Expansion of bank services can enhance financial literacy: President

Tangerang, Banten (ANTARA News) - President Joko Widodo said expanding bank services in the countrys remote areas would enhance peoples financial literacy.

"Such efforts need to be undertaken in view of the geographic conditions of Indonesia as an archipelagic country," Joko Widodo remarked during the opening event of Indonesia Fintech Festival and Conference at the Indonesia Convention Exhibition in Tangerang, here on Tuesday.

In addition, the president assured that the government would help enhance the capacity of those communities that could not access services offered by financial institutions.

"The government will strengthen policies that favor financial inclusion of the people," the president stated.

Meanwhile, the president underlined that the government will ensure public deposits in financial institutions.

"I laud the nations youth which h is working on the science and technology front to help boost business and come up with financial applications. These applications can support small and medium enterprises," the president observed.

The chairman of Indonesias Financial Services Authority (OJK), Muliaman D Hadad, stated that the conference could facilitate the developers and potential investors.

About 2,100 participants and 53 speakers will discuss the development of digital applications for businesses and SMEs.

The Indonesia Fintech Festival and Conference 2016 is a joint event being organized by the Financial Services Authority and the Indonesian Chamber of Commerce and Industry on August 29-30.

The event aims to bring together stakeholders of the Fintech industry, ranging from regulators, financial institutions, investors, startups, incubators, industry associations, as well as academia.

The agenda will comprise events, such as Startup Competition, Startup Coaching, Startup Speed Dating and a conference to be attended by several ministers, regulators in the financial sector, and innovators in the Fintech industry.

Finance Minister Sri Mulyani Indrawati earlier expressed the hope that innovations in technology-based financial services or financial technology (Fintech) will help transform the informal economy into a formal one.

The application of this technology will help the society derive greater benefits from the informal sector through procedures that will lead to earnings as a result of the operations. All parties should support the application of technology in economic activities.

Governments need to formulate policies and a framework with regard to Fintech, as this technology be a driver to boost the economy and generate employment opportunities to reduce poverty and inequality.(*)