Bank Indonesia Rely On QRIS For Digital Economy Acceleration

Governor of Bank Indonesia Perry Warjiyo. (Photo: BI)

JAKARTA - Governor of Bank Indonesia (BI) Perry Warjiyo conveyed that the monetary authority supports joint efforts to accelerate the digitalization of the national economy and finance through steps to accelerate the digitalization of the payment system.

"Our concrete steps at the central bank are realized through the QR Code Indonesian Standard (QRIS) as well as encouraging the success of the National Proud Indonesian Movement (GBBI)," he said at the opening of the 2021 Indonesian Digital Financial Economy Festival (FEKDI), Monday, April 5.

Perry added that his party is also preparing a 24/7 retail payment fast payment system as a form of updating the Bank Indonesia National Clearing System (SKNBI) to accelerate transaction settlement.

"The plan will further encourage digital transformation for all financial activities," he said.

Not only that, he also said that banking digitization in synergy with financial technology (fintech) companies was realized through the standardization of Open Application Programming Interfaces (Open API).

"This scheme will create an electronification system of financial transactions that has the potential to expand the penetration of financial inclusion in society," he added.

Furthermore, these various efforts were supported by regulatory reform measures through the issuance of the Bank Indonesia Payment System Regulation (PBI) which was issued by the monetary authority to encourage payment system innovation by taking into account risk and cyber management.

Meanwhile, Bank Indonesia and the government have established a Task Force for the Acceleration and Expansion of Regional Digitalization (P2DD) as an effort to expand the digital economy and finance between the center and the regions.

This task force is chaired by each regional head with a total of 135 task forces at both the provincial and district / city levels throughout Indonesia.