Jakarta (ANTARA) - Finance Minister Sri Mulyani Indrawati appealed to industry players to not exploit consumers in doing their business while emphasizing that industries that exploit their consumers are unsustainable.

Indrawati made the appeal at an event for the dissemination of information on Financial Sector Development and Strengthening Law (UU P2SK) held by the Indonesian Chamber of Commerce and Industry (Kadin) here on Tuesday.

With the presence of technologies that provide convenience in various economic activities, industry players are encouraged to be wiser in utilizing digital technology.

Indrawati stressed that industry players should know about proper and safe steps that bring more benefits than disadvantages.

The minister also encouraged industry players to continue to collaborate and synergize with regulators, which she believes have dynamic relations with industry players.

"Because we all want industries to continue to develop, but we do not know, so there are trials and errors. Nevertheless, what is important is everyone is truly honest," she remarked.

The minister further noted that the relations between regulators and industry players should be bridged by a law that can prevent arbitration. In this case, UU P2SK plays a role as the mediator.

"If there is no regulation, industry players can exploit consumers. That is not allowed," she remarked.

UU P2SK is a manifestation of efforts from the government and the House of Representatives (DPR) to improve public welfare by conducting reformation in Indonesia's financial sector.

The Ministry of Finance believes that an inclusive, in-depth, and stable financial sector is the main prerequisite for accelerating the development of Indonesia's national economy.

There are at least five areas regulated by UU P2SK, with the first being institutional strengthening of financial sector authorities while still taking into account independence, while the second area pertains to strengthening governance and increasing public trust.

Meanwhile, the third area entails encouraging the accumulation of long-term funds in the financial sector for welfare and financing support of sustainable development.

The fourth area is consumer protection, while the fifth is financial sector literacy, inclusion, and innovation.

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Translator: Imamatul Silfia, Raka Adji
Editor: Sri Haryati
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