President Jokowi Optimistic That Indonesia Can Become The Biggest Digital Giant In The World After China And India

President of the Republic of Indonesia, Joko Widodo. (Photo: Doc. Setpres)

JAKARTA - President Joko Widodo (Jokowi) said Indonesia could become the seventh-largest economy in the world in 2030 if the growth of digitalization in the economic and financial sectors can run properly and quickly.

"If we control it quickly and accurately, Indonesia has great potential to become a digital giant after China and India, and can lead us to become the world's seventh-largest economy in 2030", President Jokowi said at the OJK Virtual Innovation Day at the State Palace, Jakarta, quoted from Antara, Monday, October 11.

Also, present on the occasion was the Chairman of the OJK Board of Commissioners, Wimboh Santoso, Coordinating Minister for Economic Affairs, Airlangga Hartarto, Cabinet Secretary, Pramono Anung, and other relevant officials.

Currently, the President said, digitalization is growing rapidly even in the midst of the COVID-19 pandemic. Digital banks, digital insurance companies, electronic payment companies (e-payments), and technology-based financial services (fintech) are emerging and are easily accessible to the public. However, in the midst of rapid digitalization, various frauds and other financial crimes have emerged that harm the community.

Therefore, the President reminded the OJK and financial service industry players to maintain and oversee the development of digitalization of the financial sector so that it can grow healthily and contribute to the community's economy.

"This momentum must be continued with efforts to build a strong and sustainable digital finance ecosystem, a responsible ecosystem", he said.

The digital economic and financial ecosystem, the President said, must have policies to mitigate the risk of legal and social problems that can cause harm to the community. Also, the digital ecosystem must protect the community.

Meanwhile, to support the national economy, financing from the digital financial industry can be channeled for productive economic activities and targeting people who are not covered by conventional banking services.

"Digital finance can also help MSMEs to do more digital transactions with minimal physical activity, and bring MSMEs to class and go digital", he said.

The Head of State also asked providers or digital financial companies to be Indonesia-centric. This means that digital financial business and operations should not only be centered on the island of Java but can also provide digital financial services throughout the country.

"The commitment of partisanship and the hard work of digital financial industry players is awaited by economic actors, especially small economic players, especially MSMEs to immediately rise from the impact of the COVID-19 pandemic, and be facilitated to take advantage of new opportunities that have emerged", said President Jokowi.