A leading payments industry news source for more than 17 years. Glenbrook curates the news and keeps you abreast of the important daily headlines in payments.
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August 15, 2024
On the web
Coda and GoPay Supercharge Rewards for Indonesian Gamers
Coda Payments
July 16, 2024
On the web
The Indonesian Central Bank Expands QR Code Payment Collaboration With Bank of Korea
Indonesia Business Post
August 25, 2023
On the web
Malaysia, Indonesia, and Thailand Promote Domestic Currency Use in Bilateral Transactions
Cryptopolitan
April 18, 2023
On the web
Indonesia’s Move to Launch a Domestic Credit Card Network Highlights Wider Regional Trend
Electronic Payments International
December 8, 2022
On the wires
ACI Worldwide to Accelerate Indonesia’s Real-Time Revolution with New BI-FAST Payment Services and Expanded Bank Participation
Businesswire
“BI-FAST, Indonesia’s domestic real-time payments scheme — provided by Bank Indonesia and powered by ACI Worldwide, a global leader in mission-critical, real-time payments software — has announced plans to launch a wide range of new real-time payment services as the scheme celebrates its first anniversary. Since its launch in December 2021, BI-FAST has successfully onboarded a total of 106 participants, 19 of which through multi-tenant aggregators are using ACI Worldwide’s multi-tenant Real-Time Payments Solution to connect to BI-FAST. The participants represent 87% of the national retail payments market, responding to rapidly increasing demands for a fast, easy, secure, and affordable national payments system. Powered by ACI Worldwide, BI-FAST payment services will be extended to include bulk credit, direct debit and Request for Pay services. BI-FAST also expects the number of participants to continue expanding including additional multi-tenant aggregators, from the leading national switches of Indonesia. One of the multi-tenant aggregators, PT Rintis Sejahtera, has already gone live with the solution.”
November 2, 2022
On the wires
ICBC Indonesia Launches UnionPay Triple Currency Debit Card For Easy Transactions With 3 Currencies
PR Newswire
“PT Bank ICBC Indonesia and UnionPay International today launched the “Triple Currency Card”. As per the product name, this new Debit Card has three currencies in one card, including Rupiah (IDR), US Dollar (USD), and Renminbi (CNY). This card provides easiness, convenience and security of transactions through the UnionPay network. According to the Director of PT Bank ICBC Indonesia, Lukito Adisubrata, this Triple Currency Debit Card is expected to be a convenient solution for customer’s transactions both domestically and abroad.”
August 3, 2022
On the web
PayPal Registers to Indonesia’s Licensing Rules, Access Unblocked
euronews
“U.S. payments firm PayPal has registered as an electronic systems operator in Indonesia and its customers can now access its services, the company said on Wednesday. PayPal was one of several websites that Indonesia blocked at the weekend because of their failure to comply with new licensing rules. Companies were given a July deadline to register under new rules that would allow authorities to compel platforms to disclose data of certain users and take down content deemed unlawful or that “disturbs public order” within four hours if urgent, and 24 hours if not.”
July 21, 2022
On the web
Central Banks in Five SE Asian Countries to Create Common Contactless QR Payments Zone
NFCW
“The central banks of Indonesia, Malaysia, the Philippines, Singapore and Thailand are to develop an interoperable cross-border payments system that will enable residents of each country to use their mobile banking app to make QR code-based payments for goods and services when visiting any of the other territories. The integrated system will enable visitors to another of the participating countries to make transactions in local currency that will then be settled in their own without having to be exchanged via an intermediary currency such as the US dollar. Bank Indonesia, Bank Negara Malaysia, Bangko Sentral ng Pilipinas, the Monetary Authority of Singapore and the Bank of Thailand announced that they are preparing to sign a general agreement on payment connectivity that will establish a framework for the system later this year at a seminar during a meeting of G20 finance ministers and central governors in Bali.”
April 15, 2022
On the web
Indonesia’s KoinWorks Rolls Out Card for Influencers and Entrepreneurs
Finextra Research
“New economies need new economic models that support them. That’s why KoinWorks, the leading fintech platform in Indonesia, today announced the launch of NEOCard, the first offering of its kind that gives more than 64M influencers and entrepreneurs in the region access to financial tools and banking services to help fuel the next generation of wealth in the region.With a virtual card from Mastercard, which is connected to BNI accounts, the product breaks down the credit barrier to entry for millions of small to medium businesses in Indonesia, complemented by a complete, end-to-end mobile banking experience. To join the 1.5 million users currently using KoinWorks NEO, download the app here and create your account within minutes.”
January 26, 2022
On the wires
Bank Indonesia Drives Country’s Real-Time Payment Ambitions With ACI Worldwide
“Bank Indonesia (BI), Indonesia’s central bank, has launched the country’s first real-time payments infrastructure, BI-FAST, driven by ACI Worldwide (NASDAQ: ACIW), a leading global provider of real-time digital payment software . BI-FAST is an integral part of Indonesia’s ongoing digital modernization initiative and central to its Payment System Blueprint, IPS 2025 . IPS 2025 aims to transform the country’s payment infrastructure, integrate its digital economy and finance sector, and respond to public demands for a fast, easy, safe, affordable and reliable payment system.”
November 9, 2021
On the web
Indonesia to Launch Retail Payment System
OpenGov Asia
“Indonesia’s central bank, Bank Indonesia (BI), has continued its innovative initiatives by launching the long-awaited BI-Fast, a real-time retail payment system infrastructure, to meet public demand for fast, mobile, secure and low-cost transactions. BI-Fast was established to serve industrial consolidation and end-to-end integrated digital economy and finance (EKD), a national step toward realising the Indonesia Payment System Blueprint (BSPI) 2025 and to meet public demand for a fast, easy, affordable, safe, and reliable payment system, according to BI Governor Perry Warjiyo.”
September 15, 2021
On the web
Indonesian Fintech Xendit Is Now a Unicorn, With $150M in Fresh Funding Led by Tiger Global
TechCrunch
“There’s a new entrant in Southeast Asia’s growing list of unicorns. Jakarta-based Xendit , best known for its digital payment infrastructure but also focused on other financial products, announced today it has raised $150 million in Series C funding, bumping its valuation to $1 billion.”
April 15, 2021
On the web
Indonesian E-commerce Firm Bukalapak Raises $234 Million
Reuters
“Indonesian e-commerce company Bukalapak raised $234 million in capital in a funding round led by Microsoft, Singapore sovereign wealth fund GIC, and local media conglomerate Emtek, according to a sale document reviewed by Reuters. The latest funding round comes amid a frenzy of interest from global investors in gaining exposure to the fast growing Southeast Asian technology sector with the prospect of listings of startups worth tens of billions of dollars.”
April 13, 2021
On the web
How Can Open Finance Help Indonesia’s Unbanked?
Tech Wire Asia
“One hundred and thirty million: that is the number of adults within Indonesia who do not use traditional bank accounts to access financial services such as loans and credit cards. Instead, they utilize fintech services ranging from digital wallets to peer-to-peer (P2P) lending to fulfill their financial needs. Now, Bank Indonesia (BI) and the financial services authority in Southeast Asia’s biggest market are formulating provisions in a new framework to welcome the open finance era, looking to achieve the Payment System Vision of Indonesia goals by 2025.”
March 2, 2021
On the web
Indonesian Payments Infra Startup Xendit Raises $64.6M in Accel-led Series B
TechCrunch
“Fueled by the COVID-19 pandemic, digital transformation is happening all over the world. And Southeast Asia is no exception. Indonesia’s Xendit , a startup focused on building digital payments infrastructure for the region, has just raised $64.6 million in a Series B led by Silicon Valley heavyweight Accel.”
February 5, 2021
On the web
GajiGesa, a Fintech Startup Serving Underbanked Indonesian Workers, Raises $2.5 Million Seed Round
TechCrunch
“GajiGesa , a fintech company that offers Earned Wage Access (EWA) and other services for workers in Indonesia, has raised $2.5 million in seed funding. The round was co-led by Defy.vc and Quest Ventures.”
December 18, 2020
On the web
Indonesia’s Gojek purchases 22% stake in Indonesian digital bank Bank Jago
Reuters
“Indonesian ride-hailing, food delivery and payments firm Gojek said on Friday in a statement it had purchased a 22% stake in Indonesian digital bank Bank Jago. The firm, which was valued at $10 billion in its last funding round, said the strategic investment will enable access to digital banking services through Gojek’s platform.”
November 12, 2020
On the web
Grab leads series B round of up to $100m in Indonesian fintech LinkAja
Tech in Asia
“Indonesia’s fintech app LinkAja announced that it has raised up to US$100 million in a series B round led by Southeast Asian super app Grab…Commencing its commercial operations in June last year, LinkAja provides e-payment services to the middle-class segment and to micro, small, and medium enterprises (MSMEs) in Indonesia.”
October 1, 2020
On the wires
PPRO Expands Global Offering With Top Indonesian Payment Methods DOKU and OVO
September 18, 2020
On the web
Digital Banking, Now Halal
Rest of World
“The average fintech startup founder faces a taxing to-do list: raise seed funding, scope out a user base, recruit talent, build something people will actually use. For the Indonesian entrepreneur, the Muslim-majority market presents an additional hurdle: build an app that is compliant with Islamic religious law, or Sharia.”
July 6, 2020
On the web
Payfazz gets $53 million to give more Indonesians access to financial services
TechCrunch
“Indonesia is not only Southeast Asia’s most populated country, but also one of the world’s fastest-growing economies. But many people, especially outside of major cities, still lack access to basic financial services like bank accounts. Payfazz is one of several tech startups focused on solving that problem by finding innovative ways to give more Indonesians access to financial services. The company announced today that it has raised a $53 million Series B led by B Capital and Insignia Ventures Partners.”
June 3, 2020
On the wires
Global technology and payments companies invest in Gojek to boost digital payments and accelerate adoption among small businesses
“Gojek announced today that Facebook and PayPal have joined Google, Tencent and others as investors in its current fundraise. This new investment will support Gojek’s mission to boost Southeast Asia’s digital economy, with a focus on supporting payments and financial services in the region.”
April 23, 2020
On the web
Gojek Acquires Payments Startup Moka for $130 Million
bloomberg
“Indonesia’s ride-hailing and food-delivery giant Gojek has acquired a mobile point-of-sale startup called Moka for about $130 million, according to people familiar with the deal. Jakarta-based Moka, present in more than 100 cities across Indonesia, provides point-of-sale and payments services to owners of more than 35,000 restaurants, coffee shops and retail outlets.”
April 20, 2020
On the web
Facebook, Three Indonesian Firms in Early Talks for Mobile Payment Approval
Reuters
“Three Indonesian digital fintech firms are working with Facebook Inc to apply for regulatory approval to launch mobile payments in the country, an official at the financial regulator said. The plan, if approved, could be among the first such service under the social media firm’s unified payment service Facebook Pay it unveiled in November, through which users across its various platforms including WhatsApp and Instagram can make payments without exiting the app.”
March 11, 2020
On the web
Bank Indonesia Makes Push to Bring Street Vendors to World of Cashless Payments
The Jakarta Post
“Bank Indonesia (BI) is holding a National QRIS Week event across Indonesia to promote cashless transactions among small businesses using its Quick Response Indonesia Standard (QRIS) code system. During the one-week event, which ends March 15, the central bank will disseminate information on the technical details of the QRIS system and the registration process for small businesses that want to begin using a cashless payment system.”
November 26, 2018
On the web
Bank Indonesia to issue cross-border QR code payment regulation
The Jakarta Post (Indonesia)
“Bank Indonesia is preparing a cross-border regulation on QR code transactions that is expected to come into effect early next year. “The cross-border regulation is for regulating QR code transactions in rupiah made by foreign players,” a BI source said as quoted by kontan.co.id on Sunday. The unnamed source said the regulation would facilitate domestic financial institutions to cooperate easily with foreign platforms like WeChat and Alipay that offer QR code payment options.”
April 13, 2018
On the web
KinerjaPay Eyes Augmenting Growth Through Synergistic Acquisitions
“KinerjaPay Corp., (OTCQB: KPAY), a digital payment and ecommerce platform (“KinerjaPay” or the “Company”) today announced a major plan to acquire several companies ranging from competitors to product-based companies that will be sold through the Company’s established infrastructure. Combined with the Company’s rapid organic revenue growth, the acquisitions will accelerate the Company’s market share penetration in the nascent Indonesian Market. The Company feels confident that it has nearly $5 million of funding available for the appropriate acquisitions.”
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