Comparative Study to South Korea, BP Tapera Wants to Find the Ideal Housing Financing Concept

JAKARTA - The Public Housing Savings Management Agency (BP Tapera) continues to conduct research and develop housing financing concepts that are applicable and ideal for implementation in Indonesia.

To expand knowledge and understanding regarding various housing financing schemes applied in other countries, BP Tapera conducted a comparative study with the Korea Housing & Urban Guarantee Corporation (HUG) on 10-14 October 2023.

Parties from BP Tapera who attended this activity were Deputy Commissioner for BP Tapera Deployment Eko Ariantoro, Head of BP Tapera Internal Supervisory Unit Dede Solihin, Head of Auditorate III.D, Indonesian Financial Audit Agency (BPK) Poegoeh Yoedo Roesmanto, and Head of Sub Auditorate III .D.1 Indonesian Financial Audit Agency (BPK) Tri Marhendra Rahardyan.

Meanwhile, from the Korean HUG side, Korea HUG Vice President Byoung Hoon Lee was present accompanied by the Director of Housing of Urban Finance Institute Jong-Seo Kim.

The two parties discussed and exchanged information regarding housing finance and the supervisory framework by the highest audit institution with Korea HUG.

BP Tapera Mobilization Commissioner Eko Ariantoro said the aim of the visit was to gain a more comprehensive understanding of the housing finance mechanism and ecosystem from institutions operating in the housing sector, especially in Korea.

"Many successful practices related to housing finance implemented in the Republic of Korea are supported by Korea HUG. We are very impressed with the evolution of Korea HUG's role in the housing finance ecosystem being built," said Eko Ariantoro in a written statement received by VOI, Tuesday, October 24.

Eko Ariantoro hopes that the discussion and exchange of understanding regarding business models on both sides can explore a deeper understanding of the housing finance ecosystem in South Korea. In particular, regarding the management of the national housing fund that applies in South Korea, so that it can then be developed and implemented by BP Tapera in Indonesia.

On the same occasion, Head of Auditorate III.D of the Indonesian Financial Audit Agency (BPK), Poegoeh Yoedo Roesmanto, asked about the entity that carries out supervision within the framework of the audit examination at HUG by the highest audit institution in Korea.

The results of the visit resulted in an offer of cooperation in the form of a Knowledge Sharing Program (KSP) presented by Korea HUG.

Through the facilitation of the Embassy of the Republic of Korea in Jakarta and the Indonesian Embassy in Korea, Korea HUG offers the KSP program free of charge as a form of cooperation program between the Government of the Republic of Korea and the Government of Indonesia.

Meanwhile, Korea HUG Vice President Byoung Hoon Lee explained that Korea HUG manages housing financing with the National Housing & Urban Fund (NHUF) which regulates price limit regulations, pre-sales systems, and housing financing guarantees for citizens of the Republic of Korea.

"We continue to exchange and collaborate with Indonesian government agencies and related organizations to overcome the housing shortage and stabilize the housing market," he said.

For your information, this is the second visit by BP Tapera, after it was carried out in 2022 in the context of housing financing from the funding source, namely the Ministry of Finance (Kemenkeu).