Indonesia
Citi Wraps Up Asian Consumer Banking Exit with Sale to UOB Indonesia
Citi has officially completed the transfer of its consumer banking operations in Indonesia to United Overseas Bank Indonesia (UOBI), in a move marking its ninth and final sale in its strategic refresh plan. This sale, which includes Citi’s retail banking,
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Ravi Menon, Perry Warjiyo Unveil Singapore-Indonesia QR Code Linkage
Bank Indonesia (BI) and the Monetary Authority of Singapore (MAS) have inaugurated a cross-border QR payment linkage connecting both countries. The linkage was introduced at the Singapore Fintech Festival 2023 by BI Governor Perry Warjiyo and MAS Managing Director Ravi
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Faspay, EzyRemit Agree Cross-Border Payments MoU at Australia Pavilion
In a pivotal development within the nascent fintech sectors of both countries, Indonesian payment gateway Faspay, and Australian remittance company EzyRemit have embarked on a collaboration. This alliance was cemented with a Memorandum of Understanding at the Singapore Fintech Festival
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OCBC Indonesia Inks Deal to Acquire PT Bank Commonwealth for US$144M
In a significant move to expand its presence in Indonesia, PT Bank OCBC NISP Tbk (OCBC Indonesia) has agreed to acquire a 99% stake in PT Bank Commonwealth (PTBC) from Commonwealth Bank of Australia (CBA). The deal is reportedly worth
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An Ecosystem Approach to Banking the Underbanked
Reaching Indonesia’s unbanked and underbanked population has been a long-standing challenge for banks. Hindered by numerous factors, including sociocultural diversity, low levels of financial literacy, and Indonesia’s archipelagic geography, the expansion of traditional banking channels has been cost-prohibitive. The result
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3 Southeast Asian Startups Make World’s Top 100 Fintech Firms List
Three fintech startups from Southeast Asia have been named among the world’s largest and most successful financial technology companies, recognized for their scale, growth and ingenuity. The Financial Technology Report has released its selection of the world’s Top 100 Financial
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CIMB and J Trust in Race to Buy Indonesia’s Bank Commonwealth
Malaysian bank CIMB and Japanese finance company J Trust are interested in buying Indonesian lender Bank Commonwealth, according to Reuters. Morgan Stanley is the financial advisor on the sale. The deal could value the lender at US$400 million to US$500
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OJK Prohibits Akulaku from Offering BNPL Services
The Financial Services Authority (OJK) of Indonesia has imposed restrictions on Indonesian fintech Akulaku‘s buy now, pay later (BNPL) business. The restrictions are due to the company’s failure to carry out supervisory actions requested by the OJK, namely restrictions on
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GoTo and Bank Jago Roll Out New Bank Account Offering in Indonesia
Indonesia’s GoTo Financial and Bank Jago, a Gojek-backed digital bank, have launched a new bank account offering that can be accessed directly through the GoPay and Gojek apps. Touted to be first of its kind in Indonesia, ‘GoPay Tabungan by
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Funding Societies and STACS Bridge ESG Data Gap for Indonesian MSMEs
Southeast Asian SME digital finance platform Funding Societies, known as Modalku in Indonesia, has teamed up with ESG fintech firm STACS. Indonesian MSMEs will be introduced to STACS’ ESGpedia platform through Funding Societies for ESG reporting and sustainable financing solutions.
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