Bank Indonesia Grand Flagship Program International Workshop and Seminar on “Innovation on Retail Payment System: Issues, Challenges, and Policies” - Bank Sentral Republik Indonesia
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May 22, 2018

​Bank Indonesia Grand Flagship Program

International Workshop and Seminar on

“Innovation on Retail Payment System: Issues, Challenges, and Policies”

Sheraton Mustika Hotel, Yogyakarta, 13-17 November 2017

Bank Indonesia Grand Flagship Program 01.jpg 

Background

Advances in technology have facilitated the rapid development of retail payment. In many countries, electronic payment channels for initiation of payment transactions such as card-based payments and internet-based payments have been widely adopted. Current innovations on retail payment system have been focused on increasing efficiency of payment processing time through faster payment initiation and settlement. Furthermore, the growing use of innovative technology in retail payment system such as the use of smart phone devices and the growing demands for alternative banking solutions also results in increased role of non-banks in retail payment system, especially the involvement of telecommunication industry.

Retail payment system is one of area of importance for central banks, especially for its role in helping central banks to maintain the stability and efficiency of the financial system and preserving confidence in their currencies and payment systems. Although in terms of value retail payments are not generally considered systemically important as in large-value payments, retail payments typically account for high volume of payments and have greater variety of payment instruments compared to large value payments. These characteristics make retail payments may constitute a system-wide risk, especially their potential weaknesses in terms of security and reliability that could affect the payment systems, the economy and confidence of the users.

Recently, the innovation and modernization in the retail payments business also depicted by the proliferation of non-bank financial technology institutions with its various services, for example telecommunication companies with their mobile payment products. Along with this development, blockchain or decentralized ledger technology—as a proven technology used originally in virtual currency mechanism—also is rising in its popularity worldwide. Many parties including authorities in the payment system industries believed that blockchain technology can be used as innovative payment solutions technology that will shape the future of retail payment system landscape. With its decentralized ledger technology, blockchain could offer greater result compared to existing payment systems such as faster settlement, lower price, and higher privacy for consumers.

However, as a product of technological development, innovative retail payment products are not without their own set of issues and challenges. System malfunction and security issues in retail payment systems such as identity theft, identity fraud, money laundering and terrorist financing threats as natural consequences of technological innovation in retail payment system, have long become main concerns for central banks as payment system authority.  Hence, comprehensive understanding in terms of operation and security risks in retail payment systems are mandatory to help central banks in attempt to formulate appropriate policy and regulations and effective oversight implementation. On the other hand, identity theft and fraud incidents are inevitably in retail payment systems.  There are always flaws in the payment systems, either in the area of people, process and/or technology that almost always causing loss to the consumers. Therefore, the existence  of a good, just, clear and detail loss allocation rules, is believe will avoid contentious dispute between consumer and its payment system provider. Addressing all these issues properly and effectively will lead to better consumer protection, better banks’ products and service quality, and improving payment systems’ industries confidence.

As an integrated part of Bank Indonesia international flagship program in 2017, Bank Indonesia Institute held an international workshop and seminar on “Innovation on Retail Payment System: Issues, Challenges and Policies”.

Course Objective

The main objective of this workshop and seminar are to provide participants with theoretical and practical knowledge of various innovations in retail payment system such as through mobile payment and blockchain technology and how they will impact the security risks of transactions, central bank oversight/supervision, legal framework and the last but not least  - the consumer protection. A variety of specific issues will be discussed, such as state of the art identity theft and fraud methods, the role of fintech, feasibility the development of central bank digital currency and others. The workshop also facilitates the experience sharing with regard to innovation in retail payment system from the participants.

Target Audience

Mid to senior-level officials from regulatory agencies and policy-makers from central banks in regional and around the world, who are involved in the formulation of retail payment system and/or Fintech policies/practices, related ministries, academicians and market practitioners.

Course Description

This course is held by BI Institute in collaboration with Deutsche Bundesbank, Central Bank of the Republic of Turkey, Bank of Finland, Bank Negara Malaysia, Central Bank of Kenya and The People’s Bank of China.

Rundown Event

Time
Activity
Resource Person
Note
13 Nov - Day 1 – Workshop
08.45 - 09.15
Participant Registration
 
 
 09.15 - 09.30
Welcoming Remarks
Sholikin M Juhro
Head of Bank Indonesia Institute
 
09.30 - 09.45
Official Photo Session
 
 
09.45 - 10.00
Break
 
 
10.00 - 11.30
Session I:
Innovation in Retail Payment and its Impact to Country’s Financial Stability and Economic Growth
Moderator : BINS (Iwan Setiawan)
 
Seppo Honkapohja
Deputy Governor of Bank of Finland
 
11.30 - 13.30
Lunch
 
 
13.30 - 15.00
Session II:
State of the Art of Innovations and Trends in Retail Payments System in EU
 
Dirk Schrade/Jan Lukas Korella
Deutsche Bundesbank
 
15.00 - 15.15
Break
 
 
15.15 – 16.45
Session III:
Central Bank Policy in Fostering Competition and Cooperation between Bank and Non-Bank in Fintech Era
 
Dirk Schrade/Jan Lukas Korella
Deutsche Bundesbank
 
19.30 – 21.00
Welcoming Dinner at Abhayagiri Restaurant
(dress code: smart casual)
Bank Indonesia
 
14 Nov - Day 2 – Workshop
08.30 - 08.45
Participant Registration
 
 
08.45 - 10.15
Session IV:
How to build Effective and Efficient Retail Payment Market Infrastructure Oversight for Innovative Retail Payment Systems and Its Operational Risk
 
Dirk Schrade/Jan Lukas Korella
Deutsche Bundesbank
 
10.15 - 10.30
Break
 
 
10.30 - 12.00
Session V:
Feasibility of CBDC and Its Impact to Currency Management and Bank’s Electronic Payment Products
 
Dirk Schrade/Jan Lukas Korella
Deutsche Bundesbank
 
12.00 - 13.30
Lunch
 
 
13.30 – 15.00
Session VI:
CBRT Retail Payment System Experiences on RTGS from 1992 to Today: Developments and Requirements
 
Nilgün Şayeste Gedik Ünal
Central Bank of the Republic of Turkey
 
15.00 – 15.15
Break
 
 
15.15 – 16.45
Session VII:
Innovative Services in Retail Payments & Regulatory Experience
 
Betül Üzer
Central Bank of the Republic of Turkey
 
 
15 Nov - Day 3 – Workshop
08.3008.45
Participant Registration
 
 
08.45 – 10.15
Session VIII:
Digital Payment Transformation for Financial Inclusion: Case of Indonesia
 
Imaduddin Sahabat
Bank Indonesia
 
10.15 - 10.30
Break
 
 
10.30 – 12.00
Session IX:
Potential Applications of Blockchain and Proof of Concept Development
 
Carl Wegner
R3
 
12.00 - 13.30
Lunch
 
 
13.30 – 15.00
Session X:
M-PESA, Kenya’s Success Story: Development, Operational Risk Management and Consumer Protection
 
Anne Mariga
Central Bank of Kenya
 
15.00 – 15.15
Break
 
 
15.15 – 16.45
Session XI:
Countries Experiences Sharing on Innovation in Retail Payment System (contd)
International Participants
 
16 Nov - Day 4 – SEMINAR
08.15 - 08.45
Participants Registration
08.45 - 09.15
Keynote Speech
Solikin M Juhro
Head of Bank Indonesia Institute
 
Panel Seminar – Policy Maker Perspectives
09.1512.30
Program Introduction by Moderator
Betül Üzer
Central Bank of the Republic of Turkey
 
 
KYC/Identity Management—New Opportunities Within Blockchain/DLT
Carl Wegner
R3
 
 
M-PESA: Mobile Payments Innovation and Financial Inclusion
Anne Mariga
Central Bank of Kenya
 
 
Innovation and Fintech Development in Retail Payment System in Indonesia
Pungky Purnomo Wibowo
Bank Indonesia
 
 
A New Digital Playing Field of Financial Markets: New Players, New Legislation and New Rules –  Bank of Finland Views
Kari Kemppainen
Bank of Finland
 
 
Financial Crime and Fraud on Retail Payment System in Malaysia and Central Bank’s Consumer Protection Initiatives
Nurul Ashikin M.
Bank Negara Malaysia
 
 
Q & A
Moderator
 
 
Wrap Up
 
12.45 - 13.00
Token Appreciation
 
 
13.00 – 14.00
Lunch and Praying
Panel Seminar – Market Perspectives
14.00 – 16.30
Introduction by Moderator
Bank Indonesia (DKSP)
 
Go-Jek Payment (Go-Pay): Motor Ride sharing payment innovation that change the way people in Indonesia pay Their Transactions
Jonathan Barki
GO-JEK
 
 
 
 
 
 
 
Perspective on the Rising of Peer to Peer Payment in Retail Payment Systems
Tee Teddy Setiawan
Cashlez
 
Indonesia Bank’s Strategy on the Proliferation of Non-Bank Mobile Payments (Telco e-Money and Fintech Payments)
Kaspar Situmorang
BRI
 
Telco’s eMoney Payment Innovation for Boosting Country’s E-Commerce and Financial Inclusion
Danu Wicaksana
Telkomsel
 
Q & A
Moderator
16.30 – 16.45
Wrap up
 
 
16.45 – 17.00
Token Appreciation
 
 
17.00 – 17.30
Closing Remarks – MC
Certificate presentation
 
 
17 Nov - Day 5 – Excursion
08.00 – 17.30
One Day Tour (for regional Speakers and participants only) – Hosted by BINS

 

Participants

No
Name
Institution
1
Dadang Setiabudi
PT.BNI Persero, Tbk
2
Anggoro Eko Cahyo
PT.BNI Persero, Tbk
3
Sulhendri
Universitas Muhammadiyah Jakarta
4
Maria Suryaningsih
STIE Muhammadiyah Jakarta
5
Ismail Rasulong
Universitas Muhammadiyah Makassar
6
Himawan E Subiantoro
LAPSI
7
Muhammad Saleh
UIN Makassar
8
Prayudha Ananta
UNILA
9
Ellen Theresia
STIE PERBANAS Surabaya
10
Taufiq Chaidir
UNRAM
11
Chandra Maroppo
Maybank
12
Asfi Manzilaji
Universitas Brawijaya
13
Achara Supmaluang
Bank Of Thailand
14
Anne Shelmith Wanjiru Mariga
Central Bank Of Kenya (CBK)
15
Betul Uzer
Central Bank Of Rep.Turkey (CBRT)
16
Bridget Rose Millan Mesina-Romero
Bangko Sentral ng Pilipinas
17
Charles Abuka
Bank Of Uganda
18
Corazon Khavwenjesi Kamaan
Central Bank Of Kenya (CBK)
19
Dirk Schrade
Deutsche Bundesbank
20
Gaona Gwaibo
Bank Of PNG
21
Inciong Ruthmarie
Bangko Sentral ng Pilipinas
22
Jan Lukas Korella
Deutsche Bundesbank
23
kari kemppainen
Bank Of Finland
24
Kundy Thach
National Bank Of Cambodia
25
Ling Ya Gong
Central Bank Of ROC
26
Nilg un Sayeste Gedik Unal
Central Bank Of Rep.Turkey (CBRT)
27
Omer Cem Aksoy
Central Bank Of Rep.Turkey (CBRT)
28
Ratanak Kim
National Bank Of Cambodia
29
Sejin Yun
Bank Of Korea
30
Stephen Pang
Hongkong Monetary Authority
31
Thi Thanh Dang
State Bank Of Vietnam
32
Thi Thu Phuong Nguyon
State Bank Of Vietnam
33
Andre Wiratha
UIN Imam Bonjol Padang
34
Tatik Hadiyanti
PN Yogyakarta
35
Tiara Nirmala
UNILA
36
Bagus Kurniawan
OJK
37
A.Hidayat
UNPAD
38
Jonathan Barki
Go-jek
39
Ridwan
Bank Mandiri
40
Agus Darmawan
AkkI
41
Andre K
BCA
42
Lucy S Noor
BTPN
43
Rahmi A Hrp
PLN
44
Suhaidar
UBB
45
I Wayan Diptagama
Bank Mega
46
Sri Indarti
Universitas Riau
47
Mathias Ananto
Rintis
48
Syaiful Rahim
Finnet
49
Dr.Miar, M.Si
UPR
50
Dr.Nuri Wulandari
Indonesia Banking School
51
Dr.Vinus Maulina
Universitas Kanjuruhan
52
Meta Sutriatin,MBA
BTN
53
Chandra Utama
Universitas Parahyangan
54
Nunez Nuranda
Bank Bukopin
55
Widodo
BPD DIY
56
Vivi
Permata Bank
57
Moekti P. Soejachmoen
Mandiri Institute
58
Yohanes Hadi Soesilo
Universitas Negeri Malang
59
Irwan Tisnabudi
BTPN
60
Patricco Baron
ALTO
61
Iskandarsyah
Unsyiah
62
Arief Maulana
Universitas Negeri Padang
63
J.Widijantoro
YLKI
64
Winny
Go.pay
65
Purmini
Universitas Bengkulu
66
Dhian Sarita
Maybank
67
Ciplis Gema Qoriah
Universitas Jember
68
Mukhlas D
STIE Ahmad Dahlan
69
Safie Anas
BPD Jateng
70
Bambang Supriyadi
BPD Jateng
71
Yuhelmi
Universitas Bung Hatta
72
Yudhit Nitriasari
BPSK Kota YK
73
Faaza F
UII
74
Alexandra Jatmiko W
UAJY
75
Purnomo B Soetadi
Bank Muamalat
76
Achmad
Bank Indonesia
77
Achmad Jainuri
Bank Indonesia
78
Ainur Rakhma Kamila
Bank Indonesia
79
Ambawani Restu Widi
Bank Indonesia
80
Ayudha Dikho Prihasto
Bank Indonesia
81
Bambang Joko S
Bank Indonesia
82
Dadan Priyoko
Bank Indonesia
83
Danny Iswantoro
Bank Indonesia
84
Dini Nur Setiawati
Bank Indonesia
85
Donny Ananta
Bank Indonesia
86
Dwi Hartanto
Bank Indonesia
87
Frida Madihanny
Bank Indonesia
88
Gariska
Bank Indonesia
89
Gde Agus Dwijaya Kusuma
Bank Indonesia
90
Hermawan
Bank Indonesia
91
Inggar Rahayuning Buana
Bank Indonesia
92
Irsan Jusnadi
Bank Indonesia
93
Irwanto
Bank Indonesia
94
Jaffry Agust Waluyan
Bank Indonesia
95
Joko Raharjo
Bank Indonesia
96
Levina Marhalena S
Bank Indonesia
97
Mohd.Irwan
Bank Indonesia
98
Muhammad Seto Pranoto
Bank Indonesia
99
Mutiara Sibarani
Bank Indonesia
100
Novita Wulandari
Bank Indonesia
101
Purwanto
Bank Indonesia
102
Putu Paulus Adi S
Bank Indonesia
103
Rachmad Ryanto
Bank Indonesia
104
Rakhma Fatmaningrum
Bank Indonesia
105
Rikie Sabaria Fasha
Bank Indonesia
106
Sri Pangestuti
Bank Indonesia
107
Suci Angelia
Bank Indonesia
108
Susanti Purwaningdyah
Bank Indonesia
109
Syahrul Baharisyah
Bank Indonesia
110
Tri Astuty
Bank Indonesia
111
Tri Siwi P.A
Bank Indonesia
112
Wahyu Budiono Kusumojati
Bank Indonesia
113
Wahyu Tri Basuki
Bank Indonesia
114
Windarti
Bank Indonesia
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