Illustrative photo (Photo: weforum.org)Jakarta (VNA) – Indonesia and other ASEAN countries' digitaleconomy and financial ecosystem have a positive potential, Deputy Governor ofBank Indonesia (BI) Filianingsih Hendarta said on May 9 at the 2023 IndonesianDigital Finance Economic Festival (FEKDI) in Jakarta.
The potential is reflected in the central bank cooperation inthe ASEAN-5 region including Indonesia, Malaysia, Philippines, Singapore, andThailand for a regional payment system or ASEAN Payment Connectivity (APC)starting in 2022.
According to Filianingsih, BI made moveswith concrete initiatives, such as the quick response (QR) payment among the fivecountries, and will bring concrete steps from Asia to the world.
However, she did not deny that challenges and risks have to beconfronted by the ASEAN digital economy and financial ecosystem.
She noted that there are at least five challenges and risks inthe efforts to establish cross-border payment system cooperation including thedifferent regulations in each country, different business models and processes,differences in quick payment specification, feedback from each country, andhigh cost.
She said that industry players should be ready to seizeopportunities and create cross-border innovations, whether in the form ofproducts or services.
Through this, the year 2023 is expected to become the momentumto strengthen policy synergy and facilitate collaboration for thesustainability of the digital economy./.
