President Jokowi: Innovations In Digital Payments Need To Be Strengthened

President Joko Widodo at the virtual opening of the Digital Financial Economy Festival (Fekdi) in Jakarta, Monday (8/5/2023)/Screenshot via ANTARA

JAKARTA - President Joko Widodo emphasized that innovations in digital-based payment systems such as government credit cards need to be strengthened.

The goal is to facilitate central and regional government spending, increase efficiency and transparency, and facilitate accountability for the use of government spending.

Kunci untuk terus tumbuh dan berkembang adalah inovasi dan kepercayaan, (makni) inovasi dalam penyediaan sistem pembayaran berbasis digital serta keamanan dan perlindungan masyarakat, kata dia dalam pembukaan Festival Ekonomi Keuangan Digital (Fekdi) secara virtual dilansir ANTARA, Senin, 8 Mei.

In addition, the development of payment connectivity in the ASEAN region (Association of South East Asian Nations) such as QRIS (Quick Response Code Indonesian Standard) between countries also urges to continue to be strengthened. This effort was made in order to support the economy and financial inclusion in the region, as well as to be an important part of Indonesia's Chairmanship in ASEAN 2023.

"I hope QRIS between countries and government credit cards can encourage an increase in MSME transactions, both through spending on domestic products and expanding access to international markets," he said.

According to President Jokowi, the digital economy and finance in Indonesia can be optimized as a source of new economic growth considering that the market share in the sector is 40 percent of the total ASEAN digital economy transactions.

The potential to grow more advanced is considered very large considering that Indonesia is ranked 6th with the largest number of startups in the world, namely 2,400 startups, with an internet penetration of 76.8 percent.

The value of Indonesia's digital economy is also projected to reach 130 billion US dollars by 2025 and will continue to grow to 315 billion US dollars by 2030.

Therefore, Jokowi asked all innovations to be carried out carefully, pay attention to and have anticipating the risks of a reliable security system, as well as a good consumer protection system. This risk mitigation is said to really have to be calculated, how to regulate, supervise, monitor, and implication for the exchange rate and sustainability of international standard adoption.

"I ask all local ministries/agencies/agencies to use government credit cards, as well as support the expansion of QRIS between countries to accelerate an inclusive digital economy and finance," said the President.