BI supports digital financial industry development with policies

Jakarta (ANTARA) - Deputy Governor of Bank Indonesia (BI) Juda Agung affirmed that BI is committed to supporting the development of the digital financial industry through various proactive and innovation-friendly policies.

Agung, at the Digital Bank Summit 2024 event here on Tuesday, noted that the effort is carried out by maintaining balance with BI's endeavors to maintain stability in the financial and payment systems.

He explained that adaptive regulations are a complex challenge in the context of digitalization faced by the financial industry. Regulations must follow rapid developments in the digital world without hindering innovation.

He also outlined several other challenges faced by the financial industry, including cybersecurity, fraud risks, and financial inclusion.

In strengthening digital infrastructure, he affirmed that BI will continue to encourage the development of digital infrastructures that are capable of supporting safe, efficient, and reliable digital banking services.

In the context of strengthening regulations and supervision, BI will also create regulations and conduct supervision in accordance with changes in banking technology and market needs while still maintaining prudential principles.

As for its commitment to cybersecurity and consumer protection, BI continues to work with various parties to strengthen cybersecurity, including with the Financial Services Authority (OJK), to ensure that the use of digital services is safe and protected.

“BI has also issued a BI regulation on information system security and cyber resilience in April. We hope the banking industry can respond to it and prepare maximally,” he stated.

In improving education and literacy on security, he explained that BI also continues programs of education and literacy of digital finance to improve people’s understanding to enable them to utilize digital financial services wisely and safely.

“We will continue to push for collaborations between regulators, industry players, and the community. This synergy is important to create a digital financial ecosystem that is sustainable and able to provide maximum benefits to the national economy,” he remarked.