Bank Indonesia: Digital Banking Transactions Up in July

The administration’s focus on Indonesia’s digital E-Conomy appears to be reaping rewards as Bank Indonesia (BI) have just released data suggesting “the value of digital banking transactions increased 27.82-percent Year on Year in July 2022, to reach IDR 4,359.7-trillion, which was in line with the normalization of community mobility,” according to Antara News.

BI Governor Perry Warjiyo, gave the statement while announcing the results of the August 2022 meeting of the central bank’s board of governors (RDG) in Jakarta on Tuesday. “Economic transactions and digital finance have increased, supported by increasing public acceptance and preference for online shopping, the expansion and convenience of digital payment systems, and the acceleration of digital banking,” he said.

The value of electronic money transactions in July 2022 grew 39.76-percent Year-on-Year reaching IDR 35.5-trillion, he added. Meanwhile, the value of payment transactions using ATM cards, debit cards, and credit cards also increased 34.87-percent Year-on-Year to IDR 739.4-trillion.

To encourage the implementation of payment system services that meet the principles of integration, interconnection, and interoperability, BI is continuing to strengthen preparations for the implementation of domestic government credit cards and the National Open API Payment Standard (SNAP), say Antara News.

“BI is also continuing to strengthen coordination and collaboration with ministries/ agencies and the Regional Digitization Acceleration and Expansion Task Force (P2DD) in order to encourage the acceleration of regional digitalization to support regional economic growth,” Governor Perry said.

Meanwhile, the amount of currency in circulation (UYD) in July 2022 was recorded to have increased by 7.08-percent Year-on-Year to reach IDR 913.3-trillion, he added.

BI is continuing to ensure the availability of the rupiah and quality currency across the territory of the Republic of Indonesia. It is also continuing to boost education to instil love, pride, and understanding (CBP) of the rupiah.

BI earlier released seven denominations of the 2022 issue banknotes: IDR 1,000, IDR 2,000, IDR 5,000, IDR 10,000, IDR 20,000, IDR 50,000, and IDR 100,000.

“Today, August 18, 2022, I officially issue seven denominations of the 2022 issue year rupiah banknotes as a legal means of payment throughout the territory of Republic of Indonesia,” Governor Perry announced. He said that the seven denominations would become a legal means of payment starting August 18, and will be used alongside the currently circulating banknotes.

The 2022 edition banknotes bear the images of national heroes on the front as well as cultural themes, such as dance forms, natural scenery, and flora, on the reverse, like the 2016 edition banknotes.

However, the new banknotes have been improved in some aspects, for instance, they have a sharper colour palette, more reliable security aspects, and are more durable. These improvements are aimed at ensuring that the rupiah banknotes have more features signifying their authenticity, are more convenient and safe to use, and are more counterfeit-proof, making them better in terms of quality and reliability, claim Antara News.

The issuance of the 2022 edition banknotes, which coincided with the 77th anniversary of Indonesia’s Independence Day, is a manifestation of the spirit of nationalism and sovereignty for fostering optimism for the recovery of the national economy.

“This launch of rupiah currency is a concrete manifestation of our collective commitment to providing quality and reliable rupiah currency as a symbol of state sovereignty and for unifying the nation,” Governor Perry noted.

Source: Antara News

 

Latest Post

Andrzej Barski

Director of Seven Stones Indonesia

Andrzej is Co-owner/ Founder and Director of Seven Stones Indonesia. He was born in the UK to Polish parents and has been living in Indonesia for more than 33-years. He is a skilled writer, trainer and marketer with a deep understanding of Indonesia and its many cultures after spending many years travelling across the archipelago from North Sumatra to Irian Jaya.

His experience covers Marketing, Branding, Advertising, Publishing, Real Estate and Training for 5-Star Hotels and Resorts in Bali and Jakarta, which has given him a passion for the customer experience. He’s a published author and a regular contributor to local and regional publications. His interests include conservation, eco-conscious initiatives, spirituality and motorcycles. Andrzej speaks English and Indonesian.

Terje H. Nilsen

Director of Seven Stones Indonesia

Terje is from Norway and has been living in Indonesia for over 20-years. He first came to Indonesia as a child and after earning his degree in Business Administration from the University of Agder in Norway, he moved to Indonesia in 1993, where he has worked in leading positions in education and the fitness/ wellness industries all over Indonesia including Jakarta, Banjarmasin, Medan and Bali.

He was Co-owner and CEO of the Paradise Property Group for 10-years and led the company to great success. He is now Co-owner/ Founder and Director of Seven Stones Indonesia offering market entry services for foreign investors, legal advice, sourcing of investments and in particular real estate investments. He has a soft spot for eco-friendly and socially sustainable projects and investments, while his personal business strengths are in property law, tourism trends, macroeconomics, Indonesian government and regulations. His personal interests are in sport, adventure, history and spiritual experiences.

Terje’s leadership, drive and knowledge are recognised across many industries and his unrivalled network of high level contacts in government and business spans the globe. He believes you do good and do well but always in that order. Terje speaks English, Indonesian and Norwegian.

Contact Our Consultants

[wpforms id=”43785″]

Ridwan Jasin Zachrie

CFO of Seven Stones Indonesia, Jakarta

Ridwan is one of Indonesia’s top executives with a long and illustrious career in the financial world. He holds several professional certifications including being a Certified Business Valuer (CBV) issued by the Australian Academy of Finance and Management; Broker-Dealer Representative (WPPE); and The Directorship Certification for Directors and Commissioners, issued by the Indonesian Institute of Commissioners and Directors.

His experience includes being the Managing Director at one of the top investment banking groups in the region, the Recapital Group, the CFO at State-owned enterprises in fishery industry and the CEO at Tanri Abeng & Son Holding. He’s also been an Independent Commissioner in several Financial Service companies and on the Audit and Risk Committee at Bank BTPN Tbk, Berau Coal Energy Tbk, Aetra Air Jakarta as well as working for Citibank, Bank Mandiri and HSBC. His last position was as CFO at PT Citra Putra Mandiri – OSO Group.

Ridwan has won a number of prestigious awards including the Best CFO Awards 2019 (Institute of Certified Management Accountant Australia-Indonesia); Asia Pacific Young Business Leader awarded by Asia 21 Network New York USA (Tokyo 2008); UK Alumni Business Awards 2008 awarded by the British Council; and The Most Inspiring Human Resources Practitioners’ version of Human Capital Magazine 2010.

He’s a member of the Board of Trustees of the Alumni Association of the Faculty of Law, Trisakti University, Co-Founder of the Paramadina Public Policy Institute and actively writes books, publications and articles in the mass media. He co-authored “Korupsi Mengorupsi Indonesia” in 2009, which helps those with an interest in understanding governance in Indonesia and the critical issue of corruption. Ridwan speaks Indonesian and English.

Per Fredrik Ecker

Managing Director of Seven Stones Indonesia, Jakarta

Per is the Managing Director of the Seven Stones Indonesia (SSI) Jakarta office and has more than 25-years’ experience in Indonesia, China, and Western Europe. He previously worked in senior management positions with Q-Free ASA, Siemens AG, and other companies in the telecom sector. Over the last six years, he has been the Chairman of the Indonesia-Norway Business Council (INBC) and recently become elected to be on the board of EuroCham Indonesia.

His most recent experience is within Intelligent Transport Solutions (ITS), Telecom, and other sectors within the Indonesian market. He is today through his position in SSI and by representing Norway Connect, promoting Nordic and European companies that would like to explore business opportunities in the Indonesian market. He’s also playing an active role to help create the Nordic House concept in Jakarta that will provide an excellent platform for Nordic companies entering Indonesia, where they’ll find a community that can offer support with trusted information and affordable services to enter this market.