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Kapital News Highlight - Nov 30

Friday, November 30, 2018

  •  Indonesian government has completed the negotiations for free trade and investment agreements with members of the four-nation European Free Trade Association. Trade Minister Enggartiasto Lukita said the final agreement will be signed next month. This settlement was also a milestone for Indonesia's relations with the four EFTA countries. In the near future, Indonesia will get better access to export products such as palm oil, fisheries, coffee, and textile. Members of the EFTA will also have access to invest in Indonesia, including in the mining and energy sector. In 2017, Indonesia-EFTA trade was worth $2,4 billion, with a trade surplus of $212 million Indonesia enjoyed. (Jakarta Globe)


  • Bank Indonesia (BI) is currently preparing a cross-border regulation on QR code transaction that is expected to come into effect early next year. The regulation would facilitate domestic financial institutions to cooperate easily with foreign platforms like WeChat and Alipay that offer QR code payment options. All banks and other financial institutions have supported this move as when there is a clear procedure, banks and financial institutions simply follow it. Cross-border transactions are still new among switching companies, specifically non-card based payment services like QR code transactions involving merchants. Moreover, the Head of Policy and Payment Department of BI Onny Widjanarko said that the planned regulation would support the central bank's existing regulation on e-money. (Jakarta Post)


  •  The number of Chinese visitors to Indonesia has increased 275 per cent over the last five years. In 2017, the number of Chinese tourists visited Indonesia reached up to 2,06 million people. Indonesia has been aggressive in promoting the country tourisms to draw more attention from Chinese tourists. Chinese Ambassador to Indonesia Xiao Qian said that both Indonesia and China have exchanged many things including in tourism, education, media, sports and young generation activities. Indonesia hopes to lure more tourists from the country that has the largest population in the world. Furthermore, Xiao Qian hopes that the two countries will continue to expand and deepen exchanges to grow closer relations between them. (Antara News)


  • According to figures released by the Statistics Department, Singapore service industry saw revenue growth across the board in the third quarter. Turnover for the sector increased 8 percent in the same period last year. The growth rate grew from the second quarter which was led by the information and communication services industry. Financial and insurance services showed a 10,6-percent growth in revenue. While in business services, there was a 6,3-percent growth, slower than the previous quarter. Meanwhile, turnover from the recreational and personal services industry grew by 8,9 percent from the receipts in the attractions segment. (Strait Times)


  • A senior executive at a leading Islamic bank has predicted that Islamic and conventional banking systems will eventually merge into competition when global demands change although the two banking systems are currently struggling for expansion in the market. Chief Commissioner of Bank Mandiri Syariah Mulya E. Siregar remarked that the two banking systems would eventually abandon interest-based banking as it had proven to be the source of inequality in the world. Sharia (Islamic) banking does not use an interest-based banking system as it violates the Islamic teachings. Instead, sharia banks are based on profit- and risk- sharing methods. In Indonesia, islamic financial institutions currently hold about 6 percent of the financial market in the country. (Jakarta Post)



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