Remarks of President of the Republic of Indonesia at the Opening Ceremony of Indonesian Digital Economy and Finance Festival 2023, Jakarta Convention Center (JCC), Jakarta, May 8, 2023

Assalamu’alaikum warahmatullahi wabarakatuh,

May peace be upon us all.

Distinguished Governor of Bank Indonesia, Chairperson of the Financial Services Authority (OJK), Ministers, and esteemed Ambassadors of Friendly Countries,

Honorable guests and attendees.

Digital economy and finance in Indonesia can be optimized as a new source of economic growth. Its market share is very large, around 40 percent of the total digital economy transactions in ASEAN, and Indonesia can continue to play a major role in ASEAN.

The potential for further growth is also huge. We are ranked sixth in the world in term of the largest number of startups, with more than 2,400 startups, and our internet penetration reaches 76.8 percent. Indonesia’s digital economy value is also projected to reach USD130 billion in 2025 and is expected to continue to grow to around USD315 billion in 2030.

Ladies and gentlemen,

The key to continued growth and development is innovation and trust, innovation in the provision of digital payment systems, as well as security and protection for society. Innovation in digital payment systems must continue to be developed. Digital financial innovation, such as government credit cards, needs to be strengthened to facilitate the procurement of goods at the Central government and regional governments, improve efficiency and transparency, and ease accountability for government spending.

The development of payment connectivity in the ASEAN region, such as cross-border QRIS, is also urgently needed to be strengthened, supporting the economy and financial inclusion in the region and becoming an important part of Indonesia’s chairmanship in ASEAN this year. I hope that cross-border QRIS and government credit cards can boost MSME’s transactions, both through the purchase of domestic products and by expanding access to international markets.

Ladies and gentlemen,

All innovations must be carried out carefully, anticipating and paying attention to risks, having a secure system, and having a good consumer protection system. Risk mitigation must be carefully calculated, including how regulations and supervision, monitoring, and implications for exchange rates, as well as the sustainability of international standard adoption.

Finally, I urge all ministries/agencies and local governments to use government credit cards and support the expansion of cross-border QRIS to accelerate inclusive digital economy and finance.

That concludes my remarks.

Thank you.

Wassalamu’alaikum warahmatullahi wabarakatuh.

(AS/MUR)