VOI - Voice of Indonesia | RRI - Radio Republik Indonesia

Indonesian Ambassador to Singapore, Suryo Pratomo explained that Indonesia is recommended to increase the financial technology inclusion index of ASEAN countries. Based on its records, Indonesia's financial inclusion index is still the lowest among ASEAN countries. The financial inclusion index in Indonesia was recorded at 76 percent in 2019, while ASEAN countries, such as Singapore reached 98 percent, Malaysia 85 percent, and Thailand 82 percent. The Indonesian Embassy in Singapore reported on Thursday (1/7) that Ambassador Suryo Pratomo in his remarks at Webinar titled “the Digital and Fintech Opportunities for Indonesia and Singapore” explained that around 80 percent of Indonesia's digital industry, including the financial technology sector, is more developed in Java and Sumatra. In fact, the potential of the digital economy, such as the financial technology industry in Indonesia, is still very large, including in eastern Indonesia.

Moreover, Ambassdor Suryo Pratomo further said that building infrastructure to support the financial technology industry in Indonesia is not easy. As a wide archipelagic country, Indonesia needs a large investment to establish the facilities and infrastructure. Besides, Indonesia's digital financial literacy rate is also still low, only 35.5 percent. In fact, Indonesia has the second largest number of mobile phone users in the world. During 2020, the online transaction was estimated to reach Rp201 trillion. While, the distribution of funding through financial technology companies reached Rp155.9 trillion or it rose more than 90 percent compared to the previous year.

At the webinar attended by more than 140 participants from the Singapore and Indonesia financial technology industry, Ambassador Suryo Pratomo hopes that financial technology companies would be able to promote literacy in Indonesian society. Financial technology companies are also expected to help business players, particularly Small,Micro and Medium Enterprises (MSMEs) to integrate into the digital economy network.