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Kapital News Highlight - Sept 21

Friday, September 21, 2018



A weekly highlight for your updated and forward-thinking financial insight :

• According to a study by Visa's Consumer Payment Attitudes in 2017, it was found that more than 75 percent of Indonesians can go without cash for an entire day. It showed that Indonesian people were confident about using digital payment systems and going cashless. One of the key trends to indicate Indonesians' readiness to embrace the country as a digital nation in the future is the growth of seamless digital payment methods. Nowadays, people can easily make payments anytime using mobile wallets, chat bots, QR codes, and devices connected to the Internet of Things (IoT). In recent study of Consumer Payment Attitudes, Visa found that 50 percent of the Indonesian respondents hopes the country to become a cashless society. The shift to a cashless future is also supported by the growing number of digital savvy consumers in Indonesia. (The Jakarta Post)

• Bank Indonesia (BI) Deputy Governor Dody Budi Waluyo said that Indonesia needed a national movement to develop sharia economic to develop and stabilize the country's economic conditions. Dody also said that there are several aspects needed to develop the sharia economics including government support, the existence of a special body to coordinate with relevant institutions, and the availability of a national strategy to develop sharia economics. In the second quarter, the current account deficit was recorded at 3 percent of gross domestic product (GDP) compared to 2,2 percent in the first quarter. Although Indonesia has the most Muslim population number, Dody explained that Indonesia was still struggling to develop sharia economics and sharia finance. (The Jakarta Post)

• The Finance Ministry's financing and risk management office said the government sold Rp7,32 trillion (US$491 million) worth of bonds to local retail investors through the online offering. According to the Finance Ministry data, the issue is the highest for its series, the retail savings bonds, and nearly four times the size sold in the previous issuance. Nearly 80 percent of the investors were new, with more than 40percent of them is categorized as millennials. The Finance Minister said that these millennials were investing in government securities for the first time. Moreover, the Deputy Governor of Bank Indonesia (BI) Dody Waluyo said the central bank focused on maintaining the rate differential against other economies to remain to be an attractive investment destination. (The Jakarta Globe)

• Last weekend, the Commodity Futures Trading Commission (CFTC) and the Monetary Authority of Singapore (MAS) announced a cooperation agreement on FinTech innovations which mainly focused on sharing information about trends and developments in FinTech. The agreement could help FinTech companies move more easily between the US and Singaporean markets by establishing a referral mechanism. The CFTC's agreement with MAS is the second FinTech cooperation agreement with a non-US authority, and it reflects the efforts of both agencies to engage their foreign partners in productive dialogue. (Natlaw Review)

• The Director General of International Trade Negotiations at the Ministry of Trade Imam Pambagyo said that Indonesia wanted to stay out of the trade war by introducing policies that are committed to fair trade. This aimed to avoid disputes with other countries. Imam added that Indonesia prioritized a positive approach and engagement through bilateral consultation to face competition in the global market. Through such an approach, the government hoped that it will boost the Indonesia's exports and slow down imports. Moreover, the government also tried to afford the market diversification to reduce the dependency on the traditional market. The Indonesian government was eyeing several African countries as the new potential markets for the country. (The Jakarta Post)

 

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