Bank Indonesia makes push to bring street vendors to world of cashless payments

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first_img“It takes time to convince small merchants to install the QRIS at their stores, and to inform them that a standardized QR code can simplify their transactions,” Hamid said, adding that he hoped  National QRIS Week would promote awareness among small business on the advantages of cashless transactions.“It would be great if street vendors and wet market sellers used the QRIS for their transactions so they wouldn’t have to be troubled with looking for spare change,” he said.The central bank has set a target of 15 million merchants using e-wallet services in 2020. The bank imposes a fixed fee of 0.7 percent for almost every transaction that uses the QRIS system.Transactions in the education sector and at gas stations charge slightly smaller fees of 0.6 percent and 0.4 percent respectively, while QR code transactions for donations or social assistance will be free from any costs. (mpr) Topics : “Many micro businesses remain untouched by banks, because they won’t provide loans to businesses that don’t have transaction records. With the QRIS, they can use the recorded transactions to apply for loans and gain additional capital,” he told a press briefing on Tuesday.Besides giving micro businesses financial access, Luthor said that the e-wallet’s Rp 2 million (US$139) transaction cap made it more suitable for micro businesses that conducted small business transactions.As of February, the QRIS code had been used by about 2.7 million merchants across the country, according to the central bank’s data. In the same period, in Jakarta alone, the number of merchants using the QRIS code hit 618,337 people, a sharp increase from around 175,000 people in August last year.Despite its rapid expansion, BI Jakarta representative office chief Hamid Ponco said many small businesses and vendors were still reluctant to use the QRIS as they did not fully understand how QR codes worked.center_img Bank Indonesia (BI) is holding a National QRIS Week event across Indonesia to promote cashless transactions among small businesses using its Quick Response Indonesia Standard (QRIS) code system.During the one-week event, which ends March 15, the central bank will disseminate information on the technical details of the QRIS system and the registration process for small businesses that want to begin using a cashless payment system.BI Jakarta financial management director Luthor Tapiheru said he hoped that, in the future, street vendors would accept cashless payments through payment apps such as e-wallets. The use of the QRIS code could also provide transaction records for merchants, which they could use to apply for loans from banks, he added.last_img read more

PREMIUMFintech firms offer to help disburse govt COVID-19 funds

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first_imgFacebook Google LOG INDon’t have an account? Register here Log in with your social account The Indonesian Fintech Lenders Association (AFPI) has offered to help accelerate the disbursement of national economic recovery program (PEN) funds as the government struggles to amass the data needed to deliver the money to the right places. AFPI chairman Adrian Gunadi said on Thursday that because the fintech lending industry catered to the unbanked, the platforms could help the government target micro, small and medium enterprises (MSMEs).He said the industry had a data center and analytics capabilities that could help address the disbursement challenges. The data center contains information on more than 25 million enterprises, which fintech platforms use to build credit profiles. “The presence of fintech lending platforms – either in the consumptive or productive sector and especially for SMEs – [could play] a big role in supporting the nationa… Linkedin Topics : Forgot Password ? fintech national-economic-recovery-program OJK AFPI state-budget SMEs small-and-medium-enterpriseslast_img read more

Wolf Administration Officials Host Cabinet in Your Community Event in Tamaqua

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first_imgWolf Administration Officials Host Cabinet in Your Community Event in Tamaqua April 03, 2018 SHARE Email Facebook Twittercenter_img Press Release Tamaqua, PA – Today, Wolf administration cabinet officials were joined by community members for a Cabinet in Your Community event at the Tamaqua Campus of Lehigh Carbon Community College. This series of events gives community members the opportunity to talk with their state government officials and discuss issues important to the region.“The Cabinet in Your Community series has had a tremendous impact on communities across the commonwealth since its inception in November,” said Governor Wolf. “For Pennsylvania to thrive, it is essential that government officials provide a platform for constituents to express the needs of their communities, and I am thrilled that individuals in Tamaqua had that opportunity today.”This event featured Department of Education Secretary Pedro Rivera, Department of Environmental Protection Secretary Patrick McDonnell, Department of Human Services Secretary Teresa Miller, and Pennsylvania Emergency Management Agency Director Rick Flinn. The department heads provided information on upcoming initiatives and responded to questions from community members.The next Cabinet in Your Community event is currently scheduled for Monday, April 16, at the Dietrich Theater in Tunkhannock. This event will be hosted by the cabinet secretaries of the departments of Aging, Community and Economic Development, Human Services, and Pennsylvania Emergency Management Agency.last_img read more

SWFs still allocating new money to alternatives, emerging markets

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first_imgSovereign wealth funds are stepping up their investment in alternatives as well as in emerging markets, according to a new survey.Invesco’s latest annual Global Sovereign Asset Management study showed that, in 2013, alternative investments were still the asset classes receiving the highest new asset allocations from sovereign investor portfolios, continuing the trend from the year before.It said 51% of sovereign investors raised their new exposure to real estate in 2013, and 28% lifted their new investment to private equity, relative to their whole portfolio.Invesco said it found that all sovereign investors expected to increase new allocations across all major alternative asset classes – property, private equity, infrastructure, hedge funds and commodities – in 2014 compared with their 2013 asset placements. Nick Tolchard, co-chair of Invesco’s global sovereign group and head of Invesco Middle East, said: “Given alternatives underperformed during the period in which their allocations increased, it is clear a strategic asset allocation strategy is driving sovereign investors to alternatives, rather than tactical allocation.”He said the expected net increase in new funding this year was another key factor explaining the preference for alternatives, driven by increasing country surpluses and strong support from governments for their sovereign funds. Also, many sovereign investors are still underweight alternatives compared with their strategic asset allocation targets, having increased their target allocations to these asset classes in the last five years, Invesco said. It said the study indicated sovereign investors’ new allocations to Latin America, Africa, China, India and emerging Asia all increased in 2013, and were expected to rise again in 2014.However, political instability was behind decreased weightings to Central Eastern Europe and Russia last year, it said, and exposure to these areas was expected to remain flat this year.The survey was carried out among more than 50 individual sovereign investors around the world representing $5.7trn (€4.2trn) of assets.last_img read more

PFA praises risk-cutting strategy after reporting slim Q1 return

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first_imgDenmark’s largest commercial pensions provider, PFA, reported a 0.8% market-value-adjusted return on its with-profits, or average-rate, pension product but praised the risk-reduction investment strategy it has put in place.The return on with-profits (gennemsnitsrente) pensions had fallen from 4% in the same quarter a year ago, according to PFA’s interim figures. Without adjustment for market value, PFA said its first-quarter 2016 with-profits return was 4.8%.Meanwhile, market-rate pensions made a 0.3% loss, down from an 8.9% return in the same period last year. Allan Polack, chief executive at PFA, said: “We are delivering, in spite of the turbulence on financial markets, a solid investment result of DKK10.5bn (€1.4bn), which safeguards our customers against a big loss of value.”At the same time, contributions have grown significantly, he said.The investment result in absolute terms compares with DKK28.3bn generated for the first quarter of 2015 but is not far below the DKK13.6bn the provider ended up producing for the whole of 2015.Polack said that, as part of the company’s ‘Strategy 2020’ work, and because of the turmoil in financial markets, PFA had adjusted its investment strategy at the end of 2015.He said the effect of this adjustment was apparent in first-quarter results.“We have reduced our risk and our proportion of equity,” he said. “At the same time, we have taken on more property and stabilising asset classes.”This, Polack said, had a good effect at the beginning of the year.Contributions between January and March rose to DKK7.64bn from DKK6.49bn in the first quarter of 2015.As part of its new business strategy, Polack said PFA planned to continue developing its position as the leading commercial pension company.“We are ahead of our goals in this area, and the growth shows it is not only our existing customers that want to continue with PFA but that we are also continuing to see an increasing number of new customers,” Polack said.Costs fell in the quarter to DKK187 per member from DKK198 per member at the same point last year.Total assets fell to DKK599bn at the end of March from DKK626bn at the same point last year but were higher than the DKK545bn they amounted to at the end of December.last_img read more

German workplace pensions ‘must double to cover pension gap’

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first_imgContributions to German occupational pension plans fail to cover the pension gap arising from cuts to the country’s state pension, according to Willis Towers Watson.In a study of 200 larger companies with pension plans, Willis Towers Watson found that benefits were insufficient to make up for falling payout-levels from the first pillar.“To completely fulfill its socio-political role as the second pillar of the retirement provision, contributions to occupational pension plans would have to be doubled,” said Heinke Conrads, head of retirement for Germany and Austria at Willis Towers Watson.She added that this burden could not be carried by the employers alone. Instead, employees would have to start paying more into their pension plans as well. Currently, only around 45% of companies surveyed said employee contributions were a prerequisite alongside employer contributions.According to the study, the median payout from an occupational pension plan for an employee after 42 years of working was 4.6% of the last basic income before retirement.The percentage varies from industry to industry and on average it is higher in larger companies, the analysts noted.The study only covered companies with a pension plan and more than 500 employees. Many smaller and medium-sized companies do not have an occupational pension offering, which would bring down the overall average.BRSG to the rescue?Like many consultants, Willis Towers Watson is cautiously optimistic that the new legal framework, the Betriebsrentenstärkungsgesetz (BRSG), will improve participation in occupational pension plans.Apart from introducing new industry-wide pension plans without payout guarantees, subsidies for SMEs, and pension plans for people with lower income, there are also incentives for employees to contribute to their plans.“The BRSG is also addressing the issue of the currently rather reluctant motivation of employees to participate in financing an occupational pension plan by providing a legal framework for opting-out models,” Willis Towers Watson said.“It remains to be seen whether the measures will noticeably increase the level of payouts from the second pillar,” added Wilhelm-Friedrich Puschinski, the firm’s head of general consulting.Yesterday, two consortiums presented the first vehicles for new defined contribution pension plans under the BRSG. Union Investment and R+V insurers want to offer solutions in their joint R+V Pensionsfonds.The insurer consortium Das Rentenwerk, on the other hand, wants to use an insurance-based vehicle (Direktversicherung).It is up to each industry to negotiate whether or not to introduce the new pension plans, and if so which vehicle to use.last_img read more

Central African Republic’s violence might be driven by Conflict Diamonds

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first_imgAmnesty International has called on Central African Republic (CAR) to seize and sell the diamonds worth millions that have been amassed by traders believed to be fueling the militia violence and child labour in the country.CAR banned export of diamonds in 2013 under the Kimberly Process to halt trading of “Conflict diamonds”. The rights group in a report released on Wednesday expressed possibilities of huge amounts of diamonds ending up in the global market when the ban on exports is eventually lifted.The Kimberley process set out conditions in July 2015 that the central African country might meet which will enable partial lifting of the export ban.Even with the current export ban the report states that thousands of small miners have continued to sell to traders who then sell to export companies based in the country’s capital, Bangui.The diamond mines have been recorded to violate human rights among which, using children from 11 years  old as labourers doing heavy work with little pay according to researchers.The report said that other that the stockpile of diamonds in the capital, some diamonds have been smuggled to neighbouring countries of Cameroon and Democratic Republic of Congo to be sold to an international market.The rights group warned that militias in the ongoing violence are probably profiting off the sale of diamonds due to inadequate checks by diamond firms.Two major diamond buying houses have been accused in the report for purchasing diamonds without investigating whether the money is funding armed groups. The companies have refuted the claims stating that their diamonds have never been sourced from mines controlled by rebel groups or traders associated with militias.last_img read more

Ronaldo shares cute family pic to wish fans Happy Easter

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first_imgCristiano Ronaldo has shared a cute family picture with Georgina Rodriguez and their kids to wish fans a Happy Easter amid the coronavirus crisis.Advertisement The Juventus ace has been back in his native Madeira for a month now and urged fans to “stay home” on Easter Sunday – despite recently being pictured flouting lockdown rules in a secret training session.Juve have given some of their stars permission to leave Italy as they self-isolate in the global battle against coronavirus, after Serie A was KO’d on March 9.Ronaldo, 35, missus Georgina Rodriguez, the four kids, mum Dolores, and brother Hugo are in quarantine together at the £3,500-a-week six-bed mansion he moved into recently near the fishing village of Canical.Cristiano Ronaldo was spotted flouting lockdown rules by shooting at a goalkeeper in a private training sessionThey left a seven-storey apartment in the Madeiran capital Funchal, which Ronaldo splashed out on last year, for the villa which has a stunning garden overlooking the Atlantic Ocean.The Portugal captain has been keeping fans regularly updated on his crazy fitness schedule, involving ab crunch challenges and hill sprints with Georgina, amid the lockdown.But the five-time Ballon d’Or king took a break from the home workouts to sit down for a family meal on Easter Sunday.The 35-year-old posted a cute snap on Instagram and wrote: “We wish a Happy Easter to everyone #stayhome.”Ronaldo recently sparked controversy after pictures circulated of him training at Madeira Stadium, home of second tier CD Nacional.The former Manchester United star can be seen shooting at a goalkeeper, with a number of other figures in the vicinity.Local head of health Pedro Ramos warned the 35-year-old: “Ronaldo has no special permission to train.“Cristiano Ronaldo has the right to train as long as he respects the rules like all citizens: there is no privilege.”Read Also: Serie A: Troost-Ekong’s Udinese deliver groceries to fansThe Juve striker is set to stay on his native island for the foreseeable future after Italian PM Giuseppe Conte extended a nationwide lockdown until May 3.The Serie A outfit were forced to scrap plans for a return to training after players finished a 14-day home quarantine following a recall on Monday.Ronaldo has been in Madeira since March 9 with his family since returning to the island after his mum suffered a stroke.FacebookTwitterWhatsAppEmail分享 Loading… center_img Promoted ContentWhat Happens When You Eat Eggs Every Single Day?Who Is The Most Powerful Woman On Earth?You’ve Only Seen Such Colorful Hairdos In A Handful Of AnimeWho’s The Best Car Manufacturer Of All Time?7 Ways To Understand Your Girlfriend Better40 Child Actors Who Turned Into Gorgeous AdultsWhat Happens To Your Brain When You Play Too Much Video Games?A Hurricane Can Be As Powerful As 10 Atomic Bombs6 Interesting Ways To Make Money With A DroneTop 7 Best Car Manufacturers Of All TimeThe Funniest Prankster Grandma And Her GrandsonThe Origin Story Of The Best Chocolate Thing Ever Createdlast_img read more

Bill Self

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first_imgTo most of you Bill Self is the head basketball coach at Kansas University.  However, the Bill Self I am talking about was born in Rushville, Indiana, in 1937.  He went on to what is now the University of Indianapolis and then got a job teaching at Franklin Community High School.  There he coached track and cross country for more than 35 years.One of his athletes died while training for an upcoming track season, and Self established a scholarship in his name.  In order to keep this scholarship going, Franklin Community High School started the Bill Self track and field invitational.  Batesville High School was going to participate in it this year, but inclement weather cancelled the event.I never had the opportunity to meet Bill Self, but I remember people talking about his generosity and dedication not only to his teaching but to the athletes he coached as well.  Hopefully, Batesville will get a chance to run in this invitational next year.last_img read more

Patricia A. Estes, 71

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first_imgPatricia A. Estes, 71, passed away on Tuesday, December 3, 2019 at Our Hospice in Columbus.  Born, May 20, 1948 in Greensburg, she was the daughter of Fred and June (Moore) Swegman.  Patricia graduated from Greensburg High School in 1966.  She lived in Rushville for 30+ years before moving back to Greensburg.  Patricia was a homemaker and loved spending time with her family.  She is survived by her father; Fred Swegman, Greensburg, son; Brad (Kelsey) Estes, Arcadia, IN, daughter; Leslie (Todd) Unrue, Elizabethtown, IN, brother; Gary (Jeanne) Swegman, Greensburg, sister; Diana Lozier, Greensburg, and three grandchildren; Grayson and Roan Estes, and Levi Unrue.  Patricia was preceded in death by her mother; June Swegman.  Visitation will be held from 9-11:30 a.m. Friday, December 6, 2019 at Porter-Oliger-Pearson Funeral Home.  Funeral Services will follow visitation on Friday at 11:30 a.m. at the funeral home with Marcus Speer officiating.  Burial will follow at the South Park Cemetery in Greensburg.  Memorials can be made to Our Hospice.  Online condolences can be made to the family at www.popfuneralhome.comlast_img read more