In 2014 the financial literacy in our country was only 36 percent or 90 million people. Last year this number has increased to about 130 million people. The increased was not up to 50 percent. Still far from the government’s target that was about 75 percent.

Another case related to the condition of internet users in Indonesia, based on survey results of the Association of Internet Service Providers Indonesia, the number of internet users in 2017 has reached 143.26 million people or 54.68 percent of the total population in Indonesia, which were 262 million people.

That number has increased from 2016 which reached to 132.70 million people or 7.96 percent of the number of active internet users in Indonesia. According to the age, a group of millenial or the generation of people under 34 years old generation is the most active of the internet users.

In the population of 13-18 years old, the penetration of internet users has reached 75.5 percent, and the population of 19-34 years old has reached 74.23 percent.

PT Asuransi Jiwasraya (Persero) does not want to waste that huge opportunity (of local interent users) to increase the literacy.

Information Technology Division Chairman of Jiwasraya Insurance, Bagus Wiharjanto, said that one of the policies stated in the Work Plan and Corporate Budget (RKAP) this year is financial services based on financial technology (fintech).

It is good to think of great opportunities for the existence of fintech in recent years. If it applied in the insurance industry, fintech can create innovations that facilitate the insured process, such as micro insurance and personal accident.

The innovations in insurance industry can change the way people view of the industry and also help improve its financial literacy. The Colaboration with Fintech could be a great opportunity for education, both for customers and the public. The idea is quite effective considering the financial services transaction from the new digital insurance has just reached four percent.

“We have launched the apliaction of JS Simple Protection and JS Mikro Sahabat this year,” said Bagus. furthermore, he also mentioned that the cooperation between the state-owned enteprises insurance company, Asuransi Jiwasraya and fintech will create a  fintech insurance application, then the features in the application will develop to such as gamification feature. The purpose of this gamification is to create education through the form of games as a part of financial literacy.

“To introduce the products, we fill the game elements into the app as part of the literacy. Hopefully, this year it will run. Fintech as the application, and the implementation (of the idea) through the application or mobile app,” he explained.

Source: Antara

Disclaimer: This article is a summary of news articles obtained from a number of mass media. We are not responsible for the accuracy of data or sources of information presented by the mass media that became the reference.

INESIA is an Indonesian Legal Process Outsourcing provider. INESIA has assisted Clients in establishing Foreign Direct Company and Representative Office more than 250 entities with 100% success rate. We also assisted local and multinational companies in handling their corporate legal matters, including providing legal retainer services for day to day business operations.

Contact Us Now to get your legal solution for your business goals.

Email : info@investinindonesia.id

Hotline/Whatsapp : +62812-1000-7112

Office : +6221-80674920

The post Fintech Games, The Effective Way For Financial Literacy appeared first on INESIA.

The 2018 Indonesia Fintech Fair was the first event that held start this year. It took the theme of “Fintech Transforming Life” and was organized by the Fintech Indonesia Association (Aftech) in Jakarta. The purpose of this financial technology community event was to broaden the education and information on the conventional tekfin and shariah tekfin to innovate teh alternative solutions to gain the financial access for wider community.

With a theme that emphasiz the consumer protection, the 2018 Indonesia Fintech Fair was attended by all stakeholders of the financial technology industry ecosystem from government, bankers, fintech service providers, which are Investree, and other fintech companies to interact directly with public in the panel discussions.

During the event there were also various exhibitions, the product and service presentations, and games. Co-Founder and CEO of PT Investree Radhika Jaya (Investree) Adrian Gunadi said the involving of the community to improve the awareness and diversification of products and services is very important, because it could strengthen the protection of the consumers.

Except of that, Adrian who also serves as Vice Chairman of Aftech said that the event became an opportunity for the association to educate the fintech businessmen to run the business with a sense of full responsibility and transparent.

“We see that the event is the right momentum and a good opportunity to share the awareness because all stakeholders will be attended and join with people whether aware or not to the benefits of tekfin,” said Adrian.

In the future, Investree will introduce the detail of their newest products and services based on sharia. These products are the Sharia payment service based on Invoice Financing and the Sharia Online Seller Financing for Online Store.

The Definition of the Sharia payment service is a funding product guaranteed by invoices, designed to apply the sharia method through Akad Al Qardh for bailout and Akad Wakalah Bil Ujrah for gaining the profit or ujrah.

While the Sharia Online Seller Financing is a working capital financial service for online store sellers who have an active store on the e-commerce platform of Investree partners. This transaction is also using sharia mehods (Akad Murabahah and Wakalah) with monthly installment payment scheme and the 12 month of period.

Sixty-Four Fintech Approved by OJK

The improvement of fintech industry seems to get a positive response. The Financial Services Authority (OJK) as the regulator of the financial services industry has recorded the number of registered fintech until June 2018, which are already 64 fintech. The number has increased compared to previous time. On April 2018, OJK had registered 51 fintech companies.

According to the official website of OJK, it has informed that until now only one fintech company that get permission, which is Danamas. While the latest one that registered on June 8, 2018 was Kreditcepat.

Until April 2018, the fintech peer to peer lending industry had distributed Rp 5.42 trillion. The value had increased 111.23% compared to December 2018. While the ratio of non-performing loans (NPL) from fintech lending had reached 0.53% in April 2018. The value had decreased compared to December 2017 which reached 0.99%. While the amount of borrowers at April 2018 had reached 1.47 million entities, up 468.79% year to date. Then the number of lenders had reached 162,373 entities, up 60.86% year to date.

Source: Antara

Disclaimer: This article is a summary of news articles obtained from a number of mass media. We are not responsible for the accuracy of data or sources of information presented by the media that became the reference.

INESIA is an Indonesian Legal Process Outsourcing provider. INESIA has assisted Clients in establishing Foreign Direct Company and Representative Office more than 250 entities with 100% success rate. We also assisted local and multinational companies in handling their corporate legal matters, including providing legal retainer services for day to day business operations.

Contact Us Now to get your legal solution for your business goals.

Email : info@investinindonesia.id

Hotline/Whatsapp : +62812-1000-7112

Office : +6221-80674920

The post 2018 Fintech Fair: Socializing Financial Literacy appeared first on INESIA.

The fall of Bitcoin price was influenced by issue from the main of central bank organization in the world who warned of the use of Bitcoin. The central bank stated that cryptocurrencies such as Bitcoin would become increasingly useless in the future. The doubt of the central bank refered to the fact that the value of Bitcoin in a month had reached its lowest point at US $ 6,255 or Rp 84 million on June 13, 2018. It was its duty to release a statement as a warning to the public.

Bitcoin and some other kinds of digital money are cryptocurrencies that are not measurable at all. Even if more and more people use cryptocurrency, it will increase the risk of disturbance of trust and efficiency.

Cryptocurrency is a technology that uses the currency digitally. This technology uses cryptography for security so that this type of currency can not be copied. The value of a cryptocurrency is largely determined by the power of buy and sell of this technology users.

Considered as a breakthrough of financial technology, a various of cryptocurrencies are developed by various companies and engineers team in some parts of the world. Even Google Ventures also invests in one of cryptocurrency technology. Until now, more than 500 cryptocurrencies have been created with innovative concepts.

One of the weaknesses of cryptocurrency is its value basically based on the power of buy and sell so it is not guaranteed by anything. Because of these conditions the value of a cryptocurrency often drops more than 20% in just one day.

Always Use Critical Sense

The weakening sign of the value of cryptourrency have increased in a week. The Bank of International Settlements (BIS), the main of global central banks that has a headquarter in Swiss, needed to make an anticipate step, even it is only a warning. BIS stated the latest warning that Bitcoin would be increasingly useless in the future.

Furthermore, BIS revealed that cryptocurrency that actually only exist in the digital network is using a great trust to maintain the stability of its value and capability. The situation that only depends on the belief in the cryptocurrency could disappear instantly if the decentralized network in every digital currency is fragile.

As more and more people are optimistic about or use cryptocurrency, decentralized networks are more easy to stuck. Except of that, BIS is also worried to see another potential risk which is the high transaction costs per second, especially for Bitcoin. Those were Some of the facts that make BIS could not just be silent. The facts were potentially harming the society. “Trust can evaporate at any time because of the fragility of the decentralised consensus through which transactions are recorded, and that cryptocurrency is also able to stop functioning one day and will make it lose value,” Said BIS in its statement in Reuters.

Source: Antara, Reuters

Disclaimer: This article is a summary of news articles obtained from a number of mass media. We are not responsible for the accuracy of data or sources of information presented by the mass media that became the reference.

INESIA is an Indonesian Legal Process Outsourcing provider. INESIA has assisted Clients in establishing Foreign Direct Company and Representative Office more than 250 entities with 100% success rate. We also assisted local and multinational companies in handling their corporate legal matters, including providing legal retainer services for day to day business operations.

Contact Us Now to get your legal solution for your business goals.

Email : info@investinindonesia.id

Hotline/Whatsapp : +62812-1000-7112

Office : +6221-80674920

The post Cryptocurrency, Not Always Safe Investment appeared first on INESIA.

A great event of financial technology (fintech) industry had been held in Jakarta. The event with the title of The 2018 Indonesia Fintech Fair was expected to be an appropriate event for some fintech companies to improve the public awareness about technology-based lending services and companies or more popularly called as Peer to Peer Lending or P2P Lending.

The 2018 Indonesia Fintech Fair was the first event that held start this year. It took the theme of "Fintech Transforming Life" and was organized by the Fintech Indonesia Association (Aftech) in Jakarta. The purpose of this financial technology community event was to broaden the education and information on the conventional tekfin and shariah tekfin to innovate teh alternative solutions to gain the financial access for wider community.

With a theme that emphasiz the consumer protection, the 2018 Indonesia Fintech Fair was attended by all stakeholders of the financial technology industry ecosystem from government, bankers, fintech service providers, which are Investree, and other fintech companies to interact directly with public in the panel discussions.

During the event there were also various exhibitions, the product and service presentations, and games. Co-Founder and CEO of PT Investree Radhika Jaya (Investree) Adrian Gunadi said the involving of the community to improve the awareness and diversification of products and services is very important, because it could strengthen the protection of the consumers.

Except of that, Adrian who also serves as Vice Chairman of Aftech said that the event became an opportunity for the association to educate the fintech businessmen to run the business with a sense of full responsibility and transparent.

"We see that the event is the right momentum and a good opportunity to share the awareness because all stakeholders will be attended and join with people whether aware or not to the benefits of tekfin," said Adrian.

In the future, Investree will introduce the detail of their newest products and services based on sharia. These products are the Sharia payment service based on Invoice Financing and the Sharia Online Seller Financing for Online Store.

The Definition of the Sharia payment service is a funding product guaranteed by invoices, designed to apply the sharia method through Akad Al Qardh for bailout and Akad Wakalah Bil Ujrah for gaining the profit or ujrah.

While the Sharia Online Seller Financing is a working capital financial service for online store sellers who have an active store on the e-commerce platform of Investree partners. This transaction is also using sharia mehods (Akad Murabahah and Wakalah) with monthly installment payment scheme and the 12 month of period.

Sixty-Four Fintech Approved by OJK
The improvement of fintech industry seems to get a positive response. The Financial Services Authority (OJK) as the regulator of the financial services industry has recorded the number of registered fintech until June 2018, which are already 64 fintech. The number has increased compared to previous time. On April 2018, OJK had registered 51 fintech companies.

According to the official website of OJK, it has informed that until now only one fintech company that get permission, which is Danamas. While the latest one that registered on June 8, 2018 was Kreditcepat.

Until April 2018, the fintech peer to peer lending industry had distributed Rp 5.42 trillion. The value had increased 111.23% compared to December 2018. While the ratio of non-performing loans (NPL) from fintech lending had reached 0.53% in April 2018. The value had decreased compared to December 2017 which reached 0.99%. While the amount of borrowers at April 2018 had reached 1.47 million entities, up 468.79% year to date. Then the number of lenders had reached 162,373 entities, up 60.86% year to date.

Source: Antara

Disclaimer: This article is a summary of news articles obtained from a number of mass media. We are not responsible for the accuracy of data or sources of information presented by the media that became the reference.

INESIA is an Indonesian Legal Process Outsourcing provider. INESIA has assisted Clients in establishing Foreign Direct Company and Representative Office more than 250 entities with 100% success rate. We also assisted local and multinational companies in handling their corporate legal matters, including providing legal retainer services for day to day business operations.

Contact Us Now to get your legal solution for your business goals.
Email : info@investinindonesia.id
Hotline/Whatsapp : +62812-1000-7112
Office : +6221-80674920

The post 2018 Fintech Fair: Socializing Financial Literacy appeared first on INESIA.

In general the definition of literacy is the ability of people in understanding and implementing an information. So financial literacy is the ability of a person in understanding and implementing of the financial information so that they can anticipate various obstacles that may occur.

In 2014 the financial literacy in our country was only 36 percent or 90 million people. Last year this number has increased to about 130 million people. The increased was not up to 50 percent. Still far from the government’s target that was about 75 percent.

Another case related to the condition of internet users in Indonesia, based on survey results of the Association of Internet Service Providers Indonesia, the number of internet users in 2017 has reached 143.26 million people or 54.68 percent of the total population in Indonesia, which were 262 million people.

That number has increased from 2016 which reached to 132.70 million people or 7.96 percent of the number of active internet users in Indonesia. According to the age, a group of millenial or the generation of people under 34 years old generation is the most active of the internet users.

In the population of 13-18 years old, the penetration of internet users has reached 75.5 percent, and the population of 19-34 years old has reached 74.23 percent.

PT Asuransi Jiwasraya (Persero) does not want to waste that huge opportunity (of local interent users) to increase the literacy.

Information Technology Division Chairman of Jiwasraya Insurance, Bagus Wiharjanto, said that one of the policies stated in the Work Plan and Corporate Budget (RKAP) this year is financial services based on financial technology (fintech).

It is good to think of great opportunities for the existence of fintech in recent years. If it applied in the insurance industry, fintech can create innovations that facilitate the insured process, such as micro insurance and personal accident.

The innovations in insurance industry can change the way people view of the industry and also help improve its financial literacy. The Colaboration with Fintech could be a great opportunity for education, both for customers and the public. The idea is quite effective considering the financial services transaction from the new digital insurance has just reached four percent.

"We have launched the apliaction of JS Simple Protection and JS Mikro Sahabat this year," said Bagus. furthermore, he also mentioned that the cooperation between the state-owned enteprises insurance company, Asuransi Jiwasraya and fintech will create a  fintech insurance application, then the features in the application will develop to such as gamification feature. The purpose of this gamification is to create education through the form of games as a part of financial literacy.

"To introduce the products, we fill the game elements into the app as part of the literacy. Hopefully, this year it will run. Fintech as the application, and the implementation (of the idea) through the application or mobile app," he explained.

Source: Antara

Disclaimer: This article is a summary of news articles obtained from a number of mass media. We are not responsible for the accuracy of data or sources of information presented by the mass media that became the reference.

INESIA is an Indonesian Legal Process Outsourcing provider. INESIA has assisted Clients in establishing Foreign Direct Company and Representative Office more than 250 entities with 100% success rate. We also assisted local and multinational companies in handling their corporate legal matters, including providing legal retainer services for day to day business operations.

Contact Us Now to get your legal solution for your business goals.
Email : info@investinindonesia.id
Hotline/Whatsapp : +62812-1000-7112
Office : +6221-80674920

The post Fintech Games, The Effective Way For Financial Literacy appeared first on INESIA.

Maybe this will be a bad news for those who are optimistic about the development of Bitcoin that in less than a month this cryptocurrency has dropped dramatically to 21%. On June 18, 2018, the price of Bitcoin was traded at US $ 6,443 or Rp 86.9 million. The Data released by Coinbase stated that Bitcoin’s price on May 19, 2018 was US $ 8,536 or Rp 115 million (US $ 1 = Rp 13,500). While on June 18, 2018 the value of Bitcoin was at US $ 6,443 or Rp 86.9 million.

The fall of Bitcoin price was influenced by issue from the main of central bank organization in the world who warned of the use of Bitcoin. The central bank stated that cryptocurrencies such as Bitcoin would become increasingly useless in the future. The doubt of the central bank refered to the fact that the value of Bitcoin in a month had reached its lowest point at US $ 6,255 or Rp 84 million on June 13, 2018. It was its duty to release a statement as a warning to the public.

Bitcoin and some other kinds of digital money are cryptocurrencies that are not measurable at all. Even if more and more people use cryptocurrency, it will increase the risk of disturbance of trust and efficiency.

Cryptocurrency is a technology that uses the currency digitally. This technology uses cryptography for security so that this type of currency can not be copied. The value of a cryptocurrency is largely determined by the power of buy and sell of this technology users.

Considered as a breakthrough of financial technology, a various of cryptocurrencies are developed by various companies and engineers team in some parts of the world. Even Google Ventures also invests in one of cryptocurrency technology. Until now, more than 500 cryptocurrencies have been created with innovative concepts.

One of the weaknesses of cryptocurrency is its value basically based on the power of buy and sell so it is not guaranteed by anything. Because of these conditions the value of a cryptocurrency often drops more than 20% in just one day.

Always Use Critical Sense
The weakening sign of the value of cryptourrency have increased in a week. The Bank of International Settlements (BIS), the main of global central banks that has a headquarter in Swiss, needed to make an anticipate step, even it is only a warning. BIS stated the latest warning that Bitcoin would be increasingly useless in the future.

Furthermore, BIS revealed that cryptocurrency that actually only exist in the digital network is using a great trust to maintain the stability of its value and capability. The situation that only depends on the belief in the cryptocurrency could disappear instantly if the decentralized network in every digital currency is fragile.

As more and more people are optimistic about or use cryptocurrency, decentralized networks are more easy to stuck. Except of that, BIS is also worried to see another potential risk which is the high transaction costs per second, especially for Bitcoin. Those were Some of the facts that make BIS could not just be silent. The facts were potentially harming the society. “Trust can evaporate at any time because of the fragility of the decentralised consensus through which transactions are recorded, and that cryptocurrency is also able to stop functioning one day and will make it lose value," Said BIS in its statement in Reuters.

Source: Antara, Reuters

Disclaimer: This article is a summary of news articles obtained from a number of mass media. We are not responsible for the accuracy of data or sources of information presented by the mass media that became the reference.

INESIA is an Indonesian Legal Process Outsourcing provider. INESIA has assisted Clients in establishing Foreign Direct Company and Representative Office more than 250 entities with 100% success rate. We also assisted local and multinational companies in handling their corporate legal matters, including providing legal retainer services for day to day business operations.

Contact Us Now to get your legal solution for your business goals.
Email : info@investinindonesia.id
Hotline/Whatsapp : +62812-1000-7112
Office : +6221-80674920

The post Cryptocurrency, Not Always Safe Investment appeared first on INESIA.