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Bank Indonesia has signed the Regional Payment Network Connectivity Agreement with central banks in Singapore, Malaysia, and Thailand to enable seamless integration of cross-border payment systems. Consumers can complete payments via QR codes, reducing transaction times from several days to just seconds. This initiative is expected to lower cross-border transaction costs and promote regional economic integration.

The Indonesian tax authority has announced plans to enhance tax compliance checks for high-income individuals and corporations to address the 2024 budget deficit. A tax amnesty program has also been introduced, allowing taxpayers to voluntarily disclose unpaid taxes and receive penalty reductions. Through this policy, the government aims to increase tax revenue and improve fiscal conditions.

The Indonesian government is planning to extend the period during which natural resource exporters are required to retain their foreign exchange earnings within the country. Currently set at three months, the government is considering a longer duration to bolster domestic forex reserves and stabilize the rupiah. According to the Coordinating Minister for Economic Affairs, this move aims to provide greater economic stability and reduce dependence on forex market volatility.

Jakarta — One of the biggest factors behind the explosive adoption of QRIS (Quick Response Code Indonesian Standard) is not merely its speed or advanced technology, but its ability to break through the “invisible wall” that has long prevented broad access to the formal financial system. The success of QRIS lies in its vision: a solution intentionally designed for emerging markets. Before the QRIS era, payment systems based on credit cards and EDC (Electronic Data Capture) devices created significant barriers. The high cost of installing terminals and the Merchant Discount Rate (MDR), which reached up to 2.5%, made these systems a luxury that millions of Micro, Small, and Medium Enterprises (MSMEs) could not afford. Opening Access for Millions of MSMEs The reality in Indonesia shows that more than half of the adult population is underbanked—they have limited access to full banking services. Credit cards and other conventional banking services remain a luxury, leaving a vast market without adequate digital payment solutions. QRIS emerged as a revolutionary answer. With extremely low transaction fees—only 0.3% for micro businesses—and without the need for expensive hardware, QRIS democratized digital payments. Now, a street-side satay vendor, a small kiosk, or a neighborhood shop can accept non-cash payments simply by printing a QR code. This accessibility and low cost are the keys to inclusion. QRIS not only offers better technology, but also the right solution for the right market. Its success is reflected in more than 55 million registered merchants, 92% of whom are small businesses. Able Remittance’s Commitment to an Inclusive Ecosystem The presence of QRIS strengthens an inclusive financial ecosystem, aligning with the mission of PT Able Remittance. We believe that accessibility should apply not only to domestic transactions but also to cross-border fund transfers. With infrastructure that enables efficient and affordable remittance services, we are committed to ensuring that the benefits of digitalization—pioneered by QRIS—are also felt by individuals and MSMEs on a global scale. We strive to bridge the need for secure and fast international money transfers, complementing the inclusion efforts initiated by Bank Indonesia.

Beware if your dormant bank account suddenly receives an unknown fund transfer. This could be a new scheme used by online gambling syndicates to launder money. They exploit inactive accounts because they are rarely monitored by their owners, aiming to erase transaction trails and take advantage of legal loopholes. What Should You Do? Do Not Use the Funds: Using the money may implicate you in a money laundering case. Report to the Bank: Immediately contact your bank for investigation and to block the transaction. 3.Report to Authorities: File a report with the police or the Financial Transaction Reports and Analysis Center (PPATK) to assist in combating the syndicate. Activate or Close the Account: To prevent future misuse, either make periodic transactions to keep it active or close the account if it's no longer needed. Always stay alert to any activity in your bank accounts, even the ones you rarely use, to protect yourself from financial crimes.

PPATK Blocks Thousands of Dormant Accounts to Combat Online Gambling and Financial Crimes Indonesia’s Financial Transaction Reports and Analysis Center (PPATK) has blocked thousands of dormant bank accounts to prevent their misuse in online gambling, money laundering, and other criminal activities. In 2024, the agency identified over 28,000 accounts suspected of being used to receive gambling-related funds and noted a growing trend in the buying and selling of bank accounts. PPATK stated that dormant accounts are highly vulnerable to being taken over by criminals and used as tools in illicit financial operations. This blocking initiative aims to cut off key channels used in illegal transactions and reinforce the security of the financial system. The agency emphasized that such preventive measures are more effective than reactive actions and demonstrate its strong commitment to safeguarding financial integrity.

Major Breakthrough in Digital RMB Cross-Border Settlement The People's Bank of China has officially integrated its digital RMB settlement system with 10 ASEAN and 6 Middle Eastern countries, covering 38% of global trade volume. Leveraging blockchain technology, cross-border payments now settle in just 7 seconds with a 98% reduction in fees — far outperforming the traditional SWIFT system. Cross-border RMB transactions in ASEAN have surged by 120%, and several nations have added RMB to their reserves. Globally, 87% of countries have adapted to the digital RMB system, with cumulative cross-border payments exceeding $1.2 trillion. Experts highlight that digital RMB is accelerating global de-dollarization and reshaping the international financial order, marking the dawn of a "Bretton Woods System 2.0.

New Record! US Dollar Exchange Rate Hits Rp17,229!! Citing various reputable money changer websites, it has been verified that the Rupiah exchange rate on multiple platforms has reached between Rp17,000 and Rp17,229 per US Dollar. This is also supported by the exchange rate of crypto-based US Dollar (Stablecoin) such as USDT, which has also hit a new record of Rp17,190 per USDT. The exchange rate of Rp17,229 marks the lowest point in the history of the IDR/USD pair. Similarly, in the NDF (Non-Deliverable Forward) market — which trades currencies like the Rupiah, US Dollar, and others for a set period — the Rupiah has broken through the Rp17,000 mark for each US Dollar, setting a new record. Today's Rupiah depreciation is due to multiple factors, including the new import tariff policy from Donald Trump in the US. These reciprocal tariffs are quite high for Indonesia, reaching up to 32%. This tariff could potentially slow down the flow of export products to the US, as the higher prices would make Indonesian goods less competitive, leading US consumers to prefer local products. In addition, economic data from the US in the first quarter of 2025 also shows a more positive sentiment compared to Indonesia’s economic data during the same period.

According to a report by the Financial Services Authority (OJK), Indonesia's fintech industry grew by 50% in the first half of 2024, with total transactions exceeding $30 billion. Payment and lending platforms remain key areas, while blockchain technology is rapidly emerging in cross-border payments and smart contracts. OJK has launched a regulatory sandbox to encourage startups to test innovative products and support sustainable growth in the sector.

The Indonesian Financial Services Authority (OJK) has announced that the maximum daily interest rate for consumer loans will be reduced to 0.3% starting January 1, 2024. This measure aims to tighten regulations on fintech lending platforms, reduce borrowing costs for consumers, and promote healthy industry growth.

The Asian Development Bank (ADB) is providing a total loan of $500 million to promote the development of inclusive finance in Indonesia. This loan focuses on improving access to financial services for vulnerable groups, particularly micro, small, and medium-sized enterprises (MSMEs), women, youth, and rural residents.

The Indonesian government has issued $2 billion in green bonds to fund sustainable infrastructure projects, including renewable energy, electric vehicle charging networks, and forest conservation initiatives. With an annual yield of 4.5%, the bonds attracted investors from Asia and Europe. The Finance Minister highlighted this issuance as part of Indonesia's commitment to achieving net-zero emissions and announced plans to issue more green bonds annually to meet market demand.

The Indonesian government has launched a "Golden Visa" program, offering long-term residency permits to foreign investors to attract more foreign capital. The visa is designed for entrepreneurs and high-net-worth individuals who make significant investments in Indonesia, aiming to boost economic growth and create more job opportunities.

Starting October 2024, the Indonesian Financial Services Authority (OJK) will require all banks to disclose the detailed breakdown of their lending rates, including loan costs and profit margins. This new regulation aims to enhance transparency, promote fair competition in the lending market, and ensure borrowers are not subjected to excessive costs