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 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.

“Recently ponpes has taken a part in encouraging the economic growth, because many of them which have built the cooperatives, develop the various business units, both small and medium scale, and also, have business incubators,” said Minister of Industry Airlangga Hartarto.

Ministry of Industry has intensively carrying out the activities of developing of new industrial entrepreneurs and the development of industrial units in the pesantren. It was called the Santripreneur program. “Almost 70 percent of Indonesian businessmen are in MSME sector. This is a quite strong asset to face the industrial revolution 4.0,” said Airlangga.

Airlangga added that ponpes had great potential to create new entrepreneurs and grow the small and medium industries. “This is certainly a gift from God that we should be grateful for. Our potential is very large that supported by a lot of campuses and pesantrens in Indonesia which is not exist in other countries in the world,” he added.

Based on data from the Ministry of Religious Affairs, during the year 2014-2015, in Indonesia there were 28,961 ponpes spread all of the province which had santri of more than 4 million people. From the total of ponpes, 23,331 ponpes or 80 percent of them were in 4 provinces, which were West Java, East Java, Central Java and Banten.

Minister of industry optimistically said that with the development of the digital era today, the students could be a strategic change agent in building the nation and the Indonesian economy in the future. For that reason, Indonesian santri must study seriously in science, both religion and entrepreneurship. They, the majority of millenial generation, also need to understand the latest technology.

Moreover, in the next 10 years, Indonesia would havethe demographic or momentum bonus when the population was dominated by productive age (ages 15-64 had reached 70 percent). Currently Indonesia’s economy is ranked 16th in the world. We believe, according to aspirations in Making Indonesia 4.0, it can be a country that is in the top 10 of the world’s strongest economies by 2030.

Therefore, the ministry of industry was committed to support the development of national Small Medium Industry (IKM) in the era of digital economy, by building an e-commerce platform called e-Smart IKM. The Government have been working with a number of domestic marketplaces to provide IKM e-Smart workshops to several regions in Indonesia, so santri should also take this opportunity.

Until now, there were 1,730 IKM businessmen who have participated in IKM e-Smart workshops. By 2019, The ministry of industry would target to invite up to 10 thousand IKM businessmen in Indonesia to attend the workshop. Government will also build technology centers to improve the acces of IKM to technology acquisitions and provide the mentoring support to encourage the innovation.

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 Santripreneur Can Contribute to Indonesian Economy appeared first on INESIA.

Airlangga said that after his meeting with Singapore’s Minister of Communication and Information, S. Iswaran. Minister of Industry explained that, in the preparation of the implementation of Industry 4.0, the Indonesian government had launched the roadmap of Making Indonesia 4.0 which was inaugurated by the President of Indonesia Joko Widodo.

“So, there is a clear direction for the development of the competitiveness of our manufacturing sector in the future, including our targets,” he said. Based on the Making Indonesia 4.0, there were five manufacturing sectors that will focus on the early stages, which were the food and beverage industry, textiles and apparel, automotive, electronics and chemicals.

“The target is Indonesia will be the seventh strongest economy country in the world in 2030. In fact, in 2050, Indonesia is efforted to be ranked fourth in the world,” he explained. Airlangga believed this digital economic cooperation will make the increase forwardof the economy of Indonesia and Singapore. Furthermore, it will potentially make the increased investment and competence of human resources (HR), and also, the transfer of technology and innovation.

These positive impacts were suit with the 10 national priority steps in Making Indonesia 4.0. “For example, building a national digital infrastructure, improving the quality of human resources, and the development of innovative ecosystems,” he said.

In the effort to support the development of the digital economy in Indonesia, the Ministry of Industry had facilitated through built of incubation buildings for startup businesses, such as Bandung Techno Park, Bali Creative Industry Center (BCIC) or TohpaTI Center, Incubator Business Center in Semarang, Makassar Technopark, and Mobile Design Center in Batam.

For Indonesia-Singapore cooperation, the potential of ideal digital hub location was in Batam, because it was nearest and strategic. “We and also with the private sector boost the development of Nongsa Digital Park in Batam,” said Airlangga. These facilities became the basis of innovation and creativity for Indonesian young generation who wanted to develop software, web, application, film and animation, and also, other digital programs.

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 Indonesia-Singapore Were Ready to Collaborate to Build ‘Digital Hub’ 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.

It is not wrong to think of Jakarta as a fintech center that will drive the Indonesian business in the future. The fintech investors all over the world tend to be more confident in investing their money for developing countries, especially countries in Asia such as Indonesia, Thailand, Malaysia, etc. Compare to theseSouth East Asia countries, even Asia, Jakarta (as the capital of Indonesia) is the most potential choice of investment for various reasons. The other developing countries in Asia that just aware of the importance of technology of non-cash transactions, are on the next list.

Jakarta has become the city with the most rapid development of infrastructure compared to other cities in Indonesia, even in Southeast Asia. The proof is the appear of towering office buildings and luxury malls that became the favourite place of Jakarta people to have relax.

That proof can be a benchmark for the progress the economic aspect of a city in the world. Even the capital that is also the center of business has also started to improve in terms of transportation, payment, etc., such as online transportation services, and also the application of digital payments (e-money). It’s really help the citizens.

The appear of fintech start up service currently in Jakarta is very useful for the community, especially those who have never connect with bank. It can be the answer why the development of startup or fintech business in Jakarta increasingly becomes the best choice by the investors both domestic and foreign. During 2017 fintech activities is mostly dominated by payment and lending such as e-money at toll gates, Transjakarta tickets, and also shopping mall in Jakarta.

And if there is cooperation between bank with fintech technology (startup fintech), then there will be increased fintech activities in all big cities across Indonesia in 2018, as has been stated by Digital Artha Media (DAM). While the Indonesian Chamber of Commerce (KADIN) predicts, investment in the sector of fintech will exceed Rp 105.6 trillion in 2018.

So it is common if the developing of fintech technology in a country firstly will start by penetrating on segment or market at Jakarta, as the bigggest city, then continue to other big cities, such as Surabaya, Medan, Bandung, Semarang , Makasar, and others.

And when fintech technology has developed especially in big cities of Indonesia, automaticly its technology would have been able to catch up with some major cities in the world, just like Singapore. Nowdays Singapore is becoming one of the successful cities to adopt fintech technology. More over the Singapore state plans to make their country as the fintech center of the world.

So the only homework for start-up fintech entrepreneurs is, spreading their digital services all over Indonesia, so that the majority of Indonesia people (about 270 million of population) can understand and familiar with the service. And then, our country can take over the position as the fintech center of the world.

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 Will Spread To Big Cities appeared first on INESIA.