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Bank Jago, Gojek-backed bank, plans to scale up its fintech lending
Bank Jago, a digital bank, is actively engaging in fintech lending to reach consumers who are difficult to reach by banks. To date, the digital bank has committed to channeling schemes of IDR 100 billion (US$ 6.9 mil) with Akulaku
UNDP, J-PAL Report reveals prevalence of gender based violence during Covid-19 pandemic
The report titled, “Understanding the Welfare and Livelihood of Society During the COVID-19 Pandemic in Indonesia” aimed to understand the impact of the pandemic on gender-based violence and unpaid care work. While the study concluded no significant gender differences in
Sri Mulyani highlights four key factors to Indonesia’s economic growth
First, there is a need to recognise the impact of the Covid-19 pandemic and a sizable health budget to manage it. The government has prepared up to IDR ~172 trillion (US$12 billion) on healthcare, mainly in testing, tracing and treatment
OJK announced 68 illegal lending business
With the rise in digital transactions and fintech lenders, OJK is catching up to regulate this sector. In early 2021, OJK found as many as 68 illegal non-bank financial sector businesses, consisting of 51 unlicensed P2P lenders and 17 pawn
Bank BKE changes name to Seabank Indonesia after acquisition by Shopee
Effective from 10th February 2021, Bank BKE has changed its name to Bank Seabank Indonesia, after officially acquired by Sea Group’s e-commerce platform Shopee. This effort by Shopee is to grow its payments arm, PayLater, and enter the digital banking
Neobanks in Indonesia
Neobanks, defined as financial technology companies that perform full digital banking services such as credit and deposit services, currently do not exist in Indonesia. Mr. Tony, Deputy Director of Indonesian Banking Architecture at OJK, explained that this is due to
Economist Intelligence Unit (EIU) research on how to boost smallholders’ access to finance
According to research by EIU, commissioned by USAID, fintechs can play an important role in reducing the risk and cost of lending to smallholder farmers, and drive the transition to sustainable agriculture. Smallholders make up one-third of the Southeast Asian
Bank Indonesia cuts interest rate to encourage consumer spending
Bank Indonesia (BI) in its latest attempt to spur growth, has cut interest rates by 25 basis points to a record low of 3.5 percent. This was the first interest rate cut this year, and the fifth in the past
USD ~12.3 billion budget to mitigate Covid-19 pandemic
Sri Mulyani, Finance Minister, announced the state budget’s allocation of IDR 173.3 trillion (US$ ~12.3 billion) to mitigate the Covid-19 pandemic, doubling from the 2020 pandemic mitigation budget of IDR 63.5 trillion. According to official reports, the budget will be
Indonesian government welcomes investments
Following the Presidential Regulation No.10 of 2021, the Indonesian government now considers the ‘Ínvestment Business Sector’ as a Priority Business field to accelerate investments and job creation. The key eligibility criteria is based on alignment with national strategic programs and
