More than 500 bankruptcy cases were registered so far this year. A total of 15 public companies are facing bankruptcy claims. Meanwhile, more than Rp 800 trillion in loans from millions of MSME and non-MSME debtors had undergone restructuring.
Banks are under massive pressure due to the high number of NPLs, despite implementing COVID-19-related programs of credit restructuring. Since May, the NPL ratios have reached three percent of total bank credit.
Circulating news that Bank Bukopin is facing liquidity shortages had put the national banks' resilience amid the pandemic into the spotlight.
The rumor that the government plans to create a Sovereign Wealth Fund has been snowballing recently.
Asuransi Jiwasraya default case has become the government’s housework as a shareholder, not only a matter of paying off claims to customers, but also efforts to save the state-owned insurer since the polemic may cause multiple effects.
Bank consolidation is still naturally happening, considering the Indonesian finance authority keeps pushing regulations to strengthen the banking capital.
Clouds hung over the financial industry last week after the OJK temporary suspended the trading of investment products owned by PT Narada Aset Manajemen since the investment company defaulted on shares of securities valued at Rp 177.78 billion.
In the midst of weak financial literacy, the financial technology (Fintech) industry that is utilising the development of information technology to approach customers continues to grow.