Asia Archives - EXCELAMG

23Nov

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Economy and Finance

OJK Prepares New Rules Fintech Lending

JAKARTA - The Financial Services Authority (OJK) is reviewing new regulations regarding the implementation of Financial technology peer to peer lending or fintech lending. The plan is based on the draft Regulation OJK on Information Technology-Based Collective Funding Services to associations and the general public in mid-November 2020. Deputy Commissioner of the OJK Institute and Digital Finance. Imansyah said the plan for the new regulation was due to the massive addition of fintech and avoiding regulatory arbitrage. "There are two main thoughts, there are those who let it. Let the market become the regulator of the fintech context. But there are also those who say we need rules to make it clear which fintech is really good. Which ones are fake, "he said, last weekend. According to h...

Jokowi Invites Foreign Investors to Use Omnibus Law

JAKARTA - President Joko Widodo (Jokowi) specifically invited foreign investors, especially in the Asia Pacific region, to take advantage of the ease of investing offered by the Omnibus Law on Job Creation. "I invite CEOs and entrepreneurs in the Asia Pacific region to take advantage of the opportunities from the Omnibus Law which passed," said Jokowi. The President added that the government is currently pursuing the preparation of implementing regulations for the Job Creation Law. This implementing regulation will simultaneously regulate the details of policies that reduce investment regulations and make it easier to start a business. "We will finish implementing regulations as soon as possible. So that various regulatory reforms and debureaucratization can be immediately felt by ...

Philippines Announces Economic Recession Due to CoronaVirus Pandemic

Philippines is officially experiencing a recession due to the coronavirus pandemic. The statistical authority recorded an economic shrinkage of 16.5 percent in the second quarter of this year. The updates on the financial downturn was reported by the Philippine Statistics Authority on Thursday (6/8), considering the current condition the greatest decrease in (GDP) information since 1981. The nation recorded a GDP shrinkage of 16.5 percent all through April to June quarter. Then, in the past quarter, GDP shrunk by 0.7 percent. Why Philippines Can Get Into A Recession The monetary constriction happened because of the tight lockdown framework set up to smother the spread of the Covid in the nation. Counting, the conclusion of various business exercises and the lockdown renewed intro...