Currently, we had also made our move with concrete initiatives, such as the quick response (QR) payment between five countries and will bring concrete steps from Asia to the worldJakarta (ANTARA) - Indonesia and ASEAN countries' digital economy and financial ecosystem have a positive potential, Deputy Governor of Bank Indonesia (BI) Filianingsih Hendarta stated during the 2023 Indonesian Digital Finance Economic Festival (FEKDI) here on Tuesday.
This potential is reflected in the central bank cooperation in the ASEAN-5 region -- Indonesia, Malaysia, Philippines, Singapore, and Thailand -- for regional payment system or ASEAN Payment Connectivity (APC) starting from 2022.
"Currently, we had also made our move with concrete initiatives, such as the quick response (QR) payment between five countries and will bring concrete steps from Asia to the world," she remarked.
Despite this, she did not deny that challenges and risks have to be confronted by the ASEAN digital economy and financial ecosystem.
Hendarta noted that there are at least five challenges and risks in the efforts to establish cross-border payment system cooperation.
The first concerns the different regulations in each country. The second involves different business models and processes in each country. The third relates to differences in quick payment specification.
The fourth concerns feedback from each country. The last one is the development capital that is high.
She pressed for the need for synergy between related authorities and payment industry actors to support the development of cross-border payment system cooperation.
Related authorities have to be committed and ready to support cross-border strategies and economic incentives, so that the cooperation can be implemented well.
Moreover, industry players should be ready to seize opportunities and create cross-border innovations, whether in the form of products or services.
Through this, the year 2023 is expected to become the momentum to strengthen policy synergy and facilitate collaboration for the sustainability of digital economy.
"Plans will be useless without actions. There needs to be real implementation by industry actors and regulators to synergize and innovate to be able to expedite digital economy transformation," Hendarta stated.
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Translator: Imamatul S, Fadhli Ruhman
Editor: Sri Haryati
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