Illustrative photo (Photo: weforum.org) Jakarta (VNA) – Indonesia and other ASEAN countries' digital economy and financial ecosystem have a positive potential, Deputy Governor of Bank Indonesia (BI) Filianingsih Hendarta said on May 9 at the 2023 Indonesian Digital Finance Economic Festival (FEKDI) in Jakarta.
The potential is reflected in the central bank cooperation in the ASEAN-5 region including Indonesia, Malaysia, Philippines, Singapore, and Thailand for a regional payment system or ASEAN Payment Connectivity (APC) starting in 2022.
According to Filianingsih, BI made moves with concrete initiatives, such as the quick response (QR) payment among the five countries, and will bring concrete steps from Asia to the world.
However, she did not deny that challenges and risks have to be confronted by the ASEAN digital economy and financial ecosystem.
She noted that there are at least five challenges and risks in the efforts to establish cross-border payment system cooperation including the different regulations in each country, different business models and processes, differences in quick payment specification, feedback from each country, and high cost.
She said that 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 the digital economy./.
