Bank Indonesia is preparing a cross-border regulation on QR code transactions that is expected to come into effect early next year. “The cross-border regulation is for regulating QR code transactions in rupiah made by foreign players,” a BI source said as quoted by kontan.co.id on Sunday. The unnamed source said the regulation would facilitate domestic financial institutions to cooperate easily with foreign platforms like WeChat and Alipay that offer QR code payment options. Banks and other financial institutions have supported BI’s move. Information technology and operations director Dadang Setiabudi of state-owned lender PT Bank Negara Indonesia (BNI) said that cooperation with foreign QR Code payment service providers would be easier with the regulation. “It will be easier because there will be a clear procedure. We simply follow the procedure [in the planned regulation,” he said. Meanwhile, business director … [Read more...] about Bank Indonesia to issue cross-border QR code payment regulation
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Indonesia’s Riady family investigated over Lippo bribes
Indonesia’s powerful Riady business empire is under Anti-Corruption Commission (KPK) investigation over bribes one of its Lippo Group subsidiaries allegedly paid local officials to kick-start the US$20 billion Meikarta mega-project on the eastern fringes of Jakarta. Investigators have already searched the palatial lakeside home of vice-chairman James Riady, 61, the son of 89-year-old Lippo founder Mochtar Riady, and 10 other locations in a series of evidence-gathering raids across the Indonesian capital. The dailyReport Must-reads from across Asia - directly to your inbox Riady’s lawyer, former deputy justice minister Denny Indrayana, said nothing was seized at the tycoon’s 16-room mansion on a man-made island bordering Karawaci’s Lippo Village, a long-established housing and office development on the western side of Jakarta. The KPK said later Riady would be called as a witness in the case, one of a series of high-profile corruption scandals that have had … [Read more...] about Indonesia’s Riady family investigated over Lippo bribes
BNI enhances partnerships with four regional banks during IMF-WB meetings
Indonesian lender PT Bank Negara Indonesia (BNI) has strengthened its cooperation with its regional counterparts Standard Chartered, DBS, UOB and HSBC, during the International Monetary Fund and World Bank Group Annual Meetings in Nusa Dua, Bali. It held a series of discussions on, among other things, export development and business partnerships from Thursday to Friday, it said on Saturday. BNI treasury and international business director Rico Rizal Budidarmo said the cooperation with the regional banks would help boost its trade finance services and support business expansion. “Prior to the Bali meetings, we have been working together on various services, such as trade transactions, banking guarantee, remittance, treasury and syndication… We expect to further upgrade our services to customers in our branches across Indonesia and eight branches overseas in Singapore, Tokyo, Osaka, Hong Kong, London, New York, Seoul and Yangon,” Rico said in a statement. BNI … [Read more...] about BNI enhances partnerships with four regional banks during IMF-WB meetings
Indonesia a step closer to controlling Grasberg mine
The prolonged talks between the Indonesian government and Freeport McMoRan Copper & Gold have passed another milestone with Freeport, partner Rio Tinto and state-owned holding company PT Inalum signing an agreement under which Rio Tinto will sell its stake in Papua’s fabulously rich Grasberg mine. Coming a year after the two main parties agreed on a framework deal which President Joko Widodo’s administration over-optimistically hailed as a breakthrough, the new non-binding “Heads of Agreement” sets down a valuation of the mine’s assets and describes a pathway to Freeport’s eventual 51.2% divestment. The dailyReport Must-reads from across Asia - directly to your inbox Politically, it is the target Widodo was anxious to reach before the end of June as he gears up for the simultaneous April 2019 presidential and legislative elections. But it doesn’t resolve the key issues of managerial control over the mine, international arbitration and … [Read more...] about Indonesia a step closer to controlling Grasberg mine
Foreign investors show interest in buying Bank Muamalat
Sharia-based lender PT Bank Muamalat Indonesia president director Achmad K. Permana has met with five investors from Indonesia, Singapore and a Middle Eastern country to discuss the lender’s plans for a rights issue. “I just returned from Singapore, where I met five potential investors,” Achmad said in Jakarta on Friday during the launch of DPLK Syaria, the bank’s subsidiary that will deal with pension funds. The arrival of new investors through the rights issue is expected to strengthen Bank Muamalat’s financial capability, he said as reported by kontan.co.id. He added that some investors were part of a consortium, including one from Singapore. Achmade declined to confirm that three state-owned lenders – PT Bank Rakyat Indonesia (BRI), PT Bank Negara Indonesia (BNI) and PT Bank Tabungan Negara (BTN) – were also interested in joining Bank Muamalat, saying only that any interested investors must follow the established procedures. Bank … [Read more...] about Foreign investors show interest in buying Bank Muamalat