METI and Indonesian Central Bank Jointly Held a Seminar on a Japan-Indonesia Credit Information System- For further business expansion of Japanese sales finance businesses -

Indonesia is a country in which durable goods are expected to diffuse and expand due to income increase. As the number of Japanese sales finance businesses, such as automobile loans and credit cards, are increasing and the businesses are contributing to the growing sales of Japanese products in the country, further expansion of such businesses is expected in the country.

However, Indonesian credit information organizations that handle consumers' credit information are not yet sufficiently developed, and thus sales finance businesses incur a huge amount of costs in examination of users, which is a big issue for the businesses to overcome for expanding their business in Indonesia.

Considering the situation, Japan and Indonesia held the Indonesia-Japan Joint Economic Forum in Tokyo in October 2012, and both sides agreed that "Japan will conduct a feasibility study on the improvement of the credit information system in Indonesia and co-host a workshop for public and private sectors in this field." In response to this, METI and BI jointly held a seminar on a Japan-Indonesia credit information system. Through the seminar, METI aims to raise the awareness of the government of Indonesia and Indonesian finance businesses concerning the necessity and usefulness of a credit information system as well as to promote improvement of related systems.

1) Roles of credit information organizations and their contribution to improve financial services

1. Introduction of credit information systems in the countries
2. Future roles to be taken by Indonesian credit information organizations

2) Toward realization of a new credit information system in Indonesia

1. Introduction of new rules to establish private credit information organizations
2. Efforts to realize a new system

METI and BI announced a joint press release, based on the details announced in the seminar (for details, please visit the following URL (BI website):
http://www.bi.go.id/web/en/Ruang+Media/Siaran+Pers/sp_15513.htm

In the opening at the seminar, Mr. Atsushi Toyonaga, director-general for commerce, distribution and industrial safety policy of METI, greeted the participants as a representative of Japan, and stated that Japan welcomes the sharing of an awareness on the importance of creating a new credit information system with BI as well as the development of such system in Indonesia, and that Japan will fully cooperate to achieve the goals.

In the seminar, credit information systems in various countries, including Japan, the U.S., Italy and the ROK, were introduced. The Credit Information Center (CIC) made a presentation on the system, as a Japanese designated credit information organization.

At the same time, BI introduced new rules to establish private credit information organizations, the future roles to be played by such organizations, the purposes and importance of establishing a new credit information system, and the importance of efforts to be taken to realize the system. Participants exchanged their views concerning these issues.

Finally, Mr. Ronald Waas, deputy governor of IB, showed his appreciation to METI and proactively stated that Indonesia will rise to the challenge against many issues and create a new credit information system in Indonesia, and then the seminar was closed.

A scene from the seminar

A commemorative photograph of all of the people involved

March 1, 2013

Consumer Affairs Policy Planning Office, Distribution and Industrial Safety Policy Group, Commerce and Information Policy Bureau