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AFPI announces 50% reduction in consumer interest rates
The Indonesian Joint Funding Fintech Association (AFPI), an OJK-appointed regulator, aims to cut daily interest rates significantly, up to 50%. Economists shared that this mandate has several negative implications, such as decline in fintech-investors, and decline in disbursement volumes. Alternative
OJK reports increased credit disbursement activity, signaling increased economic activity
OJK recorded that the banking industry’s credit distribution reached US$ 40 billion (IDR 5,653 trillion) as of September 2021, a 2.21% year-on-year increase. State-owned banks disbursed ~51% of the total credit volume as of Q3, and increased their lending by
Third-Party Funds (DPK) remain sluggish amidst the credit growth
As of Q3 2021, third party funds (DPK) in the banking industry continue to grow, albeit at a lower growth rate compared to previous months. On the other hand, credit disbursements continued to grow in the same period. Meanwhile, the
Indonesia’s consumer confidence index hits its record high in 19 months
Domestic economic outlook from consumers and businesses have strengthened as Indonesia loosens its social distancing policies (PPKM). The government implemented a number of easing measures in November, including increasing the capacity of shopping malls and public transportation. This is reflected
Need for concerted efforts for Indonesia to successfully retire steam power plants by 2030
The government plans to retire 9.2 gigawatts (GW) of steam power plants by 2030, as part of the national climate transition strategy. Out of the current capacity of 9.2GW from steam power plants, 3.7 GW, or 40%, will be replaced
Indonesia is fifth globally in number of startups
Indonesia has the fifth largest number of startups (2,305 in total) globally, according to Startup Ranking. Based on Startup Ranking data, the country with the most startups in the world is the United States with 69,565 companies, followed by India
Emtek acquires majority shares in Bank Fama
Emtek Group, as shareholder of Grab Teknologi Indonesia (GTI) and Bukalapak, will acquire 93% of PT Bank Fama Internasional’s shares through its subsidiary, PT Elang Media Visitama (EMV) by the end of 2021. Established in 1993, Bank Fama, has assets
BI reports that several banks have yet to meet the 20% MSME loan ratio target
Bank Indonesia (BI) reports that there are several banks that have yet to meet the Government’s target of 20% loan allocation to the MSME sector in Indonesia. Key reason for failing to meet these targets is due to the lack
OJK reports growth in credit disbursement and credit quality
The Financial Services Authority (OJK) recorded that the banking industry’s credit disbursement grew by 2.21% year-to-year, and reached US$ 39.5 billion (IDR 5,653 trillion) as of September 2021. OJK spokesperson, Sekar Putih Djarot, shared that the credit growth indicates stability
Introduction of ‘BI-Fast’ Indonesia’s new payment system
Bank Indonesia (BI) introduces BI-Fast, a new payment system to replace the current National Clearing System of Bank Indonesia (“SKNBI”). The key pain point of the SKNBI system is the lag time, up to one hour, needed for transaction settlements.