The agreement will be a preliminary step towards enhancing trade flows for corporate clients in the country's import-export sector and will allow Citi to further develop its existing internet information, payment and settlement platforms operating in Indonesia.
Citi's Electronic Pajak Import Barang (ePIB) is an electronic-based payment service for tax/duty payments of importation goods. Through this platform, Citi acts as an agent bank for these payments, remitting them to the state treasury. It was developed in collaboration with the state-owned e-business provider, Electronic Data Interchange Indonesia (PT EDII), and is used to cover payments in Jakarta, Surabaya, Medan and Bandung.
"This agreement gives Citi the opportunity to leverage our global experience and bring similar work being done in the other parts of the world where we operate to Indonesia,” comments Anand Pande, managing director, head of global transaction services, Citi markets & banking Indonesia.
The 66 members of the APJP operate predominately in the automobile, chemicals, electronics, food and cosmetic sectors and make up 50% of the total export-imports in Indonesia.
"Our APJP members commend Citi's initiative to help Indonesia's business environment become more efficient. We hope that this joint effort will also help increase Indonesia's business environment favourability risk to the international community in the coming years," comments Dr. Ing Gunadi Sindhuwinata, head of APJP.
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