Sri Mulyani: Financial Sector Development Is Important To Win Indonesia Gold 2045

Minister of Finance Sri Mulyani (Photo: Capture the screen of Indonesia's UOB Youtube)

Minister of Finance (Menkeu) Sri Mulyani said that the development of information technology, especially during the pandemic, had a very big influence in the financial sector.

According to him, many laws in the financial sector themselves are outdated by the existence of new technology.

"Meanwhile, the development of the financial sector is very important to achieve the ideals of Indonesia Gold in 2045," he said in a written statement on Tuesday, June 16.

The Minister of Finance explained that the momentum of financial sector reform through the P2SK Law is also becoming more appropriate amidst the various challenges of global risk today. Both pandemics, geopolitical tensions, global recession threats, food insecurity, and climate change.

He said, strengthening financial system stability is very necessary so that our economy is resilient to shocks and uncertainties that may occur.

The Minister of Finance continued that in the process of establishing the P2SK Law, the government also implemented meansful participation from the community so that the public could participate in the process of forming this law. In the future, the government will also continue to apply meanful participation in the preparation of various derivative regulations from the P2SK Law.

"Since the COVID-19 pandemic, digitalization growth has accelerated in all lines, from ways of learning, online shopping, to financial transactions. This is also followed by rapid technological innovation in the financial sector (fintech) which also causes dynamics and disruption in the financial sector. Therefore, adequate new arrangements and supervision are important to be rushed," he said.

The Minister of Finance added that this digitalization growth is also very much supported by demographic conditions. Every year there is a faster growth of internet users than the growth of the population. Also in terms of age, currently the number of Generation Millennials (Gen Y) is around 59.71% of the population which is also a great potential to support digitalization.

I also leave a message to the younger generation of Indonesia which is certainly very relevant to the world of digital finance and will be the successor to developing this sector, namely (currently) you are in a very critical and full of excitement. There are many opportunities to try new things, but the most important thing you need to have besides ambition is wisdom," he said.