Indonesia is seeing growth in financial inclusion, driven by the rapid technological advancements that are opening up access to financial technologies to people for the first time.
According to the World Economic Forum, the effort of the country to drive financial inclusion carries added urgency amid economic and digital diversity. In Indonesia, millions more people are carrying out transactions, investing and even buying insurance digitally.
WEF says this growth in financial technology must be accompanied by smart design and regulation that prioritises inclusion and safety, considering that advancements are changing how people participate in the economy, how growth is shared and how resilient communities are as shocks become more frequent.
Inclusive technology for the country rests on two inseparable outcomes: inclusion for people and responsibility on a scale.
The non-governmental organisations recommends that the country must move beyond access toward financial health – and the private sector has a significant role to play in this endeavour. Tech-driven platforms can translate national foundations like that of Indonesia into everyday participation.
Further, WEF says financial inclusion is not achieved simply by launching features, but in determining whether technology is understandable, affordable to use and safe enough to earn trust.
