Silicon Valley Investors Praise Indonesia's Startup Regulations: Tech Conference 2023

Tech Conference 2023

Intan Rakhmayanti Dewi, CNBC Indonesia

Tech

Monday, 24/07/2023 15:40 WIB

Foto: Co-Founder & Managing Partner Monk’s Hill Venture, Peng T. Ong dalam Road To Tech Conference 2023. (CNBC Indonesia TV)

Jakarta, CNBC Indonesia – Silicon Valley investors praise the startup regulations that apply in Indonesia. Bank Indonesia (BI) and the Financial Services Authority (OJK) are considered successful in collaborating with fintech associations in formulating regulations.

This was conveyed by Co-Founder and Managing Partner of Monk’s Hill Ventures Peng T. Ong. The regulations he meant refer to new business operating permits in Indonesia.

“I think [aturan di Indonesia adalah] the best in its class. I mean, if you look around the world, that’s how it should be done,” Peng said at the Road to Tech Conference 2023 on CNBC Indonesia, Monday (24/7/2023).

Nevertheless, he sees several challenges in setting up a startup business in Indonesia. One of them is the long time it takes to process permits.

“I have to set up my office and it takes a long time, all founders take months to register a company,” he said.

In addition, he hopes that work permits for specialists in technology will be made easier in Indonesia. This is because a series of new technologies being worked on in Indonesia require many specific experts.

“Often the membership is not available in the country and we have to bring in foreigners,” said Peng.

“So, I think immigration or at least work permits for specialists, can be improved. Those are two areas where I see my company sometimes having difficulties in building a business in Indonesia,” he concluded.

Watch the video below: