Latest news with #BankRakyatIndonesia
Reuters
2 days ago
- Business
- Reuters
Indonesian government plans to place funds in state banks to provide liquidity
JAKARTA, July 28 (Reuters) - Indonesia's government plans to inject funds into four state-owned banks this year to boost liquidity for providing low-interest loans to village cooperatives, Finance Minister Sri Mulyani Indrawati said on Monday. The initiative aims to support President Prabowo Subianto's more than 80,000 village cooperatives and drive economic growth to 8% from the current 5%, Indrawati told reporters. The four banks are Bank Rakyat Indonesia ( opens new tab, Bank Negara Indonesia ( opens new tab, Bank Mandiri ( opens new tab and Bank Syariah Indonesia ( opens new tab, Indrawati said. "This enables the four banks to provide loans to village cooperatives at a low interest rate of 6%," she said. Size of the fund placement is still being discussed within the government, but they will consider the size of total loan demand from the cooperatives, Febrio Kacaribu, a senior official at the ministry, told reporters separately. The village cooperatives programme was launched last week and the government has said that each of the cooperatives could apply for a loan to the state banks up to 3 billion rupiah ($183,655). ($1 = 16,335.0000 rupiah)
Asia News Network
5 days ago
- Business
- Asia News Network
Revisiting the complex history of Indonesian cooperatives
July 25, 2025 JAKARTA – The launch of President Prabowo Subianto 's Red and White Cooperatives program, which the government claims is the poor's 'tool of struggle', has brought renewed attention to cooperatives, an economic institution that has outlived various regime changes thanks to its firm roots in the Indonesian social value of gotong royong (mutual support). During the launch ceremony in Klaten, Central Java on Monday, the President described the initiative as a way for 'economically weaker groups' to build collective strength and a 'strategic movement' aimed at challenging the longstanding economic dominance of big players. With only 108 village cooperatives opened during the initial phase, the government aimed to have more than 80,000 firms established in three months, according to Coordinating Food Minister Zulkifli Hasan, who leads the task force behind the initiative. While the program's proponents have praised it as a means to reinvigorate local economies down to the village level, critics argue that it contradicts the fundamental spirit of cooperatives, which has been repeatedly tested in the country's history. The history of the cooperative movement can be traced to 1895, when Raden Aria Wirjaatmadja, an aristocrat from Purwokerto in Central Java, launched a savings and loan scheme to help civil servants avoid predatory lenders. While not yet called a 'cooperative', the initiative, which later became the embryo of state-owned lender Bank Rakyat Indonesia (BRI), laid the groundwork for community-based lending. After Indonesia's independence in 1945, cooperatives gained political momentum at the national level. On July 12, 1947, the first National Cooperative Congress was held in Tasikmalaya, West Java. The date has since been recognized as National Cooperatives Day. Six years later, then-vice president Mohammad Hatta was named 'father of Indonesian cooperatives' during the second congress for his consistent support of the movement. 'Cooperatives were widely adopted by various communities because as a whole, Indonesian society already had a tradition of working collectively, thanks to the value of gotong royong,' said cooperatives researcher Iip Yahya. Troubling times Economist and former president Sukarno's finance minister Soemitro Djojohadikusumo, who is also father of President Prabowo, also talked the importance of cooperatives to help village farmers to escape poverty. But cooperatives were caught in the country's political divide in the mid-1960s, when their grassroots ideals were associated with left-wing movements and politicians. Many healthy cooperatives at the time were politicized, according to Iip: 'Cooperative leaders often could not resist offers to back certain parties, which resulted in consequences that proved harmful and even fatal for the cooperatives they ran.' When then-president Soeharto rose to power, his administration curtailed any lingering left-leaning influence in the country, including by disbanding cooperatives. Various studies revealed that the number of cooperatives dropped from over 73,000 in 1966 to less than 12,000 by 1967. Soeharto then launched his own village unit cooperative program (KUD), which turned cooperatives into extensions of the central government throughout the 1970s and 1980. Cooperatives expert Suroto said that the KUD program served mainly to maintain the government's presence down to the village level. 'Cooperatives should be formed from the ground up,' he said. 'When their formation is forced top-down, like what happened with the KUD, they don't last.' Repeating mistakes? The reform era became another turning point for cooperatives, thanks to various economic stimulus programs introduced by the government in the early 2000s. The incentives doubled their number from 52,000 in early 1998 to over 103,000 in 2001. But Suroto called the economic stimulus 'overly sympathetic' and 'damaging' in the long term, as many cooperatives that emerged during this period became overly dependent on state support. In 2024, the then-Cooperatives and Small and Medium Enterprises Ministry disbanded nearly 80,000 inactive cooperatives. He also warned that President Prabowo's Red and White Cooperatives program risks repeating mistakes made by previous administrations with its top-down formation and state-backed financing that could foster long-term dependency. 'Cooperatives should be fundamentally autonomous and independent organizations,' Suroto said. 'All of these aspects contradict the way [the Red and White Cooperatives] were set up.' Rather than rushing to establish more than 80,000 cooperatives, Suroto urged the government to instead focus on strengthening existing ones and prioritizing to improve their capacity. Meanwhile, cooperatives researcher Iip said Prabowo's program may represent the strongest government support for such institutions in the country's history. 'But only time will tell if this support truly upholds cooperative principles or serves short-term political interests.' Sharing Suroto's concerns of resurfacing past mistakes, Iip remains cautiously optimistic on the trajectory of the program, as long as 'the government stays open to input from the cooperatives community'.
Yahoo
22-04-2025
- Business
- Yahoo
Digital Payment Today - Planet Wins Best Consumer Payments Company Award
Planet has been awarded "Best Consumer Payments Company" at the 9th annual FinTech Breakthrough Awards, a testament to the company's innovative approach in digital payment solutions. Their integrated payment platform combines payments, currency conversion, and tax-free services into a single device, addressing the consumer demand for seamless, personalized payment options. Planet's technology supports international shoppers and luxury retailers by simplifying tax-free refund processes and offering dynamic currency conversion, enhancing customer experiences. This recognition highlights the ongoing advancements in the digital payment sector, emphasizing the move towards more unified and efficient payment systems globally. In other trading, was a standout up 8.2% and closing at ARS7,220.00. Meanwhile, lagged, down 4.5% to end trading at IDR3,630.00. Enhancing asset quality and focusing on microfinance restructuring could significantly boost Bank Rakyat Indonesia's profitability; discover more in our detailed narrative on this opportunity. settled at $62.59 up 3.4%. closed at $10.55 up 2.9%. closed at $10.71 up 1.8%. Click this link to deep-dive into the 186 companies within our Digital Payment Stocks screener including Bank of Montreal, Banque Saudi Fransi and Al Rajhi Banking and Investment. Searching for a Fresh Perspective? Rare earth metals are an input to most high-tech devices, military and defence systems and electric vehicles. The global race is on to secure supply of these critical minerals. Beat the pack to uncover the 21 best rare earth metal stocks of the very few that mine this essential strategic resource. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Sources: Simply Wall St "Planet Named 'Best Consumer Payments Company' in 2025 FinTech Breakthrough Awards Program" from FinTech Breakthrough on GlobeNewswire (published 07 April 2025) Companies discussed in this article include BASE:GGAL NasdaqGS:PYPL NYSE:NU NasdaqGS:SOFI and IDX:BBRI. Have feedback on this article? Concerned about the content? with us directly. Alternatively, email editorial-team@ Sign in to access your portfolio
Yahoo
14-04-2025
- Business
- Yahoo
Digital Payment Today - Planet Wins Best Consumer Payments Company Award
Planet has been awarded "Best Consumer Payments Company" at the 9th annual FinTech Breakthrough Awards, a testament to the company's innovative approach in digital payment solutions. Their integrated payment platform combines payments, currency conversion, and tax-free services into a single device, addressing the consumer demand for seamless, personalized payment options. Planet's technology supports international shoppers and luxury retailers by simplifying tax-free refund processes and offering dynamic currency conversion, enhancing customer experiences. This recognition highlights the ongoing advancements in the digital payment sector, emphasizing the move towards more unified and efficient payment systems globally. In other trading, was a standout up 8.2% and closing at ARS7,220.00. Meanwhile, lagged, down 4.5% to end trading at IDR3,630.00. Enhancing asset quality and focusing on microfinance restructuring could significantly boost Bank Rakyat Indonesia's profitability; discover more in our detailed narrative on this opportunity. settled at $62.59 up 3.4%. closed at $10.55 up 2.9%. closed at $10.71 up 1.8%. Click this link to deep-dive into the 186 companies within our Digital Payment Stocks screener including Bank of Montreal, Banque Saudi Fransi and Al Rajhi Banking and Investment. Searching for a Fresh Perspective? Rare earth metals are an input to most high-tech devices, military and defence systems and electric vehicles. The global race is on to secure supply of these critical minerals. Beat the pack to uncover the 21 best rare earth metal stocks of the very few that mine this essential strategic resource. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Sources: Simply Wall St "Planet Named 'Best Consumer Payments Company' in 2025 FinTech Breakthrough Awards Program" from FinTech Breakthrough on GlobeNewswire (published 07 April 2025) Companies discussed in this article include BASE:GGAL NasdaqGS:PYPL NYSE:NU NasdaqGS:SOFI and IDX:BBRI. Have feedback on this article? Concerned about the content? with us directly. Alternatively, email editorial-team@ Sign in to access your portfolio
Yahoo
03-03-2025
- Business
- Yahoo
Digital Payment Today - South Africa Embraces Fintech Innovations Amidst Tech Advancements
The "Tech Trends in South Africa 2025" report reveals significant advancements in digital payment systems and fintech across South Africa, underscored by the country's position as one of the world's top 20 crypto markets. The report details the rapid adoption of AI, blockchain, and cybersecurity solutions, noting both growth and challenges such as cybersecurity threats and regulatory hurdles. With digital transformation impacting sectors like ecommerce and digital banking, the report serves as a critical resource for understanding how technology is reshaping financial transactions and payment methods in the region. Elsewhere in the market, was a standout up 4.5% and closing at $46.10, close to the 52-week high. At the same time, softened, down 7.4% to end the day at IDR3,360.00, at its 52-week low. Bank Rakyat Indonesia (Persero) expects enhanced profitability from strategic advantages and economic growth. Click to explore the detailed narrative on the bank's investment potential. settled at $14.47 up 2.8%. closed at $71.05 up 0.5%. settled at $10.75 down 4.4%. Jump into our full catalog of 188 Digital Payment Stocks, which includes ABN AMRO Bank, Powszechna Kasa Oszczednosci Bank Polski Spólka Akcyjna and Bank of Baroda, here. Invested in any of these stocks? Simplify your portfolio management with Simply Wall St and stay ahead with our alerts for any critical updates on your stocks. Simply Wall St is a revolutionary app designed for long-term stock investors, it's free and covers every market in the world. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Sources: Simply Wall St "South Africa's AI & Fintech Boom: Key Insights from 2025 Tech Trends Report" from Research and Markets on GlobeNewswire (published 27 February 2025) Companies discussed in this article include NYSE:BAC NasdaqGS:SOFI NasdaqGS:PYPL NYSE:NU and IDX:BBRI. Have feedback on this article? Concerned about the content? with us directly. Alternatively, email editorial-team@
