Minister of Finance (Menkeu) Sri Mulyani Indrawati said the financial sector is an indicator that determines the success of the 2045 Golden Indonesia Vision.
"The indicator of success if we want to achieve Indonesia Gold, we need a lot of development and financial development is a must," Sri Mulyani said as quoted by Antara, Tuesday, June 13.
The Minister of Finance explained that Indonesia's financial sector must be more liquid, advanced, and have extensive diversification to be able to realize Indonesia's 2045 Gold.
Meanwhile, so far, Indonesia's financial sector is still dominated by banking.
"It doesn't mean it's bad, but it doesn't describe the increasingly diversified financial needs," said Sri Mulyani.
In addition, this vision also requires support from a number of other aspects, such as volume, diversity of financial instruments, contributions from business actors and regulators, as well as consumer protection.
On the other hand, the State Treasurer also sees the trend of the middle class society which is still limited in determining their financial investment instruments. The side of Indonesia's financial regulations is also fairly lagging behind.
These considerations that underlie the Government to issue Law Number 4 of 2023 concerning the Development and Strengthening of the Financial Sector (UU P2SK).
One aspect regulated in the P2SK Law is financial literacy which aims to increase public understanding of the financial sector.
According to Srimul, the level of banking literacy among the Indonesian people is still below 50 percent, while financial technology literacy (fintech) is still around 10 percent.
This shows that there are still many people who do not really understand various products in the financial sector.
Moreover, the pandemic has made the development of accelerated technology more rapidly and has a major impact on the financial sector.
For this reason, it takes rules that can adapt to the needs of the times while at the same time encouraging Indonesia to realize the 2045 golden vision.
"So, the indicators are depth, instrument, regulator, and literacy from the community," said the Minister of Finance.
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