According to OJK, Indonesia accounts for 40% of ASEAN's digital transaction value.

According to OJK, Indonesia accounts for 40% of ASEAN's digital transaction value.

According to the Financial Services Authority (OJK), Indonesia accounts for approximately 40%, or US$77 billion, of the total digital economic transaction value in Southeast Asia, according to the e-Conomy South East Asia Report of 2022.

"The value of digital economic transactions has increased by 22 percent compared to the previous year," Ogi Prastomiyono, OJK's chief executive for insurance, underwriting, and pension fund supervision, said on Thursday in Nusa Dua, Bali.

This achievement has elevated Indonesia to the forefront of the ASEAN region's digital economy, he says.

The number of financial technology companies (fintech) capable of creating efficiencies and more accessible financial services has been one of the factors supporting the growth of the digital economy in Indonesia, according to Prastomiyono.

According to the OJK, there were 102 fintech companies connecting borrowers and lenders or offering peer-to-peer lending (P2P) in January 2023.

According to the official, P2P lenders make the loan process easier, especially for debtors who have limited access to traditional banking services.

"Loan disbursement can be done faster and easier with information and technology innovation," he said.

Furthermore, in January 2023, the OJK registered 97 digital financial innovations, which were classified into 15 business models, including innovative credit assessment (ICS).

According to Prastomiyono, ICS is a value added component in the credit disbursement process that allows loans to be disbursed quickly under simple conditions and includes the "buy now pay later" (BNPL) scheme.

OJK encourages a mix of credit ratings from traditional agencies and ICS because it ensures better credit quality while broadening the scope of financing realization, especially for those without banking access.

He stated that so far, conventional credit institutions have been evaluated using loan payment indicators and unpaid debt history.

Meanwhile, ICS employs big data covering up to 15 variables, ranging from social media activity to online transactions (e-commerce), he added.

He stated that the ICS has been a game changer for micro, small, and medium-sized enterprise (MSME) owners who need credit but don't have strong access to banks.

"We believe that Indonesia's economy will grow well in 2023 under normal growth conditions. It will increase by 5.31 percent in 2022. Despite the global crisis, inflation, higher interest rates, and geopolitical concerns this year, Indonesia's economy has remained stable "He went on to say.


Akhyari Hananto

I began my career in the banking industry in 1997, and stayed approx 6 years in it. This industry boost his knowledge about the economic condition in Indonesia, both macro and micro, and how to More understand it. My banking career continued in Yogyakarta when I joined in a program funded by the Asian Development Bank (ADB),as the coordinator for a program aimed to help improve the quality of learning and teaching process in private universities in Yogyakarta. When the earthquake stroke Yogyakarta, I chose to join an international NGO working in the area of ?disaster response and management, which allows me to help rebuild the city, as well as other disaster-stricken area in Indonesia. I went on to become the coordinator for emergency response in the Asia Pacific region. Then I was assigned for 1 year in Cambodia, as a country coordinator mostly to deliver developmental programs (water and sanitation, education, livelihood). In 2009, he continued his career as a protocol and HR officer at the U.S. Consulate General in Surabaya, and two years later I joined the Political and Economic Section until now, where i have to deal with extensive range of people and government officials, as well as private and government institution troughout eastern Indonesia. I am the founder and Editor-in-Chief in Good News From Indonesia (GNFI), a growing and influential social media movement, and was selected as one of The Most Influential Netizen 2011 by The Marketeers magazine. I also wrote a book on "Fundamentals of Disaster Management in 2007"?, "Good News From Indonesia : Beragam Prestasi Anak Bangsa di dunia"? which was luanched in August 2013, and "Indonesia Bersyukur"? which is launched in Sept 2013. In 2014, 3 books were released in which i was one of the writer; "Indonesia Pelangi Dunia"?, "Indonesia The Untold Stories"? and "Growing! Meretas Jalan Kejayaan" I give lectures to students in lectures nationwide, sharing on full range of issues, from economy, to diplomacy Less
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