President Expects Digital Applications Will Support Financial Inclusion

Tangerang, Banten (Antara Bali) - President Joko Widodo is optimistic that digital applications would support the government's efforts to develop financial inclusion for the people.

"We should harness the power of digital technology to serve as a golden ticket to reach out to those people who are financially illiterate, one of the reasons being their lack of access to formal financial services," President Widodo noted in Tangerang, Banten, on Tuesday.

In his remarks during the opening event of the Indonesia Fintech Festival and Conference at the Indonesia Convention Exhibition in Tangerang, President Widodo expressed hope that the participants will be able to create or improve their applications to help people in remote areas have access to banking services.

The president also lauded some banks that were already offering financial services in remote areas.

According to data, only 21.8 percent of Indonesians are financially literate and are able to access services offered by financial institutions.

Meanwhile, President Widodo remarked that as compared to Indonesia, this figure was higher in other neighboring countries, such as Singapore, at 96 percent; Malaysia, 81 percent; and Thailand, 78 percent.

"This is what we need to catch up on," he pointed out.

President Widodo also encouraged the entrepreneurs of small and medium enterprises to maximize the use of digital applications to develop their businesses, including expanding their market base and enhancing their financial ability.

The Indonesia Fintech Festival and Conference 2016 is a joint event being organized by the Financial Services Authority and the Indonesian Chamber of Commerce and Industry on August 29-30.

The event aims to bring together stakeholders of the Fintech industry, ranging from regulators, financial institutions, investors, startups, incubators, industry associations, as well as academia.

The agenda will comprise events, such as the Startup Competition, Startup Coaching, Startup Speed Dating, and a conference that will be attended by various ministers, regulators of the financial sector, and innovators in the Fintech industry. (WDY)