Indonesia’s Digital Startup Gets an Injection of Rp 720 billion, Aimed at the Global Market

Digital startup from Indonesia, Privy Digital Identity develops its business wings to the international market. To support this, Privy has prepared a funding of US $ 48 million dollars. The equivalent funding value of Rp 720 billion (exchange rate: Rp. 15,000) was obtained from Privy’s partnership with Okta Ventures. Okta Ventures itself is currently participating in this C series investment round. The investment was led by the TRC, a global investment company.

Privy CEO, Marshall Pribadi said, cooperation was also carried out with Auth0. Privy which is a startup of digital signatures authentication is ready to improve the safety of the authentication of OKTA and Auth0 clients, and provide more perfect services.

“Digital identity and Privy digital signatures are certified with solutions from OKTA and Auth0 in managing safe and flawless digital identity authentication will be a powerful tool in providing trust to those who run their businesses digitally,” he said in a written statement, Monday (2/13/2023).

Meanwhile, Senior Director of Okta Ventures Austin Arensberg, said that his party welcomed and was enthusiastic about the cooperation carried out.

“We are very happy and support the Privy team because they continue to innovate in terms of client identity and utilizing the role of Okta which is growing in Asia.”

Previously reported, Privy, which is a new digital trust startup in developing his business in Australia. Privy reportedly opened a branch in the country of kangaroos. With this investment, Privy is ready to develop me wider to the international market.

February 13, 2023, detikFinance


5 Chinese Projects in Indonesia with Fantastic Value

China is involved in large projects in Indonesia. The large projects built generally use the Government Cooperation Scheme (G2G) or Business Cooperation (B2B). Even in January, the Minister of Investment/Head of the Investment Coordinating Board (BKPM) Bahlil Lahadalia said that China successfully shifted Singapore’s position as the largest investor in Indonesia in the fourth quarter of 2022. The amount of China’s investment in Indonesia in that period was recorded at US $ 3 billion. Then it was followed by investments from Singapore with US $ 2.7 billion, Hong Kong US $ 1.6 billion, Malaysia US $ 1.1 billion, and the United States of US $ 0.9 billion. So, what are the projects in Indonesia financed by China? The following is a list of giant Indonesian projects financed by China.

  1. Jatigede Reservoir

The project, which was initiated since the era of President Soekarno, began with water in 2015. The watering event was inaugurated by the Minister of Public Works and Public Housing (PUPR) Basuki Hadimuljono. The construction of the Jatigede Reservoir project has an investment value of Rp 4 trillion through APBN funds and Exim China Bank loans of 90%.

  • Medan-Kualanamu toll road

The 17.8 km toll road cost Rp 1,347 trillion. Of the total construction of Rp 1,347 trillion, 90% of them came from China loans through Exim China Bank and 10% of the State Budget. The construction of this toll road began in 2012. The toll road construction was inaugurated by the Minister of Public Works Djoko Kirmanto.

  • Jakarta Bandung Fast Train

China is interested and offers advantages from Japan from the dimensions of development, speed, to financing. The Indonesian government finally chose China to work on the Jakarta-Bandung fast train project. Then China Development Bank will continue loans to a company formed on the joint venture of China and Indonesia. In 2017 the CDB signed a loan agreement worth US $ 3.96 billion with PT Railroad Indonesia China (KCIC) which was 60% shares owned by Indonesia and 40% of China to work on this fast train project.

  • Morowali Industrial Estate

Chinese investment that enters Indonesia with a significant value is the Morowali Industrial Estate. China recorded investing in Indonesia worth US $ 1.63 billion, to develop industrial estates there. This synergy commitment was realized through the signing of the MoU between Tsingshan Group and Delong Group with PT Indonesia Morowali Industrial Park.

  • PT Gunbuster Nickel Industri (GNI)

PT GNI is a nickel ore processing company that has been operating in North Morowali, Central Sulawesi (Central Sulawesi). This smelting company was established in 2019. PT GNI implemented the Rotary Kiln Electric Furnace (RKEF) technology process by developing 25 production lines. Produces 1.9 million Nickel Pig Iron (NPI) per year.

February 13, 2023, detikFinance(

BRI’s profit rose 67% to IDR 51 trillion in 2022

PT Bank Rakyat Indonesia Tbk. (BBRI) managed to record impressive performance in 2022 by scoring a profit of Rp 51.5 trillion. The profit was recorded at a height of 67.15% compared to the achievement of 2021. BRI President Director Sunarso said, one of which was not separated from the strategic response by the company. Cost of Fund efficiency is reflected in an increase in cheap funds or CASA which rose to 66.76% in 2022 from the previous year 63%.

“This incision is the success of various efficiency programs, especially the emphasis of cost of funds. This is what reduces the cost of funds to 1.87%,” he said, Wednesday (8/2/2023).

In 2022 the total BRI credit distribution reached Rp 1,139, 08 trillion, while third party funds (DPK) grew 14.85 percent to 1,307.88 trillion. BRI total assets reached Rp 1,865.64 trillion, up 11.18 percent. BRI recorded interest income of Rp 151.8 trillion, up 5.8 percent on an annual basis. Of this amount, BRI net interest income (Net Interest/NII) increased from Rp114.1 trillion in the previous year which was Rp124.6 trillion or an increase of 9.2 percent yoy. From the additional opinion of the clean premium, BRI has improved the increase in operational obstruction to Rp126.2 trillion.

Based on the company’s important ratio, BRI also recorded an impressive Bottom Line performance throughout 2022. Noted, the rate of return on assets (ROA) rose 104 basis points (BPS) to 3.76%. Then, the rate of return on equity (ROE) grows faster, which is 406 bps to 20.93%. ROE is a yield printed by the company for shareholders. ROE is determined by the company’s ability to produce profitability or profit margins, asset productivity to generate income, as well as managing the use of debt optimally by the company.

February 8, 2023, detikFinance


Indonesia’s GDP Growth Reaches Nine-Year High

Indonesia’s economy grew last year at the fastest pace since 2013, marking the highest economic output since President Joko “Jokowi” Widodo took office. The country’s gross domestic product (GDP) rose by 5.31 percent in 2022, handily beating the preceding year’s 3.71 percent but failing to match the 2013 figure of 5.56 percent, Statistics Indonesia (BPS) reported on Monday. Economic output in the fourth quarter of last year increased by 5.01 percent from the equivalent period of 2021, much lower than the year-on-year (YoY) increase of 5.72 percent seen in the third quarter. The statistics agency attributed the slowdown to weaker purchasing power as a result of increased inflation in last year’s final quarter.

“Indonesia experienced solid economic growth in 2022,” BPS head Margo Yuwono told reporters in a press conference called to publish the latest GDP report.

The World Bank and the International Monetary Fund had expected Indonesia’s 2022 GDP growth to come in at 5.2 and 5.3 percent, respectively, while the Asian Development Bank had a bullish forecast of 5.4 percent. Household spending, long the backbone of the domestic economy, remains the main source of growth, contributing 2.61 percentage points (ppt) to the overall GDP growth rate.

This growth was driven by the improvement of community mobility along with the high rates of COVID-19 infections and removal of PPKM. Gross Domestic Product (GDP) based on valid prices reached Rp 5,114.0 trillion or based on constant 2010 prices reached Rp 2,988.6 trillion. Meanwhile, economic growth in the IV-2022 quarter was recorded at 5.01 percent or grew 0.36 percent.

The Head of the Central Statistics Agency (BPS) said that the Indonesian economy had returned to the Prapandemi level. This was supported by the purchasing power of the people last year which was well maintained and was also supported by the activities and mobility of the people who had recovered.

“The annual economic growth trend still grows 5% despite slowing down from the third quarter of 2022. This shows that the Indonesian economy grew solidly,” he said in a press conference on the BPS release, Monday (2/6/2023).

Indonesia’s economic growth is in accordance with the estimates of President Joko Widodo or Jokowi. The Head of State is optimistic that Indonesia’s economic growth in 2022 will reach 5.3% on an annual basis (year on year/yoy). The projection of Indonesia’s economic growth which reached 5.3% will place the Indonesian economy in the 1st rank among other G20 countries. For the record, the Indonesian economy grew 5.72 (yoy) in the third quarter of 2022 and 5.45% (yoy) in the second quarter of 2022. Meanwhile, the Indonesian market consensus of 12 institutions also estimated economic growth to reach 5.03% (yoy) and grew 0.49% compared to the previous quarter (Quarter to Quarter/QTQ).

February 6, 2023, The Jakarta Post, CNBC Indonesia



Indonesia Cooperated China Working on a Bridge Worth Rp 1 Trillion

The Chinese contractor will build a 700 meter long bridge in Pontianak. The construction of this bridge was initiated by a local company PT Kapuas Berkah Divine in collaboration with the Shanghai China State Construction Development Development Contractor. Director of Kapuas Berkah Divine Karsono said that this project would be worked on by the government’s cooperation scheme with a business entity alias PPP. The construction is claimed without using the APBN and APBD. He himself prepared an investment fund of up to Rp 1 trillion more to build a bridge that would be named the Garuda Bridge. The bridge connects Jalan Bardan and Siantan.

This bridge was built with a total stretch of 700 meters including the arrangement of the road on the land side, the main span itself along 365 meters. The width of the bridge will be made as long as 30 meters. In addition, this bridge is also claimed to have advantages in the form of hydroelectric power plant features. It will utilize the Kapuas River flow under the bridge to generate the electricity needed for the bridge. According to him, this was the first time done in Indonesia.

“The advantage is to use hydropower technology. Using a tidal water generating technology, this will be the first bridge with independent power in Indonesia, not using PLN electricity but river currents. For example for lights and so forth,” said Karsono.

The plan, this bridge is targeted to be ground breaking in March 2023. His party is still waiting for the Ministry of Public Works and Public Works’ recommendations to carry out development. If all according to plan, if in March the ground breaking can be carried out, it will carry out the construction of a bridge for 14 months.

“If March can already ground breaking, maybe in mid 2024, in June, the construction can be completed,” concluded Karsono.

Pontianak Mayor Edi Rusdi Kamtono explained that this bridge was very much needed to support the accessibility of the Pontianak city center towards the northern region. So far, mobility still relies on a ferry that takes a long time.

February 2, 2023, detikFinance


Indonesia Becomes the Chairperson of ASEAN 2023, the Ministry of Trade has Prepared Four Superior Events

Deputy Minister of Trade (Wamendag) Jerry Sambuaga said that the Ministry of Trade will hold 4 superior events related to ASEAN 2023. According to him this step is in order to strengthen the role of ASEAN as a regional production hub.

“The plan, Indonesia will hold eight excellent events. Four of them will be under the Ministry of Trade. The first event, the physical launch of the ASEAN Online Sale Day (AOSD). Secondly, the ceremonial implementation of the full implementation of the Regional Comprehensive Economic Partnership (RCEP) after the Philippines completed the ratifik process Third, the launch of the New Asean Tariff Finder. Fourth, completion of the study and launch of the digital Economy Framework Agreement (Defa) negotiations, “he said in a written statement, Monday (1/30/2023).

On this occasion, Jerry also continued the direction of President Joko Widodo which was once conveyed in the ASEAN Business and Investment Summit 2022. He said, ASEAN must be the main driver of regional growth. In addition, Jokowi also invited all private sectors to accelerate economic recovery, strengthen ASEAN’s position as a competitive production hub, and accelerate the presence of reliable and affordable clean energy. He said that the spirit was brought by Indonesia after carrying out the handover of ASEAN 2023’s agriculture from Cambodia in November 2022 and set the theme of ASEAN Matters: Epicentrum of Growth. That is, Indonesia is ready to play an important role in leading the direction and goals of ASEAN’s political, economic, and socio -cultural cooperation.

He also stressed the importance of ASEAN for regional and world countries, supported by 3 main pillars, namely centrality, stability, and prosperity. The Vision of the ASEAN Indonesia 2023 theme is directed to build a strong, adaptive, and inclusive ASEAN; play a central role; and provide benefits to the community, both internally within the region and externally to the world.

Taking into account the strategic megatrend and overcoming the impact of the multidimensional crisis on food, energy, and finance, Indonesia announced the proposal of priority economic deliverables (PED) under Indonesian. Everything is assembled into three strategic impulses. It is known from the 16 Peddi under the pillars of the ASEAN Economic Community (AEC), 7 of them will be under the scope of the ASEAN Economic Ministers (AEM).

In addition, Indonesia will also encourage the acceleration of transformation and inclusive digital economic participation. This is done through the full implementation of D e-form through the ASEAN Single Window and the leader’s statement to develop the Defa. Finally, namely promoting sustainable economic growth for a strong future by compiling ASEAN Standards Harmonization Road Maps to support the implementation of Sustainable Development Objectives (SDGs).

January 30, 2023, detikFinance


History! Indonesia’s Coal Exports to the European Union Jumped 1,300%

The volume of value and exports of Indonesia’s coal to the European Union shot in 2022. The surge in exports was supported by high demand and price after the Russian-Ukraine war erupted. The Central Statistics Agency (BPS) reported that Indonesia’s coal export volume to the European Union touched 5, 85 million tons in January-December 2022. The volume jumped 1,373% compared to 2021 which only recorded 396,582 tons. In terms of value, Indonesia’s coal exports to the European Union broke through US $ 1,055 billion throughout 2022. This value shot 4.114% compared to 2021 which reached US $ 25,044 million.

Italy, Spain, Germany, to Poland are several countries that increase Indonesian coal ordering in very large numbers. Italy imported Indonesia’s coal worth US $ 418.14 million in January-December 2022. This achievement was extraordinary considering Italy was not recorded importing Indonesian coal in 2021. Meanwhile, based on BPS records until October 2022, the largest export volume of exports to the European Union is to Poland. The volume of coal exports to Poland reaches 1.9 million tons. The second order is Italy at 1.13 million tons and the Netherlands with 1.04 million tons.

Other European Union countries that recorded a large volume of exports in January-October were Slovenia (143 thousand tons), Switzerland (111 thousand tons), and Croatia (139 thousand tons). Except Slovenia, almost all European Union countries did not import Indonesia’s coal in 2021. Previously, the Ministry of Energy and Mineral Resources had estimated coal exports to Europe, including the European Union and Britain, would record a record in 2022. Exports to all European regions were estimated to reach 6.6 million tons. The previous biggest achievement was 6.2 million tons in 2012.

January 19, 2023, CNBC Indonesia


BASF, Eramet Near $ 2.6 B Indonesia Deal to Process Nickel for Ev Batteries

Germany’s BASF and French miner Eramet are finalizing a US$2.6 billion partnership deal to invest in a facility in Indonesia to process nickel for use in batteries for electric vehicles, Indonesian officials said. The announcement comes as Southeast Asia’s biggest economy has been courting global companies to build facilities to produce EV batteries and electric cars to exploit the country’s rich nickel resources. The project investment would be worth around 2.4 billion euros ($2.59 billion), the investment ministry said, citing BASF chief executive Martin Brudermüller. The project would be developed in Indonesia’s Weda Bay to produce mixed hydroxide precipitate (MHP) from nickel through a high-pressure acid leach (HPAL) plant, it said. MHP is used in electric vehicle batteries.

“We would like to convey that our agreement with Eramet is at the final stage. It is likely that our decision will be taken in the first half of 2023,” the ministry quoted Brudermüller as saying.

“BASF and Eramet’s investment plan was in line with the government’s “aspirations to set up Indonesia as a world-class EV player,” said Investment Minister Bahlil Lahadalia.

Indonesia is also finalizing agreements with Chinese automaker BYD Group and Tesla to invest in EV production facilities, a senior cabinet minister said on Tuesday. Once the biggest supplier of nickel to the global stainless-steel industry, nickel producers in Indonesia have been retooling so they can take advantage of the growing demand for nickel in batteries. While overall battery demand for nickel makes up a small portion of the 3 million tons market, Indonesia is primed to become the world’s biggest supplier as it builds out some 4.5 million tons of capacity that can supply both markets over the next five years, analysts estimate.

An investor presentation by Eramet this month showed that the planned new plant is expected to start production in early 2026, subject to a final investment decision, with an output capacity of up to 67,000 tons of nickel and around 7,000 tons of cobalt per year containing in MHP. Investment into MHP production in Indonesia has so far been dominated by Chinese companies such as Zhejiang Huayou Cobalt and Tsingshan Holding Group.

Eramet would own 51 percent of the project, while BASF would hold 49 percent, the presentation showed. BASF and Eramet could not immediately be reached for comment. Separately, Australia’s Nickel Industries said on Wednesday it will raise $471 million in capital to help fund the acquisition of several nickel projects in Indonesia. To develop battery nickel, the company will also look to collaborate with Shanghai Decent Investment (Group) Co Ltd, a unit of the Tsingshan Group.

January 18, 2023, The Jakarta Post


Luhut: Indonesia is Confident Does Not Import Fossil Fuels in 2045

Coordinating Minister for Maritime Affairs and Investment Luhut Binsar Panjaitan said Indonesia no longer imported fossil fuels in 2045. This he explained based on the research he had done. According to him, commodities that will replace or alternative fossil fuels are palm oil. Luhut said that in 2045, Indonesia could produce around 100 million tons of palm oil.

“We are researching about palm oil, because we believe that in 2045 we can produce around 100 million tons of palm oil. 30 percent will be directed to food and the remaining 70 percent, we can do research and we can make ethanol. So we don’t need to import Fossil oil at the time, “Luhut said in” Indonesia Zero Pathway: Opportunity & Challenges “held at the Indonesian Pavilion, the World Economic Forum Annual Meeting 2023, quoted from Antara on Wednesday (1/18/2023).

Luhut explained, the development of alternative fuels was one of the five green economy pillars being intensified by Indonesia. He mentioned the other four pillars, namely the decarbonization of the electricity sector, low carbon transportation, one of which in the form of adoption of electric vehicles, green industries, and carbon sinks which included Carbon Capture and Carbon Offset Market. Luhut said the role of palm oil in the future would be very large. Especially in the acceleration of the achievement of net zero emission 2060 which will be encouraged by the transition of energy from fossil energy to renewable energy.

The Indonesian government is said to be a moratorium on oil palm plantation permits so that the level of productivity can increase from 2.3 tons per hectare to 8 to 10 tons per ha. The increase is the target in the next 10 to 15 years. The moratorium policy itself is also carried out to reduce deforestation due to the expansion of oil palm plantations. As the largest CPO and Biodiesel producer in the world, Indonesia has implemented a mandatory program for the use of CPO -based biodiesel since 2008. The mandatory program is carried out with the aim of reducing the import of fossil fuels, especially diesel fuel, increasing the use of renewable energy and reducing emissions from the use of fossil fuels .

“Indonesia has built collaboration with Malaysia, I think 74 percent will come from these two countries,” concluded Luhut.

January 18, 2023, detikFinance