BI accentuates significance of policy mix in facing digital era

BI accentuates significance of policy mix in facing digital era

Bank Indonesia (BI) Governor Perry addressed the opening of a seminar on "Maintaining Stability, Strengthening Momentum of Growth amidst High Uncertainty In Digital Era" in Bali on Thursday (Humas Bank Indonesia)

Bankers and policyholders need to respond to the rapidly growing digital era
Bali (ANTARA) - Bank Indonesia (BI) Governor Perry Warjiyo drew attention to the significance of policy mix in facing the rapidly growing digital era in the economic and financial sectors.

"Bankers and policyholders are required to respond to the rapidly growing digital era," he affirmed while opening a seminar on "Maintaining Stability, Strengthening Momentum of Growth amidst High Uncertainty In Digital Era" in Bali on Thursday.

He pointed to the rising trend of several finance-based technology industries starting to seize the role of the banking industry by providing mobile fund and payment services to the public.

Hence, a policy mix is deemed a dire need of the hour in the monetary and macroprudential fields to back the financial market's deepening efforts, he pointed out.

Furthermore, a policy mix is also necessitated between the central bank, fiscal authority, and financial service authority to boost synergy and communication to enable businesspersons to identify the policy they have formulated, he noted.

The BI governor stated that the policy mix was backed by the vision of the Indonesian payment system 2025 formulated by the central bank to back the integration of the nation’s digital financial economy.

"This is one of the responses to connect Fintech to the digital banking industry so as to avoid cyber banking and encourage innovations," he explained.

Balanced innovations are increasingly important to address the digital era in a bid to ensure stability and security for the public, he added.  

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