OJK: Indonesia's Online GMW Highest in Southeast Asia at US$70bn

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Laila Afifa

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  • A woman packs a pair of sandal from a small household industry in Denpasar, Bali, Friday, July 17, 2020. The sandals are marketed online. The Regional National Crafts Council (Dekranasda) of Bali Province encourages all small and medium enterprises (SMEs) to use digital

    A woman packs a pair of sandal from a small household industry in Denpasar, Bali, Friday, July 17, 2020. The sandals are marketed online. The Regional National Crafts Council (Dekranasda) of Bali Province encourages all small and medium enterprises (SMEs) to use digital "platforms" in marketing its business products as an effort to recover the economy due to the COVID-19 pandemic. ANTARA PHOTOS/Nyoman Hendra Wibowo

    TEMPO.CO, Jakarta - The Financial Services Authority (OJK) announced that Indonesia's online gross merchandise value (GMV) in 2021 reached US$70 billion, the highest in Southeast Asia. OJK executive director for banking supervision Heru Kristiyana said that Indonesia's digital economy and finance potential is projected to continue rising until 2025.

    Speaking at the launching ceremony for the 2021-2025 Roadmap of Development of Rural Banks (BPR) and Sharia Rural Banks (BPRS) in Jakarta, Tuesday, November 30, Heru said that by 2025 the GMV value is estimated to hit US$146 billion.

    Indonesia's 2021 GMV is far above its neighbors in the region, such as Malaysia's US$21 billion, the Philippines' US$40 billion, Singapore's US$27 billion, Thailand's US$56 billion and Vietnam's US$57 billion.

    According to Heru, e-commerce is the main supporter of economic growth and digital finance. This year so far, Indonesia's e-commerce value stood at US$53 billion with a growth rate of 52 percent.

    "The demographic bonus has also made Indonesia one of the countries with high potentials to improve its digital economy and finance," he said.

    Read: OJK: Indonesia Forecasted to Lead Digital Economy in Southeast Asia by 2025

    Antara