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FINANCE

Banks’ Quick Action for Switching Business

Banks are required to connect with at least two switching companies to support the ecosystem of payment transactions. Foreign switching companies will then cooperate with local companies.

bank digital

| 123rf.com | skypicsstudio

The full implementation of the National Payment Gate (GPN) since June 2018 encourages the development of local switching business, as, under the Bank Indonesia (BI) Regulation, a bank must connect with at least two switching companies. Foreign switching companies are then set to cooperate with local providers to grab the market.

Bank Central Asia (BCA) recently established cooperation with switching companies. Through its subsidiary, PT Central Capital Ventura (CCV), the Djarum Group bank acquired two percent of shares of PT Daya Lestari Network, a switching company managing the Alto network.

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