OJK: Young Generation as a Motor to Drive Economic Growth through Digital Finance

JAKARTA - The Chief Executive of the Financial Sector Innovation Technology Supervisory Authority, Digital Financial Assets and Crypto Assets of the Financial Services Authority (OJK) Adi Budiarso assessed that the younger generation has the potential to become a driving force for national economic growth through the use of digital financial innovation, followed by high penetration of the internet among young people.

He said Indonesia has around 211 million young people who have been connected to the internet. This condition is an important capital to expand financial inclusion as well as accelerate digital economic transformation.

"Science is on the internet, access to financing is on the internet, investment is also on the internet. Therefore, young people have a huge opportunity to utilize technology to increase productivity and well-being," said Adi, quoted by Antara, Friday, July 31.

Adi said the high penetration of internet use among young people was considered an important capital to expand financial inclusion, as well as accelerate the digital economic transformation, including opening up increasingly wider opportunities for access to financing, investment, and increasing business productivity.

According to him, the utilization of financial technology innovations can reach groups of people who have been in the informal sector and have not received banking services (underbanked).

Through digitization, the public can access various financial services more easily, ranging from saving, obtaining financing, to investing.

Adi said technological developments also allow people to invest with more affordable capital. One of them is through digital assets that allow investments to be made in small amounts, including digital gold and technology-based instruments blockchain which in the future is projected to grow.

"So that our people, although they are still young, but they will be able to have access to information to increase their productivity, access to financial sector services with various innovations such as credit scoring, so that they have the same ability to grow, to develop," he said.

He also reminded the importance of building a culture of saving from a young age as part of long-term financial planning. According to him, a portion of the income obtained today needs to be set aside for future needs so that the community has financial resilience.

Adi is optimistic that the demographic bonus that Indonesia has until 2038 can be a momentum to accelerate economic growth if supported by increased financial literacy, digital innovation, and increasingly inclusive access to financial services.

"With these various innovations, we hope that the public, including MSMEs and the younger generation, will have the same opportunity to grow and develop through the use of digital financial services," he said.