"This agenda is ASEAN's legacy, not only for ASEAN, but also for the world," he said at the opening of the 1st Meeting of ASEAN Finance Ministers and Central Bank Governors (AFMGM) on Friday.
He said that ASEAN has benefited from the cross-border payment system, which is faster, cheaper, more transparent, and more inclusive.
The cross-border payment system also seeks to encourage transactions, develop economies, and boost growth, he said.
Under Indonesia's G20 Presidency last year, five ASEAN countries signed a memorandum of understanding (MoU) for cross-border connectivity in payments, he added.
This year, Indonesia will encourage all ASEAN members to join in the cooperation to utilize digitalization for financial inclusion, Warjiyo said.
This step will promote financial and economic inclusion among a broader society, including micro, small, and medium enterprises (MSMEs), young people, and women, he added.
With an affordable cross-border and digitized payment system, ASEAN is seeking to realize a feasible financial system as an engine of economic recovery.
Warjiyo said that it is important for emerging markets such as ASEAN to observe the external sector for unwanted consequences of the current dynamic condition of global financial markets.
The global financial market is highly influenced by fast cycles of interest rate hikes by major central banks, he noted.
"In this aspect, ASEAN has strengthened the economy through prudent macroeconomic policies that become monetary fiscal (policies). Financial system stability and external resilience are also strengthened," the central bank governor said.
Moreover, the region needs to diversify the use of currencies for trade, investment, and other economic and financial transactions, he added.
The use of local currency transactions (LCTs) for trade, investment, financial transactions, and remittances is expected to reduce economic dependence on main currencies.
In addition, he said, the step will reduce volatility and strengthen external stability, thereby, supporting stable economic growth, development, and inclusion.
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Translator: Agatha V, Kenzu
Editor: Anton Santoso
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