Addressing the increasing needs of an evolving financial sector, the office will provide professional services, project support and training, and strengthen our base within the country.

Indonesia’s economy has proven resilient in 2016. The World Bank, in a June 20, 2016, report on the Indonesian economy, notes that even though the global economy has trimmed its 2016 growth forecast by half a percentage point, the outlook for the Indonesian economy remains the same. GDP growth for the nation is projected at 5.1% in 2016 and 5.3% in 2017, driven by prudent monetary policy, higher public infrastructure spending, and deregulation to improve trade and investment.

The banking sector also remains sound, according to the International Monetary Fund in a March 2016 report. The sector’s high level of capitalization and profitability, and the large deposit base will provide buffers against any weakening market conditions.

“Indonesia’s economy is resilient and the financial sector is healthy. We have been active in this country for nine years and the establishment of an office in Jakarta, the nation’s capital and financial hub, reinforces our ongoing commitment. Our growing local staff will provide product expertise combined with cultural insights for both new and existing customers,” says Andy Arnoys, Indonesia country manager, Wolters Kluwer Finance, Risk & Reporting.

Regulatory changes are pushing demands in the financial sector for better management of risk, finance and compliance. “New regulatory standards, such as the international accounting standard, IFRS 9, and Basel III risk requirements, are generating concern among our clients and prospects. We anticipate an increase in demand to help them manage regulatory complexity,” added Chris Puype, managing director, Asia Pacific. “This new office will enable us to be closer to our clients and stay abreast of market developments.”