Wise’s Post

The credit card penetration rate in Indonesia remains notably lower compared to neighboring countries like Malaysia and Thailand. The growth of new payment solutions such as QRIS and BNPL (Buy Now Pay Later) has intensified competition, making it challenging for credit card issuers to attract new customers. PT CRIF Lembaga Informasi Keuangan (CLIK) introduced the New CLIKBoard to AKKI Members at AKKI's Forum on July 4th, 2024. This advanced platform offers a wealth of industry data and market insights, empowering banks to refine their credit card acquisition strategies and enhance operational efficiency. With CLIKBoard's data-driven insights, banks can make informed decisions, ultimately fostering a stronger and more competitive credit card industry in Indonesia. Read more:  https://lnkd.in/gNKE6UHj -- Let's talk @clikbirokredit - Reach us at: 📧: [email protected] 📞: 0817 0089 012 www.cbclik.com - #CLIK #CreditBureau #creditreport #creditscore #CLIKBoard #AKKI #creditcard #banks

Despite the growing popularity of digital wallets and e-money, cash remains the dominant form of payment in Indonesia. This chart shows a significant gap between cash circulation (Rp 853.3 trillion) and e-money value (Rp 325.5 trillion). Looking ahead, the future of payments in Indonesia is likely to be a blend of both cash and e-money. As digital infrastructure improves and financial literacy increases, e-money adoption is expected to rise. Nonetheless, the strong cultural importance of cash indicates it will continue to be widely used in Indonesia. #ptmurni #murnisolusindonusantara #cashisking #financialinsights

👀 👀 Open Finance succes stories discussed!! Don't miss them!. Thanks for masterfully directing the webseries Mark Boyd, Platformable. #openfinance #opendata

Open banking for the under-served has an economic flywheel effect. The World Bank notes that “Receiving digital payments such as a wage payment, a government transfer, or a domestic remittance, catalyzes the use of other financial services, such as storing, saving, and borrowing money.” Take Indonesia as an example. Bank account ownership in Indonesia has increased from 20% in 2011 to 52% in 2021, according to the World Bank. In the first half of 2021, there were 21 million new digital consumers with 72 percent of them coming from non-urban areas. 📈 PT Bank Rakyat Indonesia (Persero) Tbk, as a government-owned bank, is dedicated to changing the lives of its customers through accelerating financial inclusion across Indonesia and  their API platform is key to achieve that.✨ Financial inclusion is still a huge challenge to be addressed but many countries are already experiencing the impact of the API economy and digitisation. ➡ https://lnkd.in/dXUifkQd Find out more success stories in our OB Value tool and see how companies, through diverse collaborations, are getting it exactly right! 🚀🚀🌟🙌 ➡ https://lnkd.in/dYJxdfnm #OpenEcosystem #Innovation #APIEconomy #DigitalTransformation #OpenFinance #OpenBanking #financialinclusion

Financial exclusion can be tackled today through technology and appropriate policies. Check out this use case in Platformable’s OB Value tool

💡PT Bank Jasa Jakarta successfully held its Annual General Meeting of Shareholders, attended by the Board of Commissioners Astra Financial WeLab, Directors, and Management. In this shareholders' meeting, it was discussed that the year 2023 has been a special year for PT Bank Jasa Jakarta, as Bank Jasa Jakarta has officially started its digital banking services through the launch of Bank Saqu for all people in Indonesia. The launch of the Bank Saqu application marks the beginning of the transformation of Bank Jasa Jakarta into a bank with digital banking services.   In the future, we will focus on promoting financial inclusion and reaching the underbanked and unbanked communities in Indonesia. We are optimistic that the launch of digital banking services will have a positive meaning for the bank in “Transforming Banking—Uplifting Indonesia," supporting the progress of Indonesia’s financial inclusion while providing the best added value for shareholders and stakeholders✨   #BankJasaJakarta #BankSaqu #AstraFinancial #WeLab #TransformingBanking #UpliftingIndonesia

Indonesia, the world's fourth most populous country with 270 million people, has only about half of its population holding bank accounts, indicating an underdeveloped financial infrastructure. Despite high interest rates and strong loan demand activating the loan shark and P2P markets, the lack of CB (Credit Bureau) information makes it difficult to conduct proper credit evaluations, posing a significant burden on financial institutions to aggressively increase unsecured loans. In Indonesia, companies such as IZI, Advanced AI, Telecom, Tokopedia, and Shopee use various alternative information to provide alternative credit information, but their low accuracy limits their usability. Therefore, OK Bank Indonesia utilizes CrePASS's alternative credit evaluation technology. By obtaining consent from loan applicants and providing their mobile information, OK Bank calculates credit scores and uses this as a screening strategy to reject customers with low scores.

Originally written in Bahasa Indonesia by Ardhienus, deputy director of the Surveillance Department of Bank Indonesia, the article on digital banks in Indonesia finally had to say goodbye to their heyday, having enjoyed being irrationally overvalued in market capitalization, which was way bigger than that of conventional banks. After the rage, reality set in, with prices of digital banks' stocks plummeting down by 70 percent, A closer look revealed that they had been suffering from loss, despite the fact that some managed to profit as shown in September 2023 data. Allo Bank and Bank Jago for instance netted around Rp332b and Rp50b respectively. The amount was an increase of 60% and 24% respectively from the year earlier. Where the increase came from? Mostly from bigger loan distribution. With their core business being roughly the same with conventional banks, which is getting money by lending it, digital banks have so far been doing their best to be innovative and optimizing their ecosystem, engaged more in partnership and development of super apps. #bankindonesia #indonesiacentralbank #bankmandiri #indonesianeconomy

There are 9 million Indonesia overseas. Wise understands this. They know Indonesian behavior. Indonesians send money home routinely. They increase their amount during special festive months like Eid. In other News, They get backlash on their Indonesia operation. They can no longer offer Indonesians who have registered addresses in Indonesia to hold the balance in their Wise account. This is because of local regulations. But don’t worry. To those who are in Indonesia You still can perform digital banking. One of them is Bank Jago Syariah, On this Ramadan, They have partner with Qara'a An Al-Quran learning application Which they generously give you One month of learning access when you Opening Bank Jago syariah Account. From Qara'a mobile application So, this Ramadan. You can manage your financial In Syariah's way and re-learning again Reading Al-Quran in your own time. What to wait? 🟢Free opening SyariahAccount 🟢Free Al-Quran Learning #partnership #ramadan