“This is where the digital transformation initiated by the President is very good, and BI has carried out digital transformation, especially in the Indonesian payments system," Warjiyo said at the opening of the Indonesia Fintech Summit 2020 in Jakarta on Wednesday.
BI began exploiting the potential for digitalization by launching the Quick Response Indonesian Standard (QRIS) last year, which, until now, has seen extraordinary progress, he added.
"QRIS is now connected to more than 5 million merchants. The digital payments system connects retail financial inclusion through QRIS, " the BI Governor remarked.
QRIS is also one way to increase financial inclusion and financial literacy, he said adding, direct practice can help increase both.
The electronification of transactions has increased, as evidenced by 542 local governments (pemda), ranging from the provincial to district / city level, opting to electronify transactions through QRIS, he noted.
"The fastest (way to financial) literacy is (to) just do it (digitize). This means doing financial inclusion as well as financial literacy," he said.
BI is also digitizing banking, with 15 banks signing up for digital banking so far, he added.
Not only that, BI plans to integrate digital banking with fintech (financial technology), and in order to do so, it has begun the process of Application Programming Interface standardization, he informed.
"Anything that is serviced by open banking and fintech will be connected through the Application Programming Interface," the BI Governor said.
In addition, Warjiyo said, BI is preparing for Bank Indonesia Fast Payment services by building a retail infrastructure payment system, which, from next year, will start covering end-to-end payment retail transactions.
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Translator: Astrid F, Azis Kurmala
Editor: Rahmad Nasution
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