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BI extends minimum credit card repayment to mid-2022
Bank Indonesia (BI) extended the minimum credit card payment limit of 5% to mid-2022. The central bank, or BI, also extended the reduction in late payment penalties as one of the measures to support the ongoing economic recovery. According
ADB commits US$ 100 billion to address climate change
The Asian Development Bank (ADB) will increase its allocation to address climate change from US$ 80 billion to US$ 100 billion (IDR 1,422 trillion). These funds will be provided to ADB member countries in stages until 2030. The funds will
Launching “City of the Future” program to reach MSMEs
Grab, Emtek, and Bukalapak launched “City of the Future”, an extensive accelerator program targeting Micro, Small and Medium Enterprises (MSMEs) in smaller cities, and peri-urban areas. The program focuses on three priorities: (1) vaccination, (2) adoption of digital platforms, and
Kominfo banned four investment platforms and 151 illegal online lenders
The Ministry of Communication and Information (Kominfo) has recently banned four investment platforms and 151 illegal peer-to-peer lenders. From 2018 to August 2021, the Investment Alert Task Force closed 3,515 illegal online lenders. The chairman of the Financial Services
Indonesia’s digital startups to attract more funding
The Minister of Communication and Information (Kominfo) expects Indonesia to have two decacorns (startups with a valuation >US$ 10 billion), following Gojek’s success. Kominfo estimates Indonesia’s digital economy to reach US$ 124 billion by 2025 and US$ 315.5 billion
Fintech peer-to-peer lenders continue to expand outside Java
In line with OJK’s urge for fintech peer-to-peer lenders to increase lending outside Java, many alternative lenders have adopted varied strategies to expand their geographic reach. For example, fintech Danamas plans to increase its non-Java region lending from US$
Impact Credit Solutions partners with Restock.ID to offer financing to the Indonesian healthcare sector
OCTOBER 12, 2021 – Restock.ID, an Indonesian fintech, and Impact Credit Solutions (ICS) have partnered to offer affordable financing to the Indonesian healthcare sector during the COVID-19 pandemic. Restock.ID and ICS have entered a US$4 million credit facility to
OJK forms Sustainable Finance Task Force
The Financial Services Authority (“OJK”) formed a task force (“Satgas”) to create a roadmap for Phase II of the Sustainable Finance principles for 2021-2025. The task force consists of 47 financial service institutions from the banking, capital markets and
Indonesian government has disbursed US$4.3 billion to MSME sector
The government has allocated a budget of US$6.7 billion (IDR95.13 trillion) for the MSME sector through the National Economic Recovery (“PEN”) program this year. Coordinating Minister for Economic Affairs, Airlangga Hartarto, said the current realisation is 64.8%, reaching 32.72
8 Startups Including Gojek Enter the Green Economy
The latest report by Bain, Microsoft and Temasek Holdings, highlights the green economy opportunity in Southeast Asia. Currently, there are at least eight startups in Indonesia, including Gojek, investing in decarbonisation initiatives. The report highlights an investment gap of
