Tagged: indonesia

Helicap, Danamon Forge Strategic Partnership to Boost FinTech, Alternative Lending in Indonesia

Fintech player Helicap Pte Ltd has partnered with PT Bank Danamon Indonesia Tbk (Danamon) to establish the duo as a pivotal source of non-dilutive growth capital for fintech companies, alternative lending firms, and micro, small, and medium enterprises (MSMEs) across various sectors, including supply chain,… Read More

Indonesia: Fintech Startup Komunal Secures $5.5m in Extended Series A Funding

Komunal, a Jakarta-based Fintech startup, has successfully raised $5.5 million in its extended Series A funding. The round was backed by a range of investors, including the prominent Sumitomo Corporation, and received support from existing backers like AlphaTrio Sustainable Technology Fund, Skystar Capital, Sovereign’s Capital, Ozora,… Read More

Citi Finalizes Sale of Indonesia Consumer Banking to UOB

Citi (NYSE: C) announced it has successfully completed the sale and full migration of its Indonesia consumer businesses to UOB Indonesia (UOBI). The sale includes retail banking, credit card, and unsecured lending businesses, “as well as the transfer of employees.” Citi and UOB first announced… Read More

Indonesia: Central Bank Issues Ethical Guidelines on AI for Fintech

Indonesia’s central bank, the Financial Services Authority (OJK), has partnered with the country’s fintech associations to issue what it describes as ethical guidelines on artificial intelligence (AI) use in the context of the fintech industry. The guidelines were formulated in collaboration with four leading fintech… Read More

Funding in Southeast Asia Continues to Decline, but Strong Valuations are Bright Spot – Report

Funding in Southeast Asia continues to decline, but strong valuations and M&A activity are bright spots, according to an update shared by CBInsights. Venture funding in Southeast Asia continued “to slide in Q3’23, falling by 24% quarter-over-quarter (QoQ) to $1.6B,” the CBInsights report revealed. Deals… Read More

Indonesia: Residential Property Price Survey Reveals Prices in Primary Market are Rising Annually

The latest Residential Property Price Survey conducted by Bank Indonesia in the third quarter of 2023 indicates “that residential property prices in the primary market are still rising annually, with growth of the Residential Property Price Index (RPPI) accelerating to 1.96% (yoy) from 1.92% (yoy)… Read More

Digital Banking: Astra Financial, WeLab Launch Saqu as Virtual Bank Service

PT Bank Jasa Jakarta (BJJ), owned by Astra Financial and WeLab since 2022, launched Bank Saqu, a digital banking service, as a financial partner for individuals and SMEs in Indonesia with a solopreneur spirit. At the launch ceremony of Bank Saqu, it was “attended by… Read More

Markus Prommik of Finfra: Industry Exec Comments on Embedded Lending and the New Fintech Rules

We recently spoke with Markus Prommik, CEO and Co-founder of Finfra, a Fintech platform that develops white-labeled lending products for non-Fintech companies seeking to integrate financial services into their platforms. Based in Jakarta, Indonesia, Finfra not only provides practical embedded lending solutions to their clients… Read More

Indonesian Fintech Lending Platform Investree Secures $231m Funding

Indonesian fintech lending platform Investree has announced raising about $231 million in its Series D funding round anchored by Qatar’s JTA International Holdings with participation from SBI Holding. Following the investment, JTA International Holding and Investree have completed the setup of a joint venture company… Read More

East Ventures, SV Investment Launch $100m Fund to Bridge SE Asian, Korean Startups

Indonesia- and Southeast Asia-focused venture capital investor East Ventures has partnered with Seoul-based SV Investment to launch the “East Ventures South Korea fund in partnership with SV Investment” with a target corpus of $100 million. The initiative’s primary goal is to bridge the investment avenues… Read More

Funding in Southeast Asia’s Tech Ecosystem Plunges to Five-year Low in Q3

Startups in Southeast Asia continue to struggle with funding as ecosystem funding falls to a five-year low for the third quarter of this year, according to a report released by SaaS-based market intelligence platform Tracxn. The report said the tech startup ecosystem in Southeast Asia… Read More

ADB Approves $500m Loan for Indonesia’s Development Agenda, Reforms

The Asian Development Bank (ADB) has approved a $500 million loan to bolster Indonesia’s progressive endeavors in streamlining investment climates, fortifying trade, and advancing enterprises. The approval is an extension of the Competitiveness, Industrial Modernization, and Trade Acceleration Program (CITA), following the success of its… Read More

Indonesian President Widodo Says Social Commerce Harms MSMEs, Conventional Markets

Indonesian President Joko Widodo, popularly known as Jokowi, raised concerns regarding the influence of social commerce platforms like TikTok Shop on the operations and sales of micro, small, and medium enterprises (MSMEs) and traditional market merchants. He opined that platforms like TikTok should stick to… Read More

ASEAN QR Code Innovation Seen to Boost Cross-border Payments, Expand MSME Market Reach

The recently introduced ASEAN QR Code innovation promises to open up a broader market for micro, small, and medium enterprises (MSMEs) by facilitating seamless cross-border payments, Pandu Sjahrir, the legacy lead of ASEAN QR Code, told Indonesia’s news agency ANTARA. This integration offers a platform… Read More

Indonesia Pushes for Expansion of ASEAN’s Local Currency Transaction Network

Under its chairmanship of ASEAN this year, Indonesia is placing a strong emphasis on the expansion and enhancement of the region’s local currency transaction (LCT) network. The move is aimed at fortifying trade and investment, streamlining cross-border payments, and advancing financial asset substitutability. Iss Savitri… Read More

Indonesia: Bank BTPN Undergoes Digital Transformation via Employee-First HR Tech, Partners with Darwinbox

PT Bank BTPN Tbk, one of Indonesia’s leading banks, has transformed its Human Capital Management (HCM) processes by partnering with Darwinbox, the global HR technology provider. With this strategic move, the bank reaffirms its commitment “to providing valuable opportunities to make a significant impact on… Read More

Bank Indonesia, Bank Negara Malaysia, Bank of Thailand to Support Use of Local Currencies

Bank Indonesia, Bank Negara Malaysia, and the Bank of Thailand have reportedly concluded three bilateral Memorandum of Understanding (MoUs) on 25 August 2023. These MoUs are the Framework for Cooperation to Promote Bilateral Transactions in Local Currencies between the countries. The scope of the framework… Read More

Southeast Asia: Regional Payment Connectivity Expansion to Include State Bank of Vietnam

The State Bank of Vietnam (SBV), the central bank of Viet Nam, has officially joined the Regional Payment Connectivity (RPC) initiative. This recent development is “an expansion of the Memorandum of Understanding on Cooperation in Regional Payment Connectivity (MOU RPC) that was initiated by the… Read More

Fasset Launches “Super App,” Reports One Million Sign Ups in First Week

Fasset, a Fintech aiming to support financial inclusion, has launched a “Super App,” reportedly garnering over one million signs ups in the first week. Fasset is a digital asset firm that provides access to tokenized real world assets. The company said that sign ups came… Read More

Malaysia: Maybank Introduces Cross-Border QR Payment Service

Maybank recently launched its cross-border QR payment service for Maybank customers travelling to Singapore, Indonesia, and Thailand as they can now make cashless and instant payment transactions via the MAE app. Similarly, incoming tourists from these countries “will also be able to make cashless payments… Read More

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