April 06, 2021 | Invest Indonesia

BI committed to endeavors to expedite economic, financial digitization

Source from: Antara News

Original News HERE

Bank Indonesia (BI) asserted its commitment to supporting the acceleration of digitalization of Indonesia’s economy and finance through endeavors, including digitizing the payment system.

“BI remains committed to supporting joint efforts to accelerate the digitalization of Indonesia’s economy and finance,” Governor of BI Perry Warjiyo stated at the opening of the Indonesian Digital Economy and Finance Festival (FEKDI) and launch of the Acceleration and Expansion of Regional Digitalization (P2DD) here on Monday.

Warjiyo noted that the commitment was echoed, particularly after the Quick Response Code Indonesia Standard (QRIS), an innovation in the digitalization of the payment system, became a game changer amid limited mobility of the community during the COVID-19 pandemic.

Furthermore, the BI governor noted that this year, BI will also encourage digital innovation through the launch of round-the-clock real-time fast payments, so that retail payments replace the national clearing system.

“Along with the banking industry and associations, we also encourage digitalization of banking to be connected to e-commerce and the marketplace through open API (Application Program Interface) standardization,” he expounded.

During this year, BI, along with the Social Affairs Ministry and Home Affairs Ministry, also encouraged the electronification of social assistance, so that the distribution of assistance can be expedited to the regions.

Warjiyo ensured that BI will continue to reform regulations by launching a Bank Indonesia Regulation (PBI) to encourage the industry to develop a digital payment system.

“This will accelerate licensing, encourage industrial reform and encourage innovation, as well as support risk management and cyber security,” he stated.

By taking various steps and forging strong synergies, development of the digital economy and finance will become even better.

Warjiyo has forecast e-commerce transactions to increase, from Rp253 trillion to Rp337 trillion, or clock a growth of 33 percent, while electronic money transactions are projected to climb, from Rp201 trillion in 2020 to Rp266 trillion, or record a 32-percent growth in 2021.

“Digital banking is also (estimated to) increase, from Rp27,000 trillion in 2020 to grow 19 percent to reach Rp32,200 trillion,” he stated.

Reporter: Astrid Faidlatul Habibah, Katr
Editor: Fardah Assegaf, Ine