Coordinating Minister Airlangga For The Value Of The Digital Finance Sector Has Highly Promising Potential

Coordinating Minister for Economic Affairs, Airlangga Hartarto. (Photo: Doc. Antara)

Coordinating Minister for the Economy Airlangga Hartarto assessed that the digital financial sector has very promising potential, so the presence of various digital financial platforms is expected to support the acceleration of economic growth and recovery.

"In realizing strong growth through the development of digital financial innovation, the digital economic and financial ecosystem must be encouraged," said Airlangga, who participated virtually in the 4th Indonesia Fintech Summit - Moving Forward Together Day 2, quoted from Antara, Friday 11 November.

This push must be made so that digital finance in Indonesia is more competitive, able to follow technological developments, and ensure the certainty of legal protection and cyber security.

Airlangga said the potential for the digital financial sector in Indonesia, which is very promising, can be seen from the data from the Financial Services Authority (OJK) and Bank Indonesia (BI). BI noted that the value of electronic money transactions during 2022 rose to IDR 404 trillion or grew 30.27 percent on an annual basis (year-on-year/yoy).

The central bank also reported that the value of digital banking transactions was estimated to increase by 30.19 percent (yoy) to Rp53,144 trillion. Meanwhile, OJK noted that online lending reached Rp19.94 trillion as of September 2022, an increase of 36.67 percent (yoy).

"This digital economic and financial transaction is supported by the acceptance and preferences of the public in shopping online, expanding the ease of digital payment systems, and accelerating digital banking," he explained.

According to him, the government together with OJK and BI will continue to support the development of the contribution of the financial technology industry (technical/fintech) to strengthening the national digital economy.

Support is carried out through regulations and policies that can trigger innovation of digital financial services, as well as optimal protection for the service user community and their ecosystems.