Jakarta, 9 November 2022 - CRIF, a global leader in credit bureau, business information, and credit risk solutions, announced a strategic partnership with the Indonesian Export Company Association (GPEI), an association closely related to the Ministry of Trade and Foreign Affairs of Indonesia. The partnership will enable GPEI members to further enhance their risk assessments by tapping on CRIF’s risk information platform, SkyMinder, which provides in-depth financial, commercial and credit information on over 230 million companies worldwide.
SkyMinder, a business information platform powered by CRIF, collects and provides information on companies for reliable credit assessment and credit recommendations. It allows businesses to retrieve credit reports and receive updates on changes affecting companies, a crucial aspect in the evaluation process for both customers and suppliers.
CRIF Indonesia’s Country Director, Novi Rolastuti commented: “If we enter international trade without deep insight, business players may suffer losses. Appropriate steps are required to ensure that ongoing business transactions are safe, efficient, and effective, including risk mitigation and due diligence on export-import players. CRIF is well-known as a trusted provider of information. With our SkyMinder, the importers and exporters can now get all the credit report information they need from one provider, saving time, valuable resources, and money.”
The world is more interconnected than ever, and having a complete and transparent view of business relationships is critical to managing risk, identifying opportunities, and making better decisions.
In June 2022, there were 689 fraud complaints received in Indonesia through the Customs contact center and social media. Furthermore, a study conducted by Kroll, an investigative and risk consulting firm, together with the Association of Certified Fraud Examiners (ACFE) on 241 companies in Indonesia between February-July 2021, revealed that 80 percent of respondents had experienced fraud.
According to the survey, more than 80 percent of respondents did not even conduct due diligence on partners, suppliers, or vendors. Due diligence is important when working with other parties because the company's reputation is at stake. Even 32 percent of them suffer a yearly loss of more than IDR 1 billion. This must be addressed collectively with concrete solutions.
Chairman of GPEI, Khairul Mahalli said: “We are delighted to be partnering with CRIF. It is important that companies are forewarned of any potential financial and trading problems with their overseas customers and suppliers, especially when reporting requirements for companies vary so widely across the world, making it difficult to locate the level of information required to make sound credit decisions. CRIF’s SkyMinder service will provide information of high quality to ensure that our member companies can easily carry out regular checks to limit the risks of exposure to business failures and bad debt.”
In terms of export-import, many things need to be considered so that transactions between countries run smoothly. Moreover, from the eagle eye perspective, Southeast Asia alone has more than US$3.4 trillion of global trade that passes every year. On the one hand, the Indonesian Government has a vision of becoming the fifth to the seventh largest economy in the world by 2045, one of which is through Indonesia's national income originating from export-import. The presence of SkyMinder from CRIF can be a supporting catalyst to ensure that export-import activities from and to Indonesia can be carried out safely, effectively, and efficiently by GPEI members.
Therefore, CRIF hopes to continue to support international transaction activities from and to Indonesia with solutions that are always evolving and growing according to Indonesian market needs, particularly related to strengthening in securing verification of the legality aspects of international business actors and ensuring the security of transactions with potential prospects from outside Indonesia as well as preventing crimes whose methods and motives are constantly evolving.
Further information on SkyMinder can be obtained from CRIF Indonesia by contacting visisales-jk@crif.com or (021) 2983 3349.