021
The Government of Indonesia announced the extension of tax incentives for Micro, Small and Medium Enterprises (MSMEs). In addition, Bank Indonesia issued a regulation on banking obligations to fulfil credit distribution for MSMEs and low-income individuals (PBR) at least 20%
OJK reports increased levels of loans at risks
OJK is closely monitoring the high levels of risky credits (or loans at risk) at banks to ensure that financial markets remain healthy as Indonesia enters the third year of the C-19 pandemic. OJK shared that the gross non-performing-loans (NPL)
Key changes in OJK-regulation concerning fintech peer-to-peer lenders
OJK plans to roll out new regulations governing fintech peer-to-peer lending activities in order to strengthen the sector’s operations, and increase consumer protection. The changes in the regulation covers ownership of the fintech lender, funding limits, equity and capital requirements,
Indonesian e-commerce solutions company Sirclo acquires Warung Pintar
Sircolo, an e-commerce solutions company, acquires Warung Pintar, a marketplace for independent retailers (“warungs”). The acquisition aims to strengthen Sirclo’s proposition as the go-to omnichannel solution for brands, distributors, MSME merchants, and end consumers. Sirclo Group CEO, Brian Marshal, said
Fintech and Banks Continue to Develop Paylater Business
Delayed instalment repayment of goods from point-of-purchase, or Buy-now-pay-later (BNPL) scheme has been growing fast since the beginning of Covid-19 pandemic. For example, Kredivo company works with major e-commerces in Indonesia, and has ~50% of the wallet share of transactions
Leading banks to embrace digital transformation
Digital banking transactions are gaining popularity due to improved customer experience. This trend is also supported by the growth in merchants providing cashless payment options for consumers. Bank Indonesia predicts the value of digital banking transactions to reach US$ 3.45
Increasing Omricon cases in Indonesia
The average daily cases in Indonesia as of last week, is at 1,808 cases per day, which is significantly low compared to global figures. President Joko Widodo had urged the population to get booster shots, as a step to prevent