"Digital transformation in the financial sector jointly conducted by regulators and the industry will be able to respond to the challenges in the new normal era," Joewono stated at the G20 Indonesia Presidency Side Event here on Tuesday.
Digital transformation is expected to have a positive impact on all Indonesian people as well.
Through digitalization, financial inclusion can increase productivity and sustainable economic inclusiveness, especially in the Micro, Small and Medium Enterprises (MSME) sector.
Given these digital developments, regulators still need to prepare themselves to welcome innovations and challenges arising from these technological developments.
"Hence, regulators need to maintain a balance between the need to innovate and mitigate risk," he affirmed.
Joewono remarked that the principle was in line with the principles prioritized in the G20 forum on digital financial inclusion launched in 2016.
During Indonesia's G20 Presidency, digital financial inclusion is also a top priority, so the forum is expected to produce an inclusive financial framework and ways to use digital technology to increase sustainable and inclusive economic productivity.
The framework will be supported by several reports on digital finance inclusion and finance in the MSME sector in line with the G20 financial inclusion action plan.
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Translator: Katriana
Editor: Suharto
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