Fintech Is a Driver of the Indonesian Economy, Deputy Minister of Finance: We Need Creativity and Innovation

Rupiah illustration (Photo: dock. Antara)

JAKARTA - The Ministry of Finance (Kemenkeu) hopes that the existence of financial technology (fintech) companies can boost the Indonesian economy because they have become innovation and a source of creativity in the financial sector.

According to Deputy Minister of Finance (Wamenkeu) Suahasil Nazara, innovation through fintech, accompanied by increased productivity, could ultimately make Indonesia a developed country.

"We want the Indonesian economy to continue to advance general welfare, it must be driven by productivity and creativity, it must be driven by hard work and innovation," said Suahasil, quoting Antara.

Even though the key to successful development towards the progress and prosperity of a country is productivity, Suahasil said that increasing productivity is not enough. Moreover, even though there is consistent growth in gross domestic product (GDP), on the other hand there is also the potential for a decrease in the contribution of the secondary sector.

Therefore, continued Suahasil, with the reality of global economic conditions, the Indonesian economy, technological developments, and human aspirations, what a country, including Indonesia, needs is creativity, not just productivity.

Therefore, human resources in Indonesia must increasingly be able to generate innovation and creativity in all sectors, including in the financial sector.

"Creativity or innovation is very important because the current economic and humanitarian conditions in the world are not only based on the sweat shed, but the creativity that is generated," he said.

Thus, innovation will be the key to success for Indonesia and the world in the future, especially in the financial sector which currently tends to be dominated by fintech innovation.

Even so, he reminded that innovation in the financial sector must still be carried out responsibly, so that the Financial Sector Stability Committee (KSSK) will continue to be the regulator that safeguards the financial sector in the country.

In terms of technology adaptation in the financial sector, KSSK is responsible for data security, literacy in using technology, providing supporting infrastructure, and regulating e-commerce and social media.