BI Directs Payment System Policy By Strengthening Digital Literacy

Governor of Bank Indonesia Perry Warjiyo. (Photo: Doc. ANTARA)

JAKARTA - Bank Indonesia (BI) Governor Perry Warjiyo directed the payment system policy through strengthening digital literacy and risk management for organizers and the community.

"Including various innovations that support this initiative to strengthen the stabilization of the payment system in order to support sustainable economic growth," Perry said as quoted by ANTARA, Friday, May 3.

In addition, the digitization of the payment system and expansion of the digital financial economy (EKD) ecosystem also continues to be encouraged through the use of QRIS between countries.

For information, in the first quarter of 2024, QRIS transaction nominal grew 175.44 percent year on year (yoy), with the number of users reaching 48.12 million and the number of merchants 31.61 million to date.

The use of QRIS in other countries is also able to expand the use of Local Currency Transaction (LCT).

"BI strengthens and expands international cooperation with central banks and partner country authorities, particularly in the central bank area including accelerating payment connectivity and LCT," Perry said.

One of the BIs in encouraging the digitization of the financial system is through the implementation of the 2024 Hackathon competition.

This competition accommodates innovative ideas with the use of the latest technology based on artificial intelligence (AI) and machine learning to develop the national digital economy and finance.

Hackathon BI 2024 is a very close collaboration event between Bank Indonesia and industry and the public, and was first organized by BI.

Perry explained that the 2024 BI Hackathon competition was able to become a forum for innovation for Indonesia's best talents in solving problems through technology-based solutions and as an exploratory forum for innovative ideas in synergy with industry players, academic community and related stakeholders.

Hackathon BI 2024 aims to create an ecosystem where new ideas can grow and develop, where teamwork is the main key, and where creativity and innovation are valued above all else.

The competition carries the theme Artificial Intelligence & Machine Learning for Digital Economy and Finance in Indonesia.

The choice of the theme is to respond to the increasingly massive dynamics of digitalization and to place the latest technology based on artificial intelligence (AI/ML) as an innovative breakthrough in solving problems in the landscape of digital economy and finance.