Digital transformation, global health cooperation, as well as the development of a green economy and green financing can support faster and stronger recovery, Bank Indonesia Governor Perry Warjiyo has said.
“These three aspects are the response we need take together to overcome the pandemic,” he remarked at the G20 side event on ‘Digital Payment Innovation of Banking’ in Jakarta on Monday.
Digital transformation, including the digitalization of payment systems, was one of the six main agendas at the G20 Finance Track Meeting, he noted.
The digitization of the payment system includes cross-border payment transactions, Open API (application programming interface), cross-border Quick Response (QR), and Central Bank Digital Currency (CBDC), the central bank governor said.
In addition to digital transformation, cooperation in global health, for vaccination programs, in particular, can also accelerate recovery, he said. Vaccinations can help ensure that the COVID-19 pandemic is resolved soon, he added.
The development of a green economy and green financing also needs to be strengthened through sustainable energy transition, Warjiyo said.
These three aspects require synergy and collaboration from various parties so countries can script a faster and stronger recovery, in keeping with the theme of Indonesia’s G20 Presidency of “recover together, recover stronger,” he added.
“These are the three areas for recovering together, recovering stronger that our President Joko Widodo has ordered us to be successful in during the Indonesian (G20) Presidency,” he stressed.
Vice President Ma’ruf Amin had earlier said that digitalization has improved the national economy.
This is evidenced by predictions that Indonesia’s digital economy will emerge as the strongest in the Southeast Asian region with a value of Rp1,700 trillion, he added.
“There were around 21 million new digital consumers during this pandemic, from early 2020 to mid-2021,” he noted.
The accumulated purchase value of Internet users in Indonesia was also predicted to increase by 49 percent from US$47 billion to US$70 billion by the end of 2021, Amin said.
“As digital transactions increase, global capital flows are also projected to continue to enter Indonesia and this country will become the most popular investment destination in Southeast Asia, surpassing Singapore,” he added.
The Vice President then urged all stakeholders in the economic sector to seek to improve Indonesia’s competitiveness in the development of the national digital economy.
Source: Antara News