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OJK’s new regulation for fintech lenders to combat money laundering and terrorism financing
While OJK encourages the productive growth of fintech lending, there are major concerns for misuse of the technology. With effect from 29 January 2021, the new regulation contains 108 pages concerning 9 important areas on anti-money laundering and terrorism financing
OJK plans to increase fintech lending to productive sectors
Financial Services Authority (OJK) plans to increase fintech lending for productive loans from 35.7% currently to ~60% of total loans disbursed by 2024. Consumer or personal loans currently dominate fintech lending, which have higher risk for bad debts. Productive loans
US$19.4 billion in foreign capital inflows to be expected
Bank Indonesia (BI) estimates that foreign capital flows of US$19.4 billion is expected, and is partially attributable to the implementation of Omnibus Law on Job Creation and the establishment of the Investment Management Institute. Perry Warjiyo, BI governor, shared that
Need for Indonesia to address high unemployment rate, exacerbated by Covid-19
Covid-19 has caused additional strain on Indonesia’s demographic bonus, with ~71% of the population within productive age (15-64), resulting in a high unemployment rate of 37.6%. Both the demographic bonus and the unemployment rate is expected to grow given current
New regulation to streamline payment for Covid-19 vaccines
The Minister of Finance, Sri Mulyani Indrawati, enacted a new regulation on distribution of funds in foreign currency for the procurement of Covid-19 vaccines. The regulation enables the government to pay directly in foreign exchange, with a direct payment mechanism
Bukalapak and Tokopedia claim SMEs on their platform increased revenue by 1,400%
Since the start of the pandemic, SMEs are entering the digital ecosystem to reach customers. Bukalapak and Tokopedia claim their SME merchants increased their income by 1,400% (x15) since joining the platform. In 2020, Bukalapak reported 5 million SMEs on
QR-code based payment systems penetrate traditional markets
There has been a rapid uptake of QR code-based payment systems in Indonesia. This is more profoundly observable in the traditional market, Pasar Indah Kapuk in North Jakarta. Bank Indonesia aims to accelerate digital payments and access to finance for
In the spotlight: TaniFund
TaniFund, P2P lender for farmers, has disbursed IDR 89.2 billion through 243 projects to date. This has led to 2,500 farmers increasing their production volumes by 20%.TaniHub, parent company of TaniFund and an agricultural product marketplace, reported a whopping 639%
OJK assigned task force to continue cracking down on illegal fintech P2P lenders
Financial Services Authority (OJK) shared that fintech P2P lending volume has reached IDR 155.9 trillion in 2020. OJK estimates that this will continue to grow and attract 8 million new borrowers this year. Unintended consequences of this success is the
Regulatory sandbox for fintech startups
Bank of Indonesia (BI) and Financial Services Authority (OJK) provide a regulatory sandbox for fintech startups. This is an incubation period to test the reliability of business innovations and to co-design regulation with plans to extend to health and ecommerce