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JOINT PRESS RELEASE
Entitled 'Advancing the Digital Economy and Finance: Synergistic and Inclusive Ecosystem for Accelerated Recovery', the Indonesia Digital Economy and Finance Festival (FEKDI) 2022 was today (11/7) officially opened by the Governor of Bank Indonesia and Coordinating Minister for Economic Affairs. Organised by Bank Indonesia and the Coordinating Ministry for Economic Affairs with the support of other government ministries and institutions as well as the industry, FEKDI 2022 showcases innovative products and services as well as digital economic and financial policy synergy to accelerate the national economic recovery. Synergy has been strengthened through joint commitment to launch the National Digital Economy and Finance Synergy Movement. FEKDI 2022 is a side event of the G20 Finance Track: 3rd Finance and Central Bank Deputies (FCBD) Meeting and 3rd Finance Ministers and Central Bank Governors (FMCBG) Meeting in Nusa Dua, Bali.
Bank Indonesia Governor, Perry Warjiyo, took the opportunity to announce that “digitalisation is a pillar of Indonesia Maju (Onward Indonesia). Today we strengthen digitalisation synergy and collaboration in Indonesia through FEKDI 2022, entitled 'Advancing the Digital Economy and Finance: Synergy and Inclusion'. Inclusive synergy and innovation are required to advance the country towards global competitiveness. Let us show the world and G20 that Indonesia is advanced digitally."
“BI support towards the realisation of a national digital economy and finance has been strengthened to accelerate the economic recovery, particularly through payment system digitalisation. Bank Indonesia is firmly committed to supporting national policy mix synergy for the digital economy and finance in line with government commitment and the Indonesian President's vision towards Indonesia Maju," added Governor Perry.
Echoing those sentiments and representing President Joko Widodo, the Coordinating Minister for Economic Affairs, Airlangga Hartarto, confirmed that the Covid-19 pandemic has impacted the pace of economic growth yet provided a promising outlook for digital economic and financial potential in Indonesia. In 2021, the value of digital trade reached Rp401 trillion in line with greater public acceptance and growing public preference towards online retail, coupled with the support of digital payment system expansion and digital banking acceleration. By 2025, the digital economy in Indonesia is projected to reach USD146 billion before growing eightfold to Rp4,531 trillion by 2030.
"Indonesia is also the most popular digital investment destination in Southeast Asia or represents 40% of digitalization in Southeast Asia, supported by efforts to improve a conducive business climate," said Coordinating Minister Airlangga.
Coordinating Minister Airlangga also acknowledged that the Government is currently optimising digitalisation opportunities through policy synergy concerning the digital economy and finance. This is also realised through efforts to strengthen cooperation and connectivity regionally and globally across various sectors, including trade and payments in ASEAN.
“We continue to accelerate and improve economic and financial digitalisation towards greater financial inclusion nationally," reiterated Coordinating Minister Airlangga.
The hybrid FEKDI 2022 event will run for five days until 15th July 2022, with various discussions covering the digital economy and finance by the relevant authorities, industry players, academics and international organisations. The salient discussion topics of FEKDI 2022 include: (i) digital economy and finance synergy and collaboration, (ii) digital currencies, (iii) economic inclusion and sustainability, (iv) cross-border payments and green financing, as well as (v) policy strategy to stimulate digitalisation for economic recovery.
FEKDI 2022 is also showcasing various innovative products and services, policy implementation and several achievements in terms of ecosystem development for the digital economy and finance. During the lead up to FEKDI 2022, various pre-events were organised in 46 regions throughout Indonesia. More information is available via the www.fekdi.co.id website, along with virtual access to the FEKDI 2022 events and discussions.
Digital economy and finance policy mix synergy and innovation extend beyond national borders to the regional level by strengthening integration of the digital economy and finance ecosystem. Several initiatives aim to accelerate and expand regional digitalisation, including regional government transactions as well as the digitalisation of social assistance program (bansos) disbursements, the transportation sector and toll roads in Indonesia. A number of initiatives also target MSMEs through the National BBI Movement promoting pride in Indonesian-made products and Proud to Travel in Indonesia Movement (BWI), the pre-employment card program and implementation of the National Financial Inclusion Strategy, all of which are facilitated by payment system digitalisation. Fiscal policy support, stronger digital infrastructure, fostering innovation and HR development underpin faster digitalisation. Thus far, digitalisation has increased financial inclusion, as indicated by the National Financial Inclusion Survey 2021, revealing that 65.4% of the adult population has a formal bank account, with 83.6% using financial products and services. Such accomplishments point to greater financial inclusion, thus stoking optimism towards achieving the 90% financial inclusion target by 2024.
The Opening Ceremony features a Leader's Talk on Advancing the Digital Economy and Finance: Synergistic and Inclusive Ecosystem for Accelerated Recovery in line with the theme of FEKDI 2022, and a Casual Talk on Industry Support for National Digital Economy and Finance Development Initiatives, attended by the Coordinating Minister for Maritime Affairs and Investment, Luhut Binsar Panjaitan, Minister of Finance, Sri Mulyani Indrawati, and Minister of Communication and Information Technology, Johnny G. Plate. In addition, industry representatives were also in attendance, including the Chairman of the Indonesia Payment System Association (ASPI), Santoso Liem, Secretary General of the Indonesia FinTech Association (Aftech), Budi Gandasoebrata, Vice Chairman for Entrepreneurship of the Chamber of Commerce and Industry (KADIN Indonesia), Aldi Haryopratomo, and the Chairman of the Perbanas Banking Digitalisation Compartment, Kaspar Situmorang.
Jakarta, 11th July 2022
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