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Indonesian financial investment portal becomes mutual fund agent
Upbeat: In a first for Indonesia, the Financial Services Authority (OJK) has granted a mutual fund selling agent (APRD) license to a financial investment portal
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Upbeat: In a first for Indonesia, the Financial Services Authority (OJK) has granted a mutual fund selling agent (APRD) license to a financial investment portal. Bareksa is the first online portal to have been granted APRD. (Courtesy of Bareksa.com) (OJK) has granted a mutual fund selling agent (APRD) license to a financial investment portal. Bareksa is the first online portal to have been granted APRD. (Courtesy of Bareksa.com)
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span class="inline inline-center">Upbeat: In a first for Indonesia, the Financial Services Authority (OJK) has granted a mutual fund selling agent (APRD) license to a financial investment portal. Bareksa is the first online portal to have been granted APRD. (Courtesy of Bareksa.com)
The Financial Services Authority (OJK) has granted financial investment portal Bareksa a mutual fund selling agent (APRD) license.
'This is the first time an IT based company has obtained an APRD license. This is proof of OJK's commitment to reach a target of 5 million investors as soon as possible,' Bareksa CEO Karaniya Dharmasaputra said on Saturday.
Prior to 2014, with the exception of investment managers, only banks and securities were allowed to sell mutual funds. However, at the end of 2014, the OJK announced a new regulation allowing post offices, pawn businesses, insurance companies, financing companies, pension funds and other financial agencies to be granted an APRD license.
As an integrated portal, Bareksa provides news, tools and ratings to help investors choose mutual funds, Karaniya said, adding that investors could directly inquire to buy mutual funds from the portal, especially the highest rated mutual funds.
Until now, in selling the mutual funds, Bareksa has joined with brokerage company PT Buana Capital.
Increasing the number of investors in Indonesia remains the main concern of the OJK. To that end, the OJK has begun to intensify its joint efforts, holding workshops and training, especially for investors from outside Jakarta, together with other parties such as the Indonesian Stock Exchange (IDX), banks and the Indonesian Chamber of Commerce (KADIN).
"The number of investors in the market has reached a mere 500,000. If investors in mutual funds are included, the sum reaches 1 million. This is still small compared to the country's population of 250 million," KADIN chairperson Rosan Roeslani told thejakartapost.com.
By increasing domestic investor numbers Indonesia would be less dependent on foreign investors who, representing two-thirds of transactions, currently dominate the market. (ebf)
