Fintech development points to nation's digital acceleration: official

Fintech development points to nation's digital acceleration: official

Finance Vice Minister Suahasil Nazara during the online commemoration of the Financial Services Authority (OJK) Virtual Innovation Day 2021 on Monday (October 11, 2021). (ANTARA/AstridFaidlatulHabibah/FR)

It is important for us to improve standards and also digital literacy in the future
Jakarta (ANTARA) - The swift development of financial technology (fintech) has indicated that the acceleration of digital transformation and development in Indonesia is proceeding well, Finance Vice Minister Suahasil Nazara has said.

"This is a very joyous development and I believe that financial technology is also developing very swiftly," he remarked during the online commemoration of the Financial Services Authority (OJK) Virtual Innovation Day 2021 on Monday.

Fintech is developing fast in Indonesia both in terms of companies and transactions, he noted.

The development of fintech will provide an enormous benefit to the people, such as by driving financial inclusion and facilitating credit distribution, especially for micro, small, and medium enterprises (MSMEs), he opined.

In addition, the presence of fintech in Indonesia has continued to encourage investment and trade, the minister said.

However, Nazara asserted that despite the huge potential, there is also an element of risk in fintech concerning data protection and cyber security, which should be handled by the government.

Digitalization should be met with financial and digital literacy, especially for people with limited access to financial services, he added.

Literacy should also be pushed for people who have been recently introduced to financial services, he advised.

"It is important for us to make financial and digital literacy as obligations in conducting digital transactions," Nazara asserted.

This literacy comprises knowledge, skills, and attitude towards technology utilization for digital transactions, he explained.

"It is important for us to improve standards and also digital literacy in the future," he elaborated.

Nazara said he believes that improving digital literacy would affect the financial inclusion rate, which would open opportunities for people to conduct economic activities and contribute to economic recovery.

"I believe that OJK along with payment system operators is capable of improving all of our security and increase people's knowledge," he added.

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