Fintech-Got-The-Honor-To-Sell-SUN

Fintech Got The Honor To Sell SUN

The government recently have announced the registration for companies that interested in selling the Government Securities (Surat Utang negara/SUN) retail has been opened. But there is a different situation for SUN transactions this year, which financial technology (fintech) companies are also allowed to participate in selling SUN.

So the business area of fintech companies will be wider, that the opportunity to gain more advantage in Indonesia is also wide open. Of course, fintech must still have the ability to compete with some big Indonesian companies that have long experienced as retail  distribution partner of SUN.

The Ministry of Finance has made a written statement that the retail distribution partner of SUN is the companies on the bussines of bank, securities companies, or fintech companies under the supervision of the Financial Services Authority (OJK). Distribution partners should be able to serve order by online and offline.

Regarding the requirements for the candidate of the retail distribution partners of SUN are:
• Established or operated in Indonesia.
• Have electronically accessible service.
• Have the ability to reach retail investors.

Below are the schedule of determination process of retail distribution partner of SUN;

Activity

Date

Announcement

April 4th

Registration

April 4th – 10th

Explanation to the candidate of partners

April 6th

Submission of proposal documents

April 6th – 11th

Evaluate the proposal documents

April 11th – 17th

Preliminary Approval

April 18th

The testing of Electronic system

April 19th – 24th

Determination or rejection of the applications

April 26th

Kickoff meeting

April 30th

The signing of the agreement

May 9th

The period of validity to become a retail distribution partner of SUN is until December 31st each year. However the partnership agreement depends on the circumstances. The agreement may also be extended as required by the government.

Nevertheless, as a partner, the government also pay attention carefully to these retail business transactions. The Evaluations to be prepared by the government against the distribution partners are:

  • The Performance of the fulfillment obligations.
  • The eligibility that refers to the fulfillment of the criteria, requirements, and results of the job evaluation.

Source: Antara

Disclaimer: This article is a summary of news articles obtained from a number of mass media. We are not responsible for the accuracy of data or sources of information presented by the mass media that became the reference.

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