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Bank Indonesia launches BI Fast Payment system that clears bank transactions in real-time
Governor of Bank Indonesia (BI) Perry Warjiyo stated that BI Fast Payment system will be launched this year to replace National Clearing System (SKNBI). This upgrade will speed up bank clearing time from 2-3 days to real-time. In addition, BI
Digital payments continue to grow alongside the rise of digital banking
During the pandemic, digital technology development in Indonesia has grown rapidly. Bank Indonesia commented that this is in line with the national plan to digitise payments and changing consumer preferences to use digital technology. E-commerce transactions are projected to increase
Decacorns and unicorns dominate investments in 2020
The Cento Ventures report shares that funding for Southeast Asian startups fell 3.5% year-on-year, to US$8.2 billion in 2020. 70% of the funding went to Indonesian startups, followed by 14% to Singapore, and 5% to Malaysia. The majority of the
Fintech company, Akulaku, receives additional funding facility from Bank Jago
Bank Jago signed an agreement with Akulaku Finance, a fintech company, to increase its funding facilities to an undisclosed amount. In 2020, Gojek, with its ~18% stake in Bank Jago, has provided funding of IDR100 billion to Akulaku Finance. The
Esta Group signs a channeling facility of IDR200 billion with five banks
Five banks, BRI, Bank Neo Commerce, KEB Hana, Permata, and J Trust, have come together to sign a channeling facility with Esta Group to lend to the MSME segment. Esta Group consists of Esta Kapital (fintech), Esta Dana Ventura (microfinance)
Indonesia’s Sharia economy outperforms the domestic state economy
According to Bank Indonesia, Indonesia’s Sharia economy in 2020 shrank by 1.72% year-on-year, compared to the national economy which shrank by 2.07%. Despite the overall contraction in Indonesia’s Sharia economy, there were two priority sectors within the Halal value chain
Digitization has brought down banks’ operating costs
In the beginning of 2021, Bank Indonesia observed an improved efficiency in banking operations. Labor costs and rental costs have decreased due to digitization, 0.03% and 0.05% YOY respectively. BRI reported its BOPO, operating cost to operating income ratio, of
Growing number of superapps in Indonesia during Covid-19 pandemic
‘Superapp’ refers to a closed digital ecosystem with many applications that users use daily. In Indonesia, the superapps are no longer limited to Gojek and Grab; Bukalapak, Shopee and Koinworks have also been developing a variety of services to become
Indonesia’s credit growth signals positive sign of economic recovery
The Chairman of OJK (Financial Services Authority), Wimbah Santoso, mentioned an improvement in credit growth, in line with the government’s strategy to promote a national economic recovery from the pandemic. The credit growth rate was at negative 1.92% as of
Bank Indonesia urges banks to immediately lower their credit interest rates
Governor of Bank Indonesia (BI), Perry Warjiyo, appealed to all banks in Indonesia to immediately reduce interest rates to provide credit stimulus to the private sector and grow the economy by 4.3 – 5.3% this year. To date, only banks
