Indonesia banking expo to discuss technological revolution

Indonesia banking expo to discuss technological revolution

Chairman of the 2018 IBEX Steering Committee, Tigor M. Siahaan (right) and general chairman of Federation of Private Domestic Banks (Perbanas) Kartika Wirjoatmodjo addressing journalists about the IBEX 2018 in Jakarta, Wednesday (Nov 14/2018). (ANTARA/Calvin Basuki)

Jakarta (ANTARA News) - The Indonesia Banking Expo (IBEX), held on Nov 15, 2018, will discuss the influence of technological revolution in the banking sector, especially with the presence of financial technology (fintech).

"The banking sector understands that the answer to changes due to technological revolution should be holistic and strategic, involving all stakeholders from the public and private sectors, academics, and society extensively," Chairman of the 2018 IBEX Steering Committee, Tigor M. Siahaan, stated here on Wednesday.

Tigor, who is also the President Director of PT Bank CIMB Niaga, noted that banks are currently identifying effective ways to evolve in an increasingly competitive environment.

The 2018 IBEX will present speakers from various sectors engaged in banking, namely from manufacturing, transportation, and financial technology.

It is planned that Finance Minister Sri Mulyani will give a key speech at the event.

The 2018 IBEX is expected to bring understanding about the role of each sector and the use of technology that can promote economic growth.

On the same occasion, the Chairperson of the National Bank Association (Perbanas), Kartika Wirjoatmodjo, remarked that banks are currently trying to respond the rapid development of digital transformation.

"At the same time, we should also maintain the principle of prudence and compliance on regulations, and manage the potentials risks," Wirjoatmodjo stated.

He explained that banks need to understand how the technology can be utilized to maximize opportunities, models, and new processes in business, as well as to produce better products and services.

"We still have some issues related to trust, privacy, and transparency that should be addressed in line with the intensification of financial technology transformation in Indonesia," Wirjoatmodjo elaborated.

Reporting by Calvin Basuki
Editing by Libertina, Yoseph Hariyadi