"Saksikan tayangan kami Official Youtube IDX Channel di Program Market Review, Selasa (21/01/2025) dengan tema K-Cash untuk Transaksi Reksa Dana Lebih Efisien".
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00:00INDONESIA'S ECONOMIC MOVEMENT
00:05INDONESIA'S ECONOMIC MOVEMENT
00:07INDONESIA'S ECONOMIC MOVEMENT
00:09INDONESIA'S ECONOMIC MOVEMENT
00:11INDONESIA'S ECONOMIC MOVEMENT
00:13INDONESIA'S ECONOMIC MOVEMENT
00:15INDONESIA'S ECONOMIC MOVEMENT
00:17INDONESIA'S ECONOMIC MOVEMENT
00:19INDONESIA'S ECONOMIC MOVEMENT
00:21Hello, viewers from IDX channel Jakarta.
00:23I'm Wicky Adrian.
00:24Welcome to Market Review,
00:25a program about Indonesia's economic movement.
00:28Don't forget to watch our live streaming
00:30at idxchannel.com.
00:32Now, let's take a look at the complete market review.
00:45Indonesia's capital market industry
00:47is experiencing an extraordinary growth momentum.
00:49One of them is marked by a significant increase
00:51in the number of investors.
00:53In December 2024,
00:55the number of capital market investors
00:57has reached 14.87 million investors.
01:04Indonesia's capital market industry
01:06continues to show a positive trend
01:08from year to year.
01:09This is indicated by the continuous increase
01:11in the number of capital market investors
01:13which is significant.
01:15The data from the Central Bank of Indonesia,
01:17Tokesei, recorded in December 2024,
01:19the number of capital market investors
01:21has reached 14,871,639 investors.
01:28Interestingly,
01:30the number of investors who are still young
01:32or under 30 years old
01:33has dominated the total number of investors
01:35in the capital market,
01:36which reached 54.83%.
01:39This is of course supported
01:41by the increasing development
01:43and development of financial technology
01:45in the investment industry.
01:47This condition is also one of the challenges
01:49for financial servants
01:51in meeting the needs for a more efficient,
01:53transparent, and safe solution.
01:56In line with the dominance of investor characteristics
01:58and the increasingly advanced technology.
02:02And as a solution,
02:03the Central Bank of Indonesia, Tokesei,
02:05has implemented KSEI Cash,
02:07Management System, or KCAS.
02:10KCAS is an infrastructure provided by KSEI.
02:13For customers who use S-Invest,
02:15which sells investment products
02:17for storage and or transfer of funds
02:20on investment accounts,
02:22and or custodial banks
02:23for the completion of investment product transaction funds.
02:27KCAS itself is designed
02:28to serve various needs
02:30in the fund-checking ecosystem.
02:32Thus, with KCAS,
02:33the completion of transaction funds
02:34of investors in the capital market,
02:35especially those related to
02:37increasing efficiency, transparency,
02:39and accessibility
02:40by using digital-based applications
02:43becomes easier and cheaper.
02:45From Jakarta, Team Liputan, IDX Channel.
02:54And to discuss this time,
02:56we are present at the IDX Channel Jakarta studio,
02:59Mrs. Eki Esiki,
03:00Director of Solution, Custodian, and Supervision
03:03PT Kustodian Sentral Efek Indonesia, or KSEI.
03:05How are you, Mrs. Eki?
03:07Good morning, Mr. Vicky.
03:08Good morning.
03:09Thank you for joining us
03:10in the market review this time.
03:11I hope we are always healthy.
03:12If we talk about innovation,
03:13whatever the sector,
03:14innovation can no longer be offered.
03:17One of the innovations
03:18that was later carried out by KSEI
03:20is KCAS.
03:21KCAS.
03:22Maybe Mrs. Eki can tell us a little bit.
03:24What is KCAS, Mrs. Eki?
03:26Thank you, Mr. Vicky.
03:28So, KCAS was launched last year in December.
03:32So, KCAS is designed
03:34to serve the needs
03:35of the cash-checking ecosystem.
03:37So, KCAS is an infrastructure
03:39that we have prepared,
03:40that KSEI has prepared
03:41for S-Invest users
03:44who sell investment products
03:46for saving and transferring
03:48funds to their investment accounts.
03:50KCAS is also used by banks
03:52to settle transaction funds
03:54from the investment products
03:56that they manage.
03:58Then, if asked,
04:00who uses KCAS?
04:03Of course, the first one is the investor.
04:05So, investors or users
04:07of S-Invest
04:08are the ones who use KCAS.
04:11So, through KCAS Mobile,
04:13later the investor can top-up funds
04:16for subscription needs
04:18or receiving notification
04:20of redemption funds.
04:22KCAS also provides KCAS Mobile.
04:26KCAS Mobile can also be used
04:28by investors to transfer funds
04:30from IFUWA to their IFUWA
04:32in other places,
04:34or from IFUWA to SRA,
04:36or from IFUWA to free accounts.
04:39Of course, later the investor
04:41must remember that
04:42this free account must be registered
04:44in Selling Agent,
04:45then registered in our system
04:47in S-Invest.
04:48Then, the second one,
04:49the user is Bank Custodian.
04:51Bank Custodian distributes
04:53transaction funds
04:55from investment products, of course,
04:57such as redemption funds,
04:59liquidity funds,
05:00or investment funds.
05:02KCAS also prepares dashboard mechanisms
05:05to facilitate Bank Custodian
05:07to use KCAS.
05:09One of the previous obstacles
05:11is related to Red Tour,
05:13where by using KCAS,
05:15this Red Tour fund
05:17can be easier to monitor
05:21because it can be directly
05:23in IFUWA.
05:25Then, the third one,
05:26the user is Selling Agent.
05:28Selling Agent also provides
05:31services through API
05:33to monitor
05:35investor funds
05:37in IFUWA.
05:38So, at the moment,
05:39IFUWA customers can easily
05:41monitor their funds
05:43in IFUWA.
05:44So, this is one of the innovations
05:46or applications that will facilitate
05:48investor funds
05:50to facilitate various
05:52of their investment activities.
05:54If we talk about
05:56the reasons why
05:58KCAS was launched
06:00by KSAI.
06:01Actually, this is based on
06:03fundings.
06:04What is the background
06:06of the launch
06:08of KCAS, Bu Eki?
06:10So, as we can see,
06:12from the data of December last year,
06:14in 2024,
06:15it shows an incredible increase
06:17in fundings,
06:18especially through
06:19Selling Agent Fintech.
06:21So, if we look at it together,
06:22about 67.9%
06:24is dominated by
06:26customers who open their accounts
06:28through SA Fintech.
06:29If we look at the total amount,
06:31there are 10.7 million
06:33compared to the total
06:35funders,
06:3614.03 million.
06:38With this condition,
06:40of course,
06:41there are many things that we have to look at
06:43related to the efficiency
06:45of the transaction.
06:47Then, what are the obstacles
06:49that have happened so far,
06:51so that KSAI
06:53has a program
06:55to launch KCAS.
06:57So, KCAS is one of the solutions
06:59that is needed
07:01by the fund industry itself.
07:03So, if we look at the background,
07:05the first one is related to
07:07the domination of Selling Agent,
07:09which I mentioned earlier,
07:11related to statistical data.
07:12Then, if we look at it,
07:13Selling Agent has also released
07:15464 investment products.
07:18Then, there is also a need for efficiency,
07:20how this process
07:22becomes more efficient.
07:23If the previous one
07:25needed to exit
07:27from the KSAI system
07:29to be related to the settlement of funds.
07:31Well, how?
07:32If it's like this,
07:33it takes
07:35a longer time,
07:37then it becomes inefficient, of course,
07:39because it has to exit from the KSAI system.
07:41Then, the next one
07:43is also related to the cost.
07:45The cost, of course, becomes more expensive
07:47with the transfer
07:49out of the KSAI system.
07:51Then, if we look at the development
07:53of the payment system now,
07:54which is getting better,
07:56then it is also related to
07:58the need for information transparency,
08:00so that customers can also see
08:02the mutations
08:04in the payment system.
08:06These are the four things
08:08that are behind
08:10why we then launched
08:12a new infrastructure related to KKS.
08:14Hopefully, KKS will be
08:16an innovative solution
08:18that directly responds to the needs of the ecosystem
08:20in the payment system.
08:22Speaking of the characteristics of the investors themselves,
08:24especially the millennials, they want it to be fast,
08:26efficient, and effective.
08:28Everything is integrated in one application.
08:30This application is then read
08:32by the KSAI to present KKS.
08:34Okay. Actually, it is quite imagined
08:36what benefits will be felt
08:38by investors.
08:40But I want to hear directly from Mrs. Eki
08:42and also elaborated directly.
08:44What are the benefits for investors?
08:46We will discuss in the next session,
08:48Mrs. Eki.
08:50Stay with us, we will be right back.
09:00Thank you for joining us.
09:08Thank you for joining us.
09:10Before I continue
09:12the discussion with Mrs. Eki,
09:14there are some data that we want to convey.
09:16We compiled the data, of course,
09:18from KSAI, including the composition
09:20of capital market investors
09:22in Indonesia per December 2024.
09:24Among them, 99.7%
09:26are individuals
09:28and 0.3% are
09:30investors from institutions.
09:32Then, related to education
09:34of capital market investors in Indonesia
09:36per December 2024,
09:38with education up to high school,
09:40reached 49.79%.
09:42With S1 education,
09:4423.91%.
09:4618.19%.
09:48And with S2,
09:505.86%.
09:52And D3, 2.25%.
09:54I will be back
09:56to discuss with Mrs. Eki Eseki,
09:58Director of Settlement, Custodian and Supervision
10:00of PT Kustodian Sentral Efek Indonesia
10:02or KSAI.
10:04Earlier, we discussed
10:06a little about the benefits of K-Cash
10:08for its users.
10:10Before we discuss about
10:12data related to investors in Indonesia,
10:14of course, this is a demographic
10:16that summarizes, even for applications,
10:18what kind of services
10:20will accommodate them.
10:22Maybe later, Mrs. Eki can add.
10:24But I want to discuss first
10:26about the benefits of K-Cash
10:28for investors.
10:30There are two types of K-Cash.
10:32The first one is IFO.
10:34It's related to investor fund unit account.
10:36The second one is sub-accounting account.
10:38So, if we look at the benefits,
10:40it can be seen
10:42from answering the background
10:44that I mentioned earlier.
10:46So, the first one is
10:48the efficiency of transaction process.
10:50Those who need more time,
10:52it can be done manually.
10:54With K-Cash, the fund settlement
10:56can be done in real-time
10:58without having to leave the system
11:00in KSAI.
11:02So, from IFO to IFO,
11:04from IFO to SRA,
11:06or from IFO to other accounts
11:08that must be registered first
11:10in SA and S-Invest.
11:12With these things,
11:14it can shorten the time of transaction settlement
11:16and also optimize
11:18the business process.
11:20The second one is
11:22the integration of payment system.
11:24With KSAI as a member of BIFAS,
11:26K-Cash can facilitate
11:28the transfer of funds
11:30to any account
11:32that has been registered.
11:36The third one is
11:38the answer to the previous challenge,
11:40which is transparency and ease of reconciliation.
11:42With this integrated feature,
11:44K-Cash also facilitates
11:46the process of fund reconciliation
11:48and gives transparency
11:50to the investors
11:52so that they can easily
11:54check their funds
11:56in the IFO.
11:58The accessibility
12:00through the Mobile K-Cash platform
12:02also facilitates
12:04for all investors
12:06in the Indonesian capital market
12:08dominated by young people.
12:10Hopefully, with K-Cash Mobile,
12:12it can attract
12:14and facilitate the transaction process.
12:16So that the young people
12:18who are more technology-savvy
12:20can easily
12:22receive their funds
12:24with K-Cash Mobile.
12:26It's one of the features that
12:28investors or me, to be exact,
12:30love.
12:32We can check the funds
12:34to see if it has been transferred
12:36to K-Cash.
12:38So, with the ease of redemption,
12:40we can see if the funds
12:42have been transferred or not.
12:44The way for investors to use K-Cash
12:46is one of the necessary things.
12:48For example,
12:50in IDXNL,
12:52information about K-Cash
12:54has been published
12:56by Ms. Eki.
12:58How to get it or use it?
13:00Ms. Eki can tell us.
13:02From our system,
13:04in K-Cash Mobile,
13:06it can be easily downloaded
13:08in the App Store
13:10or Android.
13:12Then, you can fill in
13:14the form there.
13:16Then, you can get
13:18the PIN.
13:20You can also use
13:22the user ID and
13:24SID to access it.
13:26So, it's easy
13:28to download
13:30K-Cash Mobile.
13:32Then,
13:34to make it easier for investors,
13:36they can also use
13:38the user ID
13:40and SID
13:42to access it.
13:44So, they can use the same user ID and password.
13:46Then,
13:48we also launch
13:50this infrastructure with
13:52a security system.
13:54So, when using
13:56K-Cash,
13:58you will be given a transaction PIN.
14:00Then, when registering,
14:02investors will be asked to make a PIN.
14:04If everything is done,
14:06it's ready to be used
14:08when using K-Cash Mobile.
14:10One of the important things is
14:12the security of the application.
14:14Then, it becomes a guarantee
14:16delivered by KSI
14:18related to this K-Cash application.
14:20Can you describe
14:22the condition before
14:24and after
14:26the implementation of K-Cash?
14:28What is it like from the point of view
14:30of KSI or maybe from
14:32investors? From the findings
14:34that KSI
14:36provides?
14:38Before K-Cash,
14:40as I said earlier,
14:42some challenges
14:44happened before K-Cash was implemented.
14:46Of course,
14:48the transfer fee became more expensive
14:50because it has to go through or out of the KSI system.
14:52Then, it still uses
14:54the previous virtual account.
14:56With this,
14:58the customers
15:00can't be sure
15:02when using the virtual account.
15:04With K-Cash, they can see
15:06the invoices and the mutations.
15:08Then, there are also
15:10some manual
15:12processes before K-Cash.
15:14Of course, it also
15:16takes time to finish
15:18the transaction fee.
15:20It's still not efficient.
15:22If we compare with now,
15:24after the implementation of K-Cash,
15:26from the cost side,
15:28the fee becomes cheaper
15:30because all the transfer
15:32is done in the KSI system.
15:34So, it doesn't go out of the KSI system.
15:36The fee is cheap.
15:38The transfer fee is Rp. 250.
15:40Then,
15:42the transparency information
15:44that I mentioned earlier,
15:46investors can easily
15:48monitor the mutations of the invoices.
15:50Then,
15:52with K-Cash,
15:54it integrates the transaction fee
15:56and the stock transaction fee.
15:58Because the transaction fee
16:00can be transferred to our SRE.
16:02So, if there's an investor
16:04who wants to make a transaction
16:06on both sides,
16:08it's very easy for the investor
16:10because everything is integrated.
16:12Lastly,
16:14there's also a notification
16:16for the investor
16:18when they do the redemption.
16:20So, when they do the redemption,
16:22they already know that the money has been received
16:24in their invoices.
16:26So, it's more informative, more transparent,
16:28and easier for the investor
16:30to monitor their own funds.
16:32Interesting.
16:34When you mentioned about the security,
16:36this is also something that
16:38is guaranteed by the KSI
16:40from this K-Cash application.
16:42If we talk about
16:44the regulation that is the foundation of this K-Cash application,
16:46what is it? Maybe we will continue
16:48in the next segment.
16:50Stay with us. We will be right back.
16:58Thank you for joining us.
17:10Thank you for joining us.
17:12We are still talking with Mrs. Eki Esiki,
17:14Director of the Endowment of Custodians
17:16and Registrars of PT Kustodian Central Effect Indonesia
17:18or KSI
17:20about the regulation
17:22that is the foundation of K-Cash application.
17:24Maybe you can tell us about it.
17:26Okay.
17:28So, whatever we launch,
17:30whether it is a product or a system,
17:32of course, it is not without
17:34regulation.
17:36The regulation must be strong,
17:38must be in line with what we are launching.
17:40There are two regulations.
17:42The first one is the regulation from the OJK,
17:44then our internal regulation
17:46from the KSI.
17:48So, at the beginning, we got a letter
17:50from the OJK that allows KSI
17:52to be a BIFAS participant
17:54as stated earlier,
17:56to have the facility
17:58to transfer books and customers' funds.
18:00Then, with this permit,
18:02KSI is the only one
18:04outside the bank
18:06who has the permit
18:08to be a member of BIFAS.
18:10Then,
18:12as a BIFAS participant,
18:14of course, the transfer of funds
18:16from KSI is cheaper,
18:18as stated earlier,
18:20about Rp. 250.
18:22The OJK also stipulates
18:24that the service of KSI
18:26must be in line with the regulations
18:28and the support of information technology
18:30that is available from the security side as well.
18:32Then, in the year 2023,
18:34the OJK issued the POJK
18:36number 4 in 2023
18:38to complete the letter of permission
18:40for the use of SLA and IFUA
18:42as a storage and transfer of customers' funds.
18:44In the PASAL 22 POJK
18:462 in 2023,
18:48this also allows the use of IFUA
18:50as a storage and transfer of customers' funds.
18:52In addition,
18:54in the PASAL 37 POJK,
18:56IFUA is used as a storage
18:58and transfer of subscription
19:00and redemption of customers' funds.
19:02With this regulation,
19:04it provides a solid legal basis
19:06for the OJK
19:08that we launched in December 2020
19:10to ensure
19:12that this facility
19:14or this infrastructure
19:16is not only innovative,
19:18but also supported by the existing regulations.
19:20Then, in addition to the OJK regulations,
19:22KSI also issued
19:24regulations
19:26and implementation regulations
19:28related to the use of SLA
19:30and IFUA infrastructure for storage
19:32and transfer of funds.
19:34So, the regulations are complete
19:36from the OJK regulations
19:38and the internal regulations
19:40from KSI.
19:42The compliance is also fulfilled
19:44and the security is also fulfilled.
19:46So, this is a solid reason
19:48why investors need to download
19:50the KYC application, right?
19:52That's right.
19:54That's a discussion related to KYC,
19:56but we want to talk a little
19:58about KSI itself.
20:00This is the beginning of the year.
20:02I'm sure that
20:04KSI itself
20:06has a strategic plan
20:08to be realized this year.
20:10What is it, Mrs. Eki?
20:14So, there are several strategic programs
20:16that we are running,
20:18either live in 2025
20:20or multi-year programs.
20:22So, it can be implemented
20:24this year or in 2026
20:26or in 2027.
20:28So, there are several multi-year strategic programs.
20:30So, the first one
20:32is the strengthening of KSI supervision.
20:34We see this along the way
20:36with the development of an extraordinary
20:38capital market, both products and infrastructure.
20:40We realize that
20:42supervision is important.
20:44So, we also monitor
20:46the activity of transactions
20:48if there are transactions
20:50that are felt
20:52unusual or not in accordance
20:54with the existing regulations.
20:56Then, the second one, we will
20:58also run a strategic program
21:00related to E-Rupebus.
21:02So, E-Rupebus is the use
21:04of EZ-KSE that KSI
21:06launched a few years ago.
21:08However, this violates
21:10the rights of the shareholder
21:12for those who have a debt letter
21:14and submit it electronically.
21:16EZ-KSE was for the stock market.
21:18E-Rupebus is for those who have a debt
21:20and submit it electronically.
21:22Then, there is also an integration
21:24between the registration documents
21:26of the registration effect between OJK
21:28and then between KSI.
21:30So, there are two circles,
21:32namely funds and one more related to equity.
21:34So, how
21:36to make the registration process
21:38so that the documents
21:40that are submitted
21:42can be one between
21:44OJK and then KSI.
21:46So, there is no redundancy
21:48related to the documents that are needed.
21:50This is also one of our efforts
21:52to do
21:54the efficiency of the processes in KSI.
21:56Then,
21:58there is also an LOU
22:00where we
22:02are shown as an LOU to
22:04issue a Legal Entity Identifier.
22:06So, the KSI plan
22:08to act as a LOU.
22:10This is also still in the process.
22:12Then,
22:14the integration related to
22:16the documents related to equity.
22:18So, there are two, equity and funds.
22:20Then,
22:22to improve the quality of our operational services,
22:24we also plan
22:26to upgrade our existing system.
22:28So, we will
22:30have a plan to
22:32upgrade in CBAS,
22:34S-Invest, EZ to C,
22:36then Access and then
22:38Orchid.
22:40The purpose of this upgrade
22:42is to improve the quality of the KSI system.
22:44Then, also
22:46our system performance because
22:48the more products, the more investors,
22:50the more systems used
22:52in KSI, of course.
22:54So, this upgrade
22:56will start in 2025.
22:58Then,
23:00hopefully it can be completed on time
23:02according to our agreed timeline.
23:04Yes, to maximize
23:06the services to the community.
23:08That's right.
23:10This is the last, because our time is limited.
23:12So, to reach the number of investors in 2025,
23:14we have mentioned
23:16related to the data, we compiled it from KSI.
23:18To reach the number of investors
23:20in 2025 from KSI,
23:22what is it like?
23:24So, if it's related to investors,
23:26actually our target is the same.
23:28From BEI,
23:30KSI, then also together
23:32with OJK, according to the roadmap
23:34in OJK.
23:36From the KSI side, of course,
23:38as I mentioned earlier,
23:40besides developing
23:42capital market infrastructure,
23:44to make it easier for investors,
23:46then to provide efficiency
23:48to investors,
23:50to provide better performance
23:52for investors and of course
23:54for KSI players and participants.
23:56So, we always try
23:58to develop existing infrastructure.
24:00Then, what we do together
24:02with Bursa Efek Indonesia and KPI,
24:04of course, we do
24:06education and socialization activities.
24:08Then, we also do
24:10literacy.
24:12Because we realize that
24:14the opportunities and deepening
24:16of this market to investors
24:18are still many.
24:20So, there are still many opportunities for us
24:22to do education, literacy
24:24and socialization, of course.
24:26Then, we also use technology.
24:28If we look at the data
24:30statistics, there are more
24:32portions for young people.
24:34So, how can we
24:36reach them?
24:38Then, from
24:40socialization and education programs
24:42in previous years, we also
24:44do education on campus.
24:46Then, we also do live
24:48on Instagram.
24:50Then, we also do training for trainers.
24:52Then, we also hold workshops and seminars,
24:54of course, together with SRO.
24:56Then, we also
24:58determine which channel
25:00is the most suitable to do
25:02education and communication
25:04as well as literacy.
25:06So, we reach our target
25:08together with target investors
25:10this year and next year.
25:12Yes, the more people know, the more interested
25:14to invest. Thus,
25:16cumulatively, the number of investors in Indonesia
25:18is also increasing.
25:20And this is also working with SRO.
25:22SRO and OJK.
25:24Thank you for joining us
25:26in Market Review Success for KSII
25:28and also Cecil for you.
25:32Don't hesitate in your seat
25:34because we will be back
25:36with other discussions
25:38to discuss other interesting topics related to Indonesia.
25:40Win the lottery
25:42at WTU next Saturday.