Hery Gunardi will oversee the merger process of the state-owned Islamic banks. The merged bank will become one of the ten largest Islamic banks in the world in terms of market capitalization.
Bank Mandiri will be the majority shareholder of the merged Islamic bank. BTN Syariah will also follow suit after being spun off by its parent company.
The merge of state-owned Islamic or sharia banks begins with the signing of a conditional merger agreement. The merged bank will become Rp 213.87 trillion worth of a highly-competitive bank.
Indonesia will ratify seventh protocol of ASEAN Framework Agreement on Service (AFAS) in financial service sector. This regulation will ease foreign investors to expand to insurance market, which hopefully boosting sharia insurance growth.
Finance Ministerial Regulation (PMK) No. 138/2020 expands the recipients of credit subsidies, from mortgage loan (KPR) to automotive loan (KKB) consumers to boost sluggish consumption and turnovers of several industries.
Big debtors such as PLN, GGRM, and INDF have recorded debit balance decreases by up to Rp 61.2 trillion in total as of August 2020. It means that corporations are holding back expansion plans or looking for more affordable sources of funding
The UK-based digital payment provider, PPRO, entered the Indonesian market through strategic collaboration with DOKU and OVO. WeChat Pay also officially operates in Indonesia after teaming up with CIMB Niaga.
The government will issue a Government Regulation in Lieu of a Law (Perppu) on the Financial Sector on the back of economic crisis risk arising from the COVID-19 pandemic.
The United States (US) financial intelligence agency document, FinCENFiles, revealed odd transactions of global companies, including in Indonesia, were suspected of being related to criminal acts and tax evasion.
The Coordinating Maritime Affairs and Investment Minister, Luhut Binsar Pandjaitan, reveals that the three underperforming banks have forced the government to hand over the banking supervision to Bank Indonesia (BI).