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August 25, 2023

On the web

April 18, 2023

On the web

Indonesia’s Move to Launch a Domestic Credit Card Network Highlights Wider Regional Trend

Electronic Payments International

"In March 2023, Bank Indonesia announced plans to transition away from foreign credit card networks such as Visa and Mastercard, replacing them with a domestically developed payment network. In doing so, Indonesia is showing that it wants greater control over its credit card space, rather than relying on foreign providers. Other markets – particularly in the Global South – are expected to follow suit."

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


“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


“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


“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

April 15, 2021

On the web

Indonesian E-commerce Firm Bukalapak Raises $234 Million


“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

February 5, 2021

On the web

December 18, 2020

On the web

November 12, 2020

On the web

October 1, 2020

On the wires

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


“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

April 23, 2020

On the web

April 20, 2020

On the web

Facebook, Three Indonesian Firms in Early Talks for Mobile Payment Approval


“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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