The growth of this innovation cannot be separated from the authority’s policies that encourage the presence of digitalisation, Santoso said during the Virtual Innovation Day 2021 held virtually in Jakarta on October 11.
He affirmed that the OJK continues to encourage financial service providers in Indonesia to be responsive to technological developments, aimed at providing added value to the community through creating jobs, fostering economic growth, and guiding the society into using financial services that are often referred to as fintech.
Santoso also said it would collaborate with the financial sector's regulatory authorities in other countries so that they have the same policy steps related to digitisation in this sector.
As the COVID-19 pandemic has driven digitalisation in various sectors, including finance, the OJK will continue to formulate policies to expedite the implementation of digital transformation.
These policies will focus on two aspects, he said.
Firstly, it will support the application of digital technology in the financial services sector to provide cheap and competitive product services to the public because our competition is global, and there are no space and time limits.
The OJK will continue to create favourable conditions and expand the reach of financial technology to people unable to access banking services, Santoso said.
The OJK chairman said it also encourages micro, small and medium enterprises (MSME players) to enter the digital ecosystem.
Earlier, Communications and Informatics Minister Johnny G. Plate said the Indonesian government was striving to optimise the productivity of the digital economy that is projected to record about 23 percent growth, or equal to US$ 124 billion by 2025.
