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UK-Indonesia’s Tech Hub Program
Indonesia continues to strengthen its bilateral relations with the UK through the UK-Indonesia Tech Hub program launched in September 2019. It aims to promote tech startups that address a number of global issues, including climate change and cybersecurity, given the
2021 State Budget
Indonesia plans to double the 2021 state budget for the national economic recovery program (PEN) by allocating IDR 699 trillion (US$~50 billion). The budget includes the following allocations: 25% to the health sector, 22% to social services such as food
BPOM issues an Emergency Use Permit for PT Bio Farma-produced Covid-19 vaccines
Indonesian Food and Drug Administration (BPOM) has issued an ‘Emergency Use Permit’ for the Sinovac vaccine produced by PT Bio Farma, an Indonesian state-owned enterprise. Indonesia has ordered >140 million doses of the Sinovac vaccine. But only 3 million doses
Government compensation for Covid-19 vaccine recipients and sentences for those who refuse
Effective from 13 Feb 2021, Indonesia’s Covid-19 vaccination process is regulated under Presidential Reg No. 14 of 2021. The purpose of this regulation is to ensure that 181.5 million citizens will be vaccinated to help enable herd immunity. The government
Announcing the board of directors for the Indonesian Sovereign Wealth Fund
President Jokowi appointed 5 board of directors for the Indonesia Investment Authority (INA), the country’s sovereign wealth fund, namely Ridha DM Wirakusumah (Managing Director of PT Bank Permata Tbk) as CEO, Arief Budiman (ex-Financial Director of Pertamina) as Deputy CEO,
Indonesia’s YOY government debt increased by 6%, within government expectations
The Minister of Finance, Sri Mulyani, announced that the government debt under President Joko Widodo’s administration amounts to IDR 6,075 trillion. Therefore, the ratio in government debt to GDP has reached 38.68%, an increase from 29% in Dec 2019. Representatives
OJK announced six policies focused on accelerating digital transformation in the financial services sector
The policies address critical enablers of the financial services ecosystem. These policies cover regulatory sandboxes to enable business model innovation, expanding regulatory scope to include digital financial systems between different parties, e.g: API applications., strengthening human source and research capabilities.
Updates on Gojek and Tokopedia merger, valued at US$ 40 billion
Predicted to occur this month, Gojek and Tokopedia’s likely merger is expected to fetch a valuation of IDR ~559 trillion (US$ ~40 billion). According to Bloomberg sources, the two companies are discussing merger scenarios, with various closing timelines and IPO
Bank Syariah Indonesia to play an important role in global Islamic banking sector
Bank Syariah Indonesia (BSI) aims to be one of the world’s 10 largest Islamic banks by 2025.. Indonesia is home to ~12% of the world’s Muslim population, and will be a significant market for BSI. To serve this large market,
Indonesia’s potential in global Islamic economy
According to the Global Islamic Economic Indicator, Indonesia has been a fast growing Sharia (or Islamic) economy over the past three years, jumping from its 11th position in 2017 to 4th in 2020. Jardine Husman, Deputy Director of the Department