Business Media Selected for You: August 2018
07 September 2018
Banking and Finance
Overnight Jakarta Interbank Offered Rate (JIBOR) replaced with the Indonesian Overnight Index Average (IndONIA)
Bank Indonesia (BI), per Regulation 20/7/PBI/2018 and effective 24 July 2018, introduced the market-based IndONIA based on an offer-and-bid price mechanism sent by 102 banks and announced at 7:00 PM. IndONIA is set to replace the overnight JIBOR by 2 January 2019.
Financial Services Authority (OJK) policy to boost the fintech sector
The OJK has issued Regulation 13/POJK.02/2018 regarding digital finance innovations. The new regulation provides (i) mechanisms for registering fintechs; (ii) detailed regulatory sandbox provisions; (iii) data protection; and (iv) money laundering prevention mechanisms, among others.
Indonesian Financial Technology Association (Aftech) Code of Conduct
The Aftech issued a Code of Conduct containing rules and prohibitions applicable to peer-to-peer financial technology (fintech) lending platforms and fintechs which support such services. Please click here to access the Code of Conduct on the Aftech website.
Government committed to developing Internet of Things (IoT)
The Ministry of Communications and Informatics (MOCI) is set to issue a regulation and roadmap to guide the incorporation of IoT technology in various industries and for individual use.
Finalization of the Regional Comprehensive Economic Partnership (RCEP) in sight
A number of nations, including Indonesia and South Korea, are committed to finalizing negotiations on the RCEP by the end of this year. The RCEP will be between ASEAN member nations and South Korea, China, Japan, India, Australia and New Zealand and will cover trade in goods and services, investments, economic and technical cooperation and dispute settlement, among others. A deal on the RCEP is expected in November at a summit in Singapore.
European Union (EU) grant to promote bilateral trade
Indonesia has signed a financing agreement with the EU under the Enhanced ASEAN Regional Integration Support (ARISE Plus) program to increase trade ties between the two. ARISE Plus will foster policy dialogue and regional economic integration, and will focus on developing four commodities with significant export potential (agri-food, fish, wood-based products, and cosmetics).
US seeks USD 350 million annual sanctions in Indonesia trade dispute
The United States and New Zealand both won World Trade Organization rulings last year against Indonesia's appeal in respect of import restrictions on food, plants and animal products, including apples, grapes, potatoes, onions, flowers, juice, dried fruit, cattle, chicken, and beef. The latest US filing claims that Indonesia had not complied with the ruling and is seeking annual sanctions (USD 350 million for 2017) to compensate damage to US interests.
Compiled from the Jakarta Post.
Anthony Woolley - Foreign Legal Consultant, Indonesia: email@example.com
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