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Indonesia gears up to develop financial technology to facilitate inclusive economy

Xinhua, August 30, 2016 Adjust font size:

Indonesia is upbeat to further improve investment and infrastructure to facilitate the development of financial technology (fintech), aimed at providing an alternative way for the people across the nation to access banking and financial services.

The provision of sufficient fintech service is also aimed at improving the economy inclusiveness among the people which eventually would contribute to attaining higher growth in the nation.

Speaking in his remarks to open Indonesia Fintech Festival and Conference, Indonesian President Joko Widodo welcomed warmly the initiative to further develop financial technology for the people, saying that it is a golden opportunity, particularly to provide access for people in remote areas who are yet to get officially served by banks and financial services.

"It would become an integrated inseparable system with the others. Through the integrated system, I believe that they all would grow and develop fairly. It is indeed that fintech in Indonesia was still in early stage. Adjustments through regulations were necessary to be conducted," the president said in the event held in the Indonesia Convention Exhibition (ICE) hall in Tangerang on Tuesday.

To support development of fintech in the country, the president ordered the finance minister to take steps in expanding regular banking service by addressing the nation's archipelagic geographical condition.

The president said that the government has issued series of regulations to support implementation of inclusive economy regime through financial service access for Small-Middle Enterprises (SMEs) and consumer protection to secure transactions.

Indonesia's Industry and Commerce Chamber (Kadin) expected that investment in fintech sector in the country may reach 8 billion U.S. dollars by 2018. Kadin learned that fintech in Indonesia has grown fast in the last few years as it has presented real alternative way for people anywhere in the country to transact.

"In 2008 investments in fintech stood at 900 million U.S. dollars. In 2013 the investments increased to 3 billion U.S. dollars. In 2018 the amount would reach 8 billion U.S. dollars," Kadin Chairman Rosan Perkasa Roeslani said in his statement.

He said that fintech has essential contribution to global financial service industry, particularly in facilitating inclusive economy.

He added that it takes various efforts to make the fintech develop on the correct track through the creation of correct financial ecosystem by improving the regulation, people and society awareness and funding firms. Endit