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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.

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.

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.

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.

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

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.