Jakarta, July 1, 2022 – PT Jaminan Kredit Indonesia, the largest credit guarantee company in Indonesia, has undergone a series of transformations in its organizational structure, human resource management, technology systems, business and operations, good corporate governance, and risk management to strengthen the company’s sustainable performance. These six transformations form the theme of Jamkrindo’s 52nd anniversary, which falls on July 1, 2022: “Transform to Be More Perform.”
Jamkrindo President Director, Putrama Wahju Setyawan, stated that the business world has undergone significant changes in line with rapid technological advancements, information development, and the COVID-19 pandemic. In response to these dynamics, Jamkrindo must quickly transform to better adapt to future opportunities and challenges. Transformations in these six strategic sectors are believed to strengthen the company’s fundamentals, ensuring sustainable business growth.
"We will continue to transform to strengthen our company’s fundamentals and become more innovative, so that Jamkrindo can provide products and services that meet the needs of our partners while addressing emerging opportunities and challenges in the guarantee business. On our 52nd anniversary, we hope that Jamkrindo can contribute even more and in a sustainable manner to our partners, the wider community, stakeholders, and regulators," Putrama said in an official statement on Friday (07/01/2022).
In terms of organizational structure transformation, Jamkrindo has reaffirmed its position as a Limited Liability Company since 2020 after transitioning from a Public Corporation and becoming a subsidiary of Indonesia Financial Group (IFG). This status change has made it easier for Jamkrindo to develop its business strategies and targets. In the human resources management transformation, Jamkrindo not only enhances employees' knowledge and skills but also strengthens leadership management in line with the AKHLAK values (Amanah [Trustworthy], Kompeten [Competent], Harmonis [Harmonious], Loyal, Adaptif [Adaptive], and Kolaboratif [Collaborative]) and business developments.
In the technology system transformation, Jamkrindo is developing product digitalization and online systems to make collaboration with partners more effective and efficient, while also expanding market reach through improved data integrity and faster data access. In the business and operational transformation, the company is implementing accountable and prudent business management to support sustainable performance and achieve revenue growth, cost efficiency, and excellent service.
To enhance good corporate governance, Jamkrindo applies Governance, Risk, and Compliance (GRC) practices. This initiative integrates risk management, corporate governance, and compliance, including obtaining the Anti-Bribery Management System (SMAP) SNI 37001:2016 certification in 2020. In the risk management transformation, the company strengthens the three lines of defense and four eyes principles to ensure more measured and prudent navigation of future sustainable business.
Putrama believes that transforming these six strategic sectors will also provide convenience and comfort to partners, especially Micro, Small, and Medium Enterprises (MSMEs), in developing their businesses. The growth of MSMEs will not only boost business expansion and job creation but also contribute to national economic recovery.
"MSMEs are the key players in national economic recovery. As a credit guarantee company focused on MSME development and a member of the Indonesia Financial Group holding, Jamkrindo is committed to continuously supporting MSMEs across the country so they can scale up and bring significant changes to the national economy," said Putrama.
To increase financial accessibility for MSMEs and cooperatives, Jamkrindo provides innovative and competitive guarantees with professional, effective, and efficient services. To facilitate MSMEs in applying for suretyship guarantees, Jamkrindo has developed the Jamkrindo Online Suretyship (JOS) application. With JOS, business principals who need project guarantees no longer need to visit Jamkrindo offices in person; instead, they can simply register through suretyship.jamkrindo.co.id.
Jamkrindo also offers a marketplace guarantee through www.umkmlayak.co.id, a digital platform that provides MSMEs with business capital access and training opportunities. The UMKM Layak platform connects MSMEs seeking financing with financial institutions offering loans for this segment.
"We believe that Jamkrindo's products and services will make it easier for MSMEs to obtain guarantees, accelerating their business growth. We also look forward to support and collaboration with stakeholders in strengthening and empowering MSMEs for sustainable growth," Putrama added.
Jamkrindo’s Positive Performance in 2021
Thanks to these transformations, Jamkrindo achieved significant financial performance in 2021, with a substantial increase in net profit and positive operating cash flow, supported by adequate provisions.
Anindita Eka Wibisono, Assistant Deputy for Insurance and Pension Fund Services at the Ministry of State-Owned Enterprises (BUMN), recognized Jamkrindo’s contribution to the national economy, especially during the challenging times of the COVID-19 pandemic.
"It was not easy to navigate through the pandemic, yet Jamkrindo managed to support MSMEs during these difficult times. We highly appreciate this effort," said Anindita.
She also urged Jamkrindo not to be complacent and to stay prepared for future challenges, whether from global economic dynamics or domestic challenges.
"Jamkrindo must remain agile and ready to face any challenge. The focus of business transformation should not rely solely on program-based guarantees," she emphasized.
Robertus Billitea, President Director of Indonesia Financial Group (IFG), praised Jamkrindo’s performance and transformation efforts.
"The enhancement of corporate governance, Governance, Risk, and Compliance (GRC) is the foundation for maintaining financial industry integrity. Strategic initiatives such as the four eyes principles and a prudent corporate culture will ensure Jamkrindo’s healthier and more sustainable performance," Robertus stated.
As of May 2022, Jamkrindo had realized KUR (People’s Business Credit) guarantee volumes of IDR 82.63 trillion, a 65% increase year-on-year, covering 1.84 million MSMEs. For Working Capital Credit (KMK) guarantees under the National Economic Recovery (PEN) program, since its launch in July 2020, Jamkrindo and its subsidiary PT Penjaminan Jamkrindo Syariah (Jamsyar) had recorded a total guarantee value of IDR 26.32 trillion—with Jamkrindo at IDR 17.88 trillion and Jamsyar at IDR 8.34 trillion.
UKM Saluyu, a Jamkrindo-assisted MSME, expressed gratitude for the company’s diverse products and easy-to-access services.
"We thank Jamkrindo for helping MSMEs grow through their products, services, and training programs. We hope Jamkrindo’s support for MSMEs will continue," said Yudi Mulyadi, Chairman of UKM Saluyu.
As a credit guarantee company, Jamkrindo offers both program-based and non-program-based guarantee products. Program-based guarantees: KUR guarantees and KMK guarantees under the PEN program. Non-program-based guarantees: General credit guarantees, microcredit guarantees, construction and procurement guarantees, goods distribution guarantees, surety bonds, customs bonds, supply chain financing guarantees (invoice financing), and other credit guarantees.