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All Journal Jurnal Suara Hukum Journal of Law and Legal Reform Indonesian Journal of Advocacy and Legal Services
Aldehita Purnasanti Maulida
Faculty of Law, Universitas Negeri Semarang, Semarang, Indonesia
Law, Crime, Criminology & Criminal Justice

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Navigating Indonesia’s Economic Crossroads: The Future of State-Owned Enterprises in a Transforming National Economy Aldehita Purnasanti Maulida; Indah Sri Utari; Yustina Dhian Novita; Abu Bakar Munir
Indonesian Journal of Advocacy and Legal Services Vol. 8 No. 1 (2026): Legal Advocacy and Justice Innovation
Publisher : Universitas Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/ijals.v8i1.55219

Abstract

Indonesia’s economy is currently positioned at a decisive crossroads, facing the dual pressures of global market volatility and domestic structural transformation. Within this context, state-owned enterprises (BUMN) remain central actors, historically tasked with advancing national development objectives while simultaneously serving as instruments of fiscal stability and political legitimacy. Yet, their future role is increasingly contested as Indonesia seeks to reconcile efficiency, transparency, and competitiveness with broader goals of social equity and sustainable growth. This article critically examines the evolving position of BUMN in Indonesia’s transforming economy by integrating economic performance data, governance reforms, and comparative international perspectives. The analysis highlights a paradox: while BUMN continue to drive infrastructure expansion, energy provision, and financial intermediation, they also generate fiscal vulnerabilities through inefficiency, rent-seeking practices, and governance deficits. Regulatory reforms have sought to modernize corporate structures and enhance accountability, but enforcement remains uneven and institutional fragmentation persists. Drawing on socio-legal and political economy frameworks, the study argues that Indonesia’s economic sustainability depends on reorienting BUMN from state-centric instruments toward engines of innovation, competitiveness, and public value creation. By situating Indonesia’s experience within global debates on state capitalism, corporate governance, and developmental economics, the article contributes to understanding how emerging economies can navigate the tension between market liberalization and state intervention. It emphasizes that the future of BUMN will determine whether Indonesia can transform its current economic crossroads into a pathway toward inclusive, resilient, and globally competitive development. Ultimately, the study underscores that accountability, efficiency, and victim-centered governance are not optional reforms but essential conditions for Indonesia’s long-term economic transformation.
Transforming Credit Guarantees in Indonesia: Legal Reform and Digital Innovation at Askrindo Aldehita Purnasanti Maulida; Angkasa Angkasa; Suhadi Suhadi; Abu Bakar Munir
Journal of Law and Legal Reform Vol. 7 No. 1 (2026): January, 2026
Publisher : Faculty of Law, Universitas Negeri Semarang, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/jllr.v7i1.38585

Abstract

Credit guarantee institutions play a pivotal role in expanding financial inclusion, particularly for Micro, Small, and Medium Enterprises (MSMEs), which contribute over 60% to Indonesia’s GDP and employ approximately 97% of the national workforce (Kemenkop UKM, 2024). PT Asuransi Kredit Indonesia (Askrindo), a state-owned enterprise under the Indonesia Financial Group (IFG), serves as a key factor in mitigating credit risk and facilitating access to financing through its guarantee schemes. This study critically examines the legal reform of credit guarantee mechanisms in Indonesia by analyzing the regulatory framework governing Askrindo and its ongoing digital transformation. The research highlights regulatory fragmentation across the Insurance Law (Law No. 40/2014), OJK regulations, and Ministry of Finance policies, which often results in operational inefficiencies and legal ambiguities in claim settlement and risk management. Concurrently, Askrindo’s digital initiatives—such as the implementation of e-guarantee platforms, AI-based credit scoring, and integration with national MSME databases—have significantly improved service delivery and data transparency. Empirical data from Askrindo’s annual reports (2020–2024) indicate an 18.7% increase in guaranteed credit volume following digital adoption, with a notable reduction in manual processing time by 42%. However, unresolved legal disputes related to 12.3% of defaulted claims underscore the urgency of harmonizing digital innovation with legal accountability. Interviews with regulators and Askrindo executives further reveal gaps in consumer protection, audit mechanisms, and legal clarity surrounding digital guarantees. Using a law and economics approach, this article argues that Indonesia’s credit guarantee system requires a comprehensive legal reform that aligns regulatory oversight with digital innovation. Important suggestions include creating a single set of laws for digital guarantees, requiring clear information sharing, and adding real-time audit trails to improve accountability and protect MSME beneficiaries.
Legal Protection in Credit Guarantee Mechanisms for MSME Financing: A Study of Financial Inclusion in Indonesia Aldehita Purnasanti Maulida; Indah Sri Utari; Dewi Sulistianingsih; Diandra Preludio Ramada; Abu Bakar Munir
Jurnal Suara Hukum Vol. 8 No. 2 (2026): Jurnal Suara Hukum
Publisher : Universitas Negeri Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26740/jsh.v8n2.p500-563

Abstract

This study examines how legal protections within credit guarantee mechanisms support MSME financing and strengthen financial inclusion in Indonesia. It addresses the extent to which legal and institutional arrangements can reduce credit barriers, facilitate risk sharing, and expand access to formal financing for MSMEs. Using a socio-legal research approach and a case study method, the study analyses statutory and regulatory frameworks, institutional policies, relevant documents, and the implementation of credit guarantee schemes, particularly in the context of government-supported MSME financing. The findings indicate that legal protection operates not merely as a normative framework but also as an enabling mechanism that facilitates risk distribution between financial institutions and guarantee institutions. Credit guarantee mechanisms reduce perceived credit risk, increase lending confidence, and improve MSMEs’ access to productive financing. The study further finds that the effectiveness of legal protection depends on institutional synergy, regulatory coherence, risk assessment, and adaptive governance. From a theoretical perspective, the findings demonstrate that credit guarantee mechanisms reflect the principles of Law and Development by using law as an instrument to facilitate economic participation and reduce structural barriers to financing. They also embody Welfare State principles by redistributing economic risks and promoting more equitable access to financial resources. The study contributes to the socio-legal literature by conceptualizing credit guarantee mechanisms as a legal-institutional bridge between legal protection, financial inclusion, and inclusive economic development in Indonesia.
Co-Authors Abu Bakar Munir Angkasa Angkasa Dewi Sulistianingsih Diandra Preludio Ramada Indah Sri Utari Suhadi Suhadi Yustina Dhian Novita