Increase Digital Financial Inclusion And Awareness, OJK Together With The Fintech Association Holds IFSE 2024

Opening IFSE 2024 (doc PR)

JAKARTA - Indonesia Fintech Summit & Expo 2024 (IFSE 2024) has officially opened, marking the start of a series of events for the 2024 National Fintech Month (BFN). This activity took place from 11 November to 12 December 2024.

The event organized by the Indonesian Fintech Association (AFTECH) collaborated with the Financial Services Authority (OJK), the Indonesian Sharia Fintech Association (AFSI), and the Indonesian Joint Funding Fintech Association (AFPI) aimed at strengthening digital financial inclusion and literacy in Indonesia, where digital financial literacy currently reaches 65.43 percent (OJK National Literacy Survey and Financial Inclusion).

Chairman of AFTECH Pandu Sjahrir, said that through IFSE 2024, people are encouraged to use a secure digital financial platform and stay away from fraudulent investment risks and illegal online loans.

In addition, Pandu said IFSE 2024 is a momentum for Indonesia's digital financial ecosystem to strengthen financial literacy and inclusion.

"With the increasing understanding and use of secure digital platforms, we can ensure that the Indonesian people are ready to face the growing challenges of the digital economy," he said in his statement, Wednesday, November 13.

Meanwhile, Chairman of the Board of Commissioners of the Financial Services Authority Mahendra Siregar explained that innovation-based, digital and technology-based development is the future of the development of the Indonesian financial sector which is very profitable because it is under one regulation and supervision by the OJK.

"We are in one device, in one organization, regulators, policy makers, and regulate and carry out surveillance that is always based on the priority of risk management (risk management), good governance, and compliance," he said.

Mahendra conveyed that this is the basis of the regulation of policy and supervision that answers and can see in full, for the benefit of the community. This is what makes the development of fintech in Indonesia in the future different from the others.

Similarly, the Chief Executive of the Behavior Supervisory of Financial, Education, and Protection Business Actors of OJK Consumers, Friderica Widyasari Dewi, conveyed the importance of digital financial literacy in encouraging access to wider financial services for the community.

Friderica underlined the role of financial literacy as the foundation of financial inclusion in Indonesia. He also emphasized that although financial technology provides convenience for consumers, there is another side, namely dependence that has the potential to cause a debt cycle. This needs to be overcome with appropriate financial literacy.

"I would like to invite all parties to continue to be committed to providing education and financial literacy to the public, as well as ensuring responsible financial inclusion," he said.

Friderica emphasizes that protection from fraud and scams needs to continue to educate consumers about the dangers of fraud, as well as consumer protection related to responsible financial products.

Meanwhile, the Chief Executive of the Financial, Financial Assets, and Crypto Assets Technology Innovation Supervision, OJK, Hasan Fawzi said that his party is directing the entire ecosystem of digital finance in Indonesia not only to grow rapidly, but also to the direction that can provide benefits.

In addition, Hasan also emphasized the importance of prioritizing consumer protection, one of which is by increasing market conduct supervision.

"Utilization is not only for business people and activities in the industry, but also has an impact on increasing and benefiting activities in the financial system and of course supporting national economic growth," Hasan said.