TEMPO.CO, Nusa Dua - The fintech industry now has a single frame of international standards, which was agreed on during the Bali Fintech Agenda Forum. The forum is one of the programs in the 2018 IMF-World Bank Meeting.
The forum resulted in 12 elements to support the development of digital economy and financial technology on a global scale.
Among the key points in the Bali Fintech Agenda are the commitment to encourage international partnerships between financial authorities and institution, as the commitment to push for financial inclusion and market development.
President Joko Widodo said the development of the digital economy requires accommodative policies that are "not too restrictive and [acts as a] safe harbor so that innovation has room to develop."
Meanwhile, Bank Indonesia senior deputy governor Mirza Adityaswara said the optimization of technology is important and beneficial, but also brings risk. "Policy makers have an important role in supporting the expansion of technology use whilst maintaining stability and security," he said.
The central bank's payment systems executive director Onny Widjanarko said BI will follow up on the directions agreed at the Bali Fintech Forum. "Convergence will occur later as all countries will refer to one principle. But the application of the 12 elements will be decided by every nation," he remarked.
Onny said that the countries are currently focusing on the issue of cyber security, "especially to counteract frauds and attacks."
The next focus is to mitigate the use of fintech for crimes through systems that can prevent money laundering and terrorism funding.