Therefore, his ministry supports the increase in digital financial inclusion through three important pillars: the development of digital infrastructures, strengthening digital literacy, and preparing inclusive regulations.
"Technology is not just a tool, but a bridge that connects millions of people—including MSMEs (micro, small, and medium enterprises) and vulnerable groups—into a formal financial system," Patria said in a statement released on Wednesday.
He noted that currently, there are many sophisticated technologies, such as blockchain, which can be used to carry out transparent and secure financial transactions.
Such technologies are also compatible with applications that are often used by the general public, such as e-commerce and online transportation, he added.
"Digital public infrastructure, including digital identity, payments, and data exchange, has become a catalyst for inclusion that not only opens access but also empowers the community," he noted.
To ensure that no one is left behind in tapping the digital financial transformation, the government is trying to make it easier for the public to use technology.
"With innovation and collaboration, we can ensure that no one is left behind in the digital transformation process that is currently underway," Patria said.
According to the deputy minister, out of the 400 million MSMEs in developing countries, 345 million MSMEs are informal. Among them, the best practices of Pakistan's UBank and Egypt's Erada Microfinance in utilizing digitalization to reach vulnerable groups can be taken as examples.
Indonesia's Financial Inclusion Index has currently reached 80.51 percent. However, data from the Financial Services Authority shows that financial literacy is still at 66 percent.
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Translator: Chairul Rohman, Yashinta Difa
Editor: Azis Kurmala
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