There are several ASEAN countries that still do not have a financial inclusion indexBadung, Bali (ANTARA) - Minister of Finance Sri Mulyani stated that financial exclusion remains a major challenge and also a crucial factor in ASEAN countries' economies, especially pertaining to involving Micro, Small, and Medium Enterprises (MSMEs).
The ministry remarked that the development of digital technology and economy in the region is supposed to help turn financial exclusion into financial inclusion.
"There are several ASEAN countries that still do not have a financial inclusion index," Mulyani stated during a High-Level Dialogue Seminar on Promoting Financial Inclusion and Literacy for MSMEs in Badung District, Bali, Wednesday.
According to the minister, the condition reveals the large gap existing among countries in the region in terms of financial inclusion. Mulyani made her statement based on the Global Index 2021 report.
There are several countries with a financial inclusion index of only three percent, while the highest is 70 percent. However, the average index in the ASEAN region is 41 percent.
Mulyani also drew attention to the rapid development growth of digital technology and economy in the ASEAN after three years of the COVID-19 pandemic.
The pandemic has provided a promising opportunity, not only for countries to adapt to the way they work but also for the ASEAN region, as a whole, especially for MSMEs.
"The ASEAN digital economy is expected to grow significantly in the year 2025," she stated.
The minister further noted that after the COVID-19 pandemic, the impact of the digital economy has become even more important, as it has become a kind of game changer.
For several countries, the digital economy has succeeded in enabling and also accelerating the use of electronic money from smartphones, financial technology services, and online banking.
She said that the aforementioned services pave a big way for MSMEs to participate to help in developing financial inclusion.
"Digital services have enhanced and deepened the financial sector and at the same time improved access to formal financial products and services," Mulyani said.
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Translator: Tegar Nurfitra
Editor: Sri Haryati
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