Open Finance Summit 2023: Commitment To Encourage Innovation In The Financial Services Industry In Indonesia

Photo: Didi Kurniawan/VOI

JAKARTA - Open Finance Summit 2023 was officially held today at Thamrin Nine Ballroom, Central Jakarta, with the theme "Unlocking the Next Era of Financial Services" (Introducing a New Era of Financial Services).

This event is committed to encouraging developments in the financial services industry in Indonesia through discussions on various innovations from the Open Finance industry. This event was also attended by directors, leaders, innovators, regulators and startups along with future unicorns.

Ayoconnect, the largest Open Finance API platform in Southeast Asia and the only licensed open finance actor in Indonesia that has obtained a permit category 1 PJP from Bank Indonesia, acts as the main initiator at the Open Finance Summit 2023 event. This event is also supported by Mastercard, a global technology company in the payment industry with a mission to connect and strengthen the inclusive digital economy that is beneficial to everyone.

MongoDB (a leading data processing platform company that empowers innovators through software and data), and Eranyacloud (the first local cloud service provider in Indonesia with ISO 27001/9001 certification) also participated in supporting the success of this event.

Chiragh Kirpalani, Founder & Chief Operating Officer, Ayoconnect said that Open Finance has a strategic role in digitization in Southeast Asia, especially Indonesia. Various sectors including the financial industry, as well as increasingly intelligent consumers, need comfort through digital services.

"Open Finance allows a much larger range of financial products and services with more flexible offers, efficient payment solutions, and most importantly, alternative services for underserved markets," he said in Jakarta, Wednesday, June 21.

Navin Jain, President Director of PT Mastercard Indonesia, said that currently, consumers use several service providers to meet their needs and desires. This also applies to financial services. Open finance connects all parties and places businesses and consumers as the main focus in using their financial data.

"The impact is a richer and more consistent consumer experience, as well as a more inclusive financial and digital ecosystem, which Mastercard focuses on building this experience for everyone, wherever they are. Mastercard is committed to supporting open finance initiatives led by industry and helping various organizations by empowering them through open banking platforms, data aggregation solutions, and partnerships like what happened in Indonesia with Ayoconnect," he explained.

According to the Catadata Insight Center report, the Open Finance market in Indonesia is predicted to reach a total of US$2 billion or equivalent to Rp31 trillion in 2023 along with the disruption, innovation and opportunities presented by Open Finance in the financial services industry in the next era. Open Finance is also not only for new players in the financial industry, but for all players in the financial services industry.

Open Finance Summit 2023 presents seven discussion panels with different themes in each session. Rudy Salahuddin as Deputy IV for Coordination of the Digital Economy, Employment, and Micro, Small and Medium Enterprises of the Coordinating Ministry for the Economy of the Republic of Indonesia opened the event by conveying the great potential of the digital economy in Indonesia.

The event was continued with a panel discussion of a series of panelists such as Dr. Ir. David Yama, M.Sc., MA. as Director of Regional Population Data Integration, Directorate General of Population and Civil Registration of the Ministry of Home Affairs, Nawal Nely as Deputy for Finance and Risk Management, Ministry of SOEs of the Republic of Indonesia, Indra Utoyo as CEO of Allo Bank Indonesia, Noni Purnomo as President Director of PT. Blue Bird Group, Sati Rasuanto as President of VIDA, Jakob Rost as Founder & CEO, Ayoconnect, Navin Jain as President Director, PT Mastercard Indonesia, Wibawa Prasetyawan as Vice President & Head of Account Management Financial Institutions, Mastercard and Wei You PAN as Principal, Financial Industry Solutions, MongoDB.

One of the highlights of the panel discussion is a strategy that needs to be taken to accelerate financial inclusion to coincide with the rapid momentum of Open Finance developments. Reporting from one of the panel discussions, the key to the successful adoption of Open Finance is a comprehensive collaboration to be able to present new business models and innovations that are in accordance with the development of community needs.

The Open Finance pillar is divided into three, namely the use of a qualified payment system, adoption of the use of Banking as a Service (BaaS) and other financial initiatives with regulations that must prioritize customer safety.

Open Finance Summit 2023 is also supported by VIDA (Be trusted electronic certificate provider registered under the Indonesian Ministry of Communication and Information), PS Global Consulting Pte Ltd (one of the leading financial digital transformation consulting companies), and Protergo Cyber Security (world-class cybersecurity solutions and services providers to various market segments, especially the financial services industry).

Allo Bank Indonesia, Credgenics, 99 Groups Indonesia, Finpay, Indonet and Insight Innovation also participated in supporting the Open Finance Summit 2023 event. Strengthening as a forum for open finance industry discussions, AFTECH (Indonesian Fintech Association) and APGI (Asociation of Payment Gateway Indonesia) also supports Open Finance Summit 2023 as supporting associations partners.