09.03.2021 – 10:01
KfW
Frankfurt am Main (ots)
- Verbesserter Zugang zu Finanzdienstleistungen für indonesische Unternehmen, Privatpersonen und den ländlichen Raum - Abfederung der Folgen der Corona-Pandemie - Innovative Lösungen finden: Einrichtung eines Innovation Lab
KfW is promoting digitization in the financial sector in Indonesia on behalf of the Federal Ministry for Economic Cooperation and Development (BMZ) with a promotional loan of EUR 200 million. As part of the “Promoting Innovative Financial Inclusion Program” (PIFIP), micro, small and medium-sized enterprises and large parts of the rural population are given improved access to financial services through the use of structural reform measures. Measures include the introduction of an electronic identification system (e-KYC) to open a bank account, the digital execution of transfers and credit checks, as well as money laundering prevention and consumer protection.
“Supporting reforms in the Indonesian financial sector is of great importance for the further development of Indonesia’s own solutions to the national challenge of digitization in the country. It opens up the possibility for small and medium-sized companies to access loans more easily and to expand their business promote growth, create jobs and thus cushion the consequences of the Covid-19 pandemic. We are therefore supporting Indonesia in expanding the digitization path it has taken, “says Dr. Günther Bräunig, CEO of KfW Bankengruppe.
Particular attention is paid to improving access to financial services for young people and the female population, of whom only 2% and 18% respectively have so far been able to access loans on the regular financial market. They are also particularly badly affected by the effects of the Covid-19 pandemic. Furthermore, digitization enables better supervision of the banks’ risks and more effective consumer protection in the sense of avoiding indebtedness in private households.
There are also plans to establish an Innovation Lab, which will use nationwide competitions to create incentives for FinTech start-ups, universities, etc. to develop innovative solutions. The Asian Development Bank (ADB) is also financing the Indonesian reform approach in this first phase with around USD 500 million and is PFIP’s largest financier.
Further information on the KfW Development Bank division can be found at: www.kfw-entwicklungsbank.de
Press contact:
KfW, Palmengartenstr. 5 – 9, 60325 Frankfurt
Communication (COM), Dr. Charis Pöthig
Phone. +49 (0) 69 7431 4683, Fax: +49 (0) 69 7431 3266,
E-Mail: [email protected], Internet: www.kfw.de
Original content by: KfW, transmitted by news aktuell
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