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Indonesia is on track to become the world's seventh largest economy by 2030


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According to President Joko Widodo, Indonesia can become the world's seventh-largest economy by 2030 provided digitalization in the economic and financial sectors accelerates at a rapid and appropriate pace (Jokowi).


"If we control it quickly and accurately," Jokowi said at the Financial Services Authority's (OJK) Virtual Innovation Day on Monday, "Indonesia has enormous potential to become a digital powerhouse after China and India, and the world's seventh-largest economy in 2030."

 

Currently, in the middle of the COVID-19 pandemic, digitalization is accelerating.
Digital banks, digital insurance firms, electronic payment companies (e-payments), and technology-based financial services (fintech) are all gaining popularity and becoming more widely available.
However, as a result of the increasing digitization, a variety of scams and other financial crimes have evolved.


As a result, President Jokowi has urged the OJK and the financial services industry to continue to monitor and regulate the financial sector's digitalization in order to contribute to the community's economy.

 

He remarked, "This momentum must be maintained through efforts to develop a strong and sustainable digital finance ecosystem, such as a responsible ecosystem."


The president asked for laws in place in the digital economic and financial ecosystem to reduce the danger of legal and social concerns causing problems in the community.
Furthermore, the digital ecosystem must provide community protection.

 

Meanwhile, financial activity from the digital financial industry can be dispersed for productive economic activities and to those who are not served by traditional banking services, helping to sustain the national economy.


President Jokowi underlined that "digital finance can also enable the Micro, Small, and Medium Enterprises (MSMEs) sector perform more digital transactions with minimum physical activity and also integrate MSMEs into the digital world."

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