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Please be patient! OJK Wants to Review Intellectual Property Rights as Bank Loan Guarantee | Dream.co.id

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Please be patient!  OJK Wants to Review Intellectual Property Rights as Bank Loan Guarantee |  Dream.co.id
According to him, currently the IPR ecosystem in the secondary market is still not strong enough and the mechanism for determining the valuation of an IPR is still limited.

Dream – Creative workers must be patient to be able to get financing from the banking industry. Even though the Government Regulation on Creative Economy has been issued, the Financial Services Authority (OJK) still needs to review the prospects and feasibility of Intellectual Property Rights (IPR) as collateral for loans to banks.

“Especially regarding valuation issues, secondary market availability, appraisal for the liquidation of intellectual property rights, and legal infrastructure for the execution of intellectual property rights,” said the Chief Executive of Banking Supervision of the Financial Services Authority (OJK), Dian Ediana Rae in an official statement as quoted from the OJK Instagram account, Tuesday, 26 July 2022.

According to Dian, the IPR ecosystem in the secondary market is still not strong enough. In addition, the mechanism for determining the valuation of an HKI is still very limited.

On the other hand, he continued, banking industry players must know the value of credit guarantee goods.

“So it takes the role of the government and related parties to address the issue. Credit or financing activities are entirely the authority of the bank based on the results of the assessment of prospective debtors,” he added.

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As for the collateral or guarantee in the provision of funds, either in the form of credit or financing, it is optional depending on the bank’s risk appetite for the scheme and the type of credit as well as the capacity of the prospective debtor.

Dian said, every bank must have their own credit criteria in the credit application and approval process. One thing that usually exists in a bank’s Risk Acceptance Criteria is business prospects and the capacity to pay potential debtors.

“In addition, banks also have credit scoring that can be used to analyze the payment ability of prospective debtors. As long as the prospective debtor meets the criteria set by the bank and is within the bank’s risk appetite range, the credit can be considered for approval,” he explained.

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Previously, President Joko Widodo (Jokowi) had signed Government Regulation (PP) Number 24 of 2022 concerning Implementing Regulations of Law Number 24 of 2019 concerning the Creative Economy.

In the regulation, intellectual property products such as films and songs can be used as collateral for debts to bank and non-bank financial institutions. Even YouTube content can also be a loan guarantee to the bank.

This is stated in paragraph (1) of Article 4 which reads, “The government facilitates intellectual property-based financing schemes through bank financial institutions and non-bank financial institutions for creative economy players.”

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“Intellectual property-based financing scheme facilities for creative economy actors are carried out through: a. utilization of intellectual property of economic value; and b. intellectual property assessment,” quoted from a copy of the PP, Monday (18/7/2022).

Then also in Paragraph (1) Article 9 which reads “In the implementation of the Intellectual Property-Based Financing Scheme, bank financial institutions and non-bank financial institutions use Intellectual Property as the object of debt guarantee”.

Furthermore, Article 10 which reads “Intellectual Property that can be used as an object of debt guarantee is in the form of: a. Intellectual property that has been registered or registered with the ministry that carries out government affairs in the field of law; and b. Intellectual property that has been managed either independently and/or transferred their rights to another party”.

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As is known, the creative economy in Indonesia consists of 17 sub-sectors, namely game developers, interior design, architecture, music, fine arts, fashion, and product design.

Then also, culinary, animated film and video, visual communication design, photography, television and radio, advertising craft, performing arts, publishing, and applications.

With this regulation, intellectual property products such as movies, Youtube content and songs can be used as collateral for debts to bank and non-bank financial institutions.

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