Jakarta (ANTARA) - Accelerating the payment system digitalization will be among Bank Indonesia's (BI's) strategies and policies for developing the economy in 2023–2028, Perry Warjiyo, who has been nominated for a second term as BI Governor, has said.

"We continue to conduct digitalization through payment system services standardization through QRIS (Quick Response Code Indonesia Standard), fast payment, local currency transaction, and API open national standard as a single language and payment system service," he informed.

The acceleration of payment system digitalization to integrate the digital economy and finance ecosystem and the digital rupiah will support sustainable economic growth, he explained at a fit-and-proper test for BI governor candidates, which was streamed virtually on Monday.

Six additional strategies will comprise BI policy and institutional strengthening, in accordance with the Financial Sector Development and Strengthening Law (UU P2SK), and BI policy mix strengthening.

They will also include money market deepening for boosting the effectiveness of BI policies as well as green and sustainable finance and policy synergy with the government and other strategic partners to encourage inclusive economy and finance.

The strategies will also involve strengthening policy and synergy with the government and other strategic partners for international cooperation and relations as well as institutional transformation to strengthen the professionalism, good management, and accountability of the central bank.

As part of the strategy to expedite the payment system digitalization, BI will focus on the interoperability and interconnection between various payment infrastructures, retail payment systems, and big value payment systems.

It will carry out a soft launch of the Government Credit Card in physical form in April 2023 and a grand launch in May.

It will also carry out payment system consolidation in the payment system industry and strive to issue the digital rupiah. The digital rupiah's proof of concept will be issued in July 2023.

Related news: 16 banks, non-banking institutions added as BI-FAST participants
Related news: BI optimistic of 2023 digital finance growth
Related news: BI readies Rp195 trillion in cash before Ramadan, Eid al-Fitr

Translator: Martha H S, Fadhli Ruhman
Editor: Sri Haryati
Copyright © ANTARA 2023