Socialization of PP No. 24 of 2022 concerning the Creative Economy

Seeing the continued development of the creative economy as one of the cornerstones of the national economy, the increasing added value of intellectual property as the basis of the creative economy, as well as the urgency of national economic recovery after Covid-19, last August 2, the Ministry of Tourism and Creative Economy held a socialization of PP No. 24 of 2022 concerning the Creative Economy which discusses the IP-Based Payment Scheme. In short, KI-based payment schemes are financing schemes that make Wealth
Intellectual as an object of debt guarantee.

As for KI that can be used as collateral, it must be registered or registered at the Directorate General of IP, and has been managed either independently and/or the rights have been transferred to other parties. KI that is used as the object of guarantee also needs to be assessed first by the KI Appraiser, who has a public appraiser permit, competence in the field of KI assessment, and is registered with the Ministry of Tourism and Creative Economy. By pledging their KI, creative economy actors will receive financing from bank and/or non-bank financial institutions, as well as obtain guarantee facilities through insurance or guarantee companies in accordance with the provisions of the applicable laws and regulations.

According to Ir. Razilu, M.Si, CGCAE as Plt. Director General of Intellectual Property of the Ministry of Law and Human Rights, the use of KI as an object of fiduciary guarantee in Indonesia itself has been through a process of discussion since 2014. The KI-based payment scheme, also known as IP Financing in Indonesia is not the first. Countries such as the United States, China, India, Singapore, South Korea, and Malaysia have already introduced the financing scheme.

To find out more about PP No. 24 Year 2022, please access the material here, or watch the socialization broadcast here.