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OJK regulations on data management for non-bank financial institutions
OJK released new regulations concerning the implementation of risk management in the use of information technology by non-bank financial institutions (NBFIs). The regulation requires NBFIs to have: 1) active supervision by the board of directors and the board of commissioners;
The launch of Indonesia Resilience Fund by ICS
ICS celebrates the launch of our Indonesian Resilience Fund, a US$40 million facility to invest in SMEs within the healthcare sector as part of the national recovery from the pandemic. Read More
Indonesia’s digital transformation accelerated during the pandemic
East Ventures, an Indonesian venture capital firm, and Katadata Insights Center launched the East Ventures Digital Competitiveness Index 2021 (EV-DCI 2021). The study shows the rise in digital competitiveness across Indonesian provinces, with two key drivers being equitable infrastructure development
Conventional Banks are Ramping Up Digital Lending in 2021
Many conventional banks have started providing digital lending products to adapt to changing customer preferences and in anticipation of digital banks. In 2019, BRI introduced in-house lending platform, Ceria, with volumes of IDR 61 billion (US$4.5 million) and11,676 users at
Pintek Collaborates with DFC and USAID to provide education loan
The US International Development Finance Corporation (DFC) and the US Agency for International Development (USAID), provide a loan guarantee and technical assistance to Pintek, a fintech P2P company in the education sector. This is in line with President Joko Widodo’s
Exit trends for Indonesian startups in 2021
Investors expect existing healthcare startups, fintech and e-commerce platforms to consolidate via mergers and acquisitions in 2021. Meanwhile, unicorns such as Gojek, Tokopedia, Traveloka and Bukalapak have announced their readiness for IPOs. The fintech sector is primed for consolidation partly
OJK provides two schemes for BPRs and Fintech P2P lenders to collaborate
OJK has issued two schemes (technical guidance) for Indonesian rural banks (BPRs) and fintech P2P platforms to collaborate. The channeling scheme enables the P2P platform to be the channel or intermediary between the BPR as the institutional lender and the
IMF comments on Indonesia’s effective policy mix in addressing the pandemic
The IMF formally complimented Indonesia after performing a policy assessment that included pandemic management, fiscal stimulus policies, monetary policies, easing macro and micro-prudential policies (stability of financial systems/institutions) and the central bank’s involvement in policy making. Head of Bank Indonesia
Fintech lending companies seek growth through rural banks
While major banks focus on developing digital banks in-house, fintechs seek partnerships with rural banks (BPRs) to gain market share in digital transactions. The collaboration between fintech lending and BPRs is likely to grow, given the synergies provided by fintechs
Follow Grab, Gojek invests in LinkAja, a state-owned fintech company
During this raise, Gojek will become one of LinkAja’s series B preferred shareholders, with total fund commitments of >US$ 100 million. Gojek Co-CEO, Andre Soelistyo, mentioned that the investment adds payment options to its platform in addition to GoPay, which
