Government Shows Digital Economy Development at FMCBG G20


The digital economy and finance are growing rapidly in Indonesia. In addition to infrastructure facilitated by the government, the pandemic has directly forced people to switch to digital media. In one of the side events of the G20 Presidency, FMCBG, the government conveyed its achievements.

Bank Indonesia together with the Coordinating Ministry for the Economy held the Indonesian Digital Economy Festival (FEKDI), 11-15 July 2022, in Nusa Dua, Bali. This festival was held as one of the side events of the third series of Finance Ministers and Central Bank Governors (FMCBG) activities. This event is part of a series of the G20 Financial Path Presidency

This time, FEKDI took the theme Advancing Digital Economics and Finance: Synergistic and Inclusive Ecosystem for Accelerated Recovery. This theme was appointed as a form of implementing inclusive synergy and innovation to advance the nation’s economy so that it can compete globally.

Bank Indonesia Governor Perry Warjiyo at the opening conveyed that Bank Indonesia’s support in realizing a national digital financial economy to accelerate economic recovery was further strengthened.

“Especially through the payment system digitization policy. Bank Indonesia is committed to supporting the synergy of the national digital economic and financial policy mix, in line with the government’s commitment and the vision of the President of the Republic of Indonesia towards an Advanced Indonesia,” said Perry.

Furthermore, Assistant Governor, Head of the Payment System Policy Department of Bank Indonesia, Filianingsih Hendarta said, that FEKDI became a joint digital event for the digital financial economy in Indonesia.

This FMCBG event is a synergy for all parties with support from the Indonesian payment system association, the Indonesian fintech association, Kadin, to Perbanas.

Not only it is a digital party venue, but FEKDI will also be a forum for communicating various policies or products to the public. The hope is that new ideas and innovations will emerge in the digital financial economy.

“So everyone can hear because it is held in a hybrid manner. So not only domestic but also viewers from the G20 delegation can also listen to the policies and innovations displayed in FEKDI,” explained Filianingsih.

Regarding the opportunity to integrate the digital financial system, he said that from FEKDI there was an idea to create a cross-border roadmap that was cheaper, faster, transparent, and accessible. This idea, he said, would be discussed further at the G20 meeting.

“So there has been a roadmap by the CPMI (the Committee on Payments and Market Infrastructures) and the FSB (Financial Stability Board), then continued with the Indonesian presidency. Indonesia sees that this is not just a discourse but there must be practical implementation,” he added.

Therefore, continued Filianingsih, 5 Central Banks see the need for real action. These five Central Banks are also the ones who have started working on establishing an ASEAN interconnectivity in the payment system.

The five Central Banks are Bank Indonesia, Monetary Authority of Singapore, Bank Negara Malaysia, Bank of Thailand, and Bangko Sentral ng Pilipinas. The five banks see the need for practical action, so there is hope to establish an ASEAN interconnectivity in the payment system.