The momentum of fintech growth is in line with the P2SK bill, which will soon be passed into law, whose one of its objectives is to strengthen the technology innovation ecosystem in the country's financial sector
Jakarta (ANTARA) - The financial technology (fintech) industry and digital economy may push up Indonesia's gross domestic product (GDP) to Rp24 thousand trillion by 2030 after the bill on financial sector development and strengthening (P2SK) is ratified.

Deputy Chief of the OJK’s Board of Commissioners, Mirza Adityaswara, made the remarks at the virtual closing ceremony of the “4th Indonesia Fintech Summit & National Fintech Month” in Jakarta on Monday.

"The P2SK bill that, InsyaAllah (God willing), the House of Representatives (DPR) will endorse this week carries a special chapter related to financial sector technology innovation (ITSK) to keep the balance between good governance innovations and risk management,” he said.

The ITSK policy aims to ensure a level playing field in the financial services sector and minimize the arbitration of policies in the sector, he informed.

To better protect consumers and help develop an inclusive and resilient digital economic ecosystem, the P2SK bill also has provisions on the protection of consumers that will need to be guarded while undertaking ITSK.

The policy aligns with the outcome of the G20 Summit during which G20 leaders agreed that digital transformation is an essential agenda whose implementation must be followed up on, he said.

Accommodative policies, affordable financial services, and digital connectivity are important elements that can support inclusive digital transformation and help create a resilient digital financial ecosystem, he added.

"The momentum of fintech growth is in line with the P2SK bill, which will soon be passed into law, whose one of its objectives is to strengthen the technology innovation ecosystem in the country's financial sector," he continued.

Looking ahead, he said he is optimistic that the fintech industry will continue to grow due to accommodative policies, coupled with the application of risk management and the imposition of administrative sanctions.

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Translator: Agatha Olivia V, Suharto
Editor: Sri Haryati
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