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Indonesia’s Sharia fintech market ranks fifth in the world and is dominated by millennials
Indonesia’s share of the Sharia fintech market is currently US$2.9 billion (or IDR 41.7 trillion), coming in fifth behind Saudi Arabia, Iran, United Arab Emirates and Malaysia. According to Adrian Gunadi, Chairman of Indonesia Fintech Association (AFPI) and CEO of
Xendit raises Series B to target MSMEs
Payment gateway fintech company, Xendit, raised Series B funding of US$64.6m (IDR938 billion) last month. The funds will be used to target the MSME sector, as it contributes to over 60% of Indonesia’s GDP and employs the majority of the
Survey results show that MSMEs are optimistic about the economy
MSMEs are optimistic about their businesses as the economy begins to show signs of recovery. This is in line with the BRI-MSME Index (BMSI), which has increased from 81.5 in Q4 2020 to 93.0 in Q1 2021. This is due
Digital wallets are more widely used than debit and credit cards during Ramadan month
Shopee, e-commerce giant, and Jakpat, market research firm, conducted a survey with 1,214 respondents to understand consumer behaviour during the Ramadan fasting month. The results revealed that 80% of respondents surveyed in April used digital wallets for transactions, while 56%
State-owned Enterprises have potential to support MSMEs
Institute of Development Economics and Finance (Indef) economist, Bhima Yudhistira, stated that State-owned Enterprises (SOEs) play an important role in the absorption of MSME goods. According to Bhima, through the job creation law, the central and local governments have the
Jokowi highlights development of world’s largest green industrial area in North Kalimantan
During the Leaders Summit on climate, President Jokowi discussed the development of the world’s largest green industrial area in North Kalimantan. As part of Indonesia’s net zero emission pilot programs, Jokowi invites innovation and investment in the country’s energy transition
Indonesia Financial Group partners with Bank BTN
Indonesian Financial Group (IFG) and PT Bank Tabungan Negara (BTN) are collaborating to optimise the digital banking ecosystem for customers. There are synergies between IFG and BTN that can provide consolidation, restructuring, transformation and business innovation services for the Ministry
Halodoc raises US$80 million in Series C funding
Health startup, Halodoc, received Series C funding of US$80 million (IDR 1.16 trillion). The investment was led by Astra, along with other investors including Temasek, Telkomsel Mitra Inovasi, Novo Holdings, Acrew Diversify Capital Fund, and Bangkok Bank. Halodoc CEO, Jonathan
Women’s contribution to the Indonesian economy is predicted to be US$134.5 million by 2025
Finance Minister, Sri Mulyani, shared that women’s contribution to the Indonesian economy can reach up to USD$135 billion by 2025. She highlighted the importance of equal opportunities in the economy. She also shared that women can contribute up to US$12
Bank OCBC NISP became the first bank to receive green bond
Bank OCBC NISP is the first bank in Indonesia to receive a green bond from IFC, valued at US$190 million (IDR 2.75 trillion). President Director, Parawati Surjaudaja, shared that the funds would be used to increase lending to women-owned SMEs.
