Jakarta (ANTARA) - Digital transformation in finance encourages the creation of financial inclusion in the ASEAN region, Deputy Minister of State-Owned Enterprises (SOEs) Rosan Roeslani said. "Digital finance initiatives across the ASEAN region have already contributed to accelerating financial inclusivity in the region," Roeslani remarked at the ASEAN-Indo-Pacific Forum (AIPF) 2023 here on Wednesday.
Indonesia is hosting the AIPF in Jakarta on September 5-6, 2023. The forum aims to strengthen inclusive cooperation and collaboration between ASEAN countries and partner countries in the Indo-Pacific Region.
The forum raises the theme of "Implementation of the ASEAN Outlook on the Indo-Pacific." Roeslani noted that from the ASEAN's perspective, in recent years, the ASEAN digital finance sector has undergone a transformative shift, especially directed toward improving financial inclusion for customers and small and medium enterprises (SMEs).
He noted that the anticipated growth in that domain is strong, with the volume of digital payments expected to surge. The digital lending sector is also expected to grow significantly by 2030, he added.
At the forum, he noted that ASEAN, which is home to more than 650 million people and 70 million SMEs, is facing significant financial inclusivity challenges. He explained that over 70 percent of its people are either underbanked or unbanked. Furthermore, around 39 million out of the 70 million SMEs are experiencing substantial funding shortfalls, reaching US$300 billion annually.
The deputy minister remarked that the advance of digital financial services is paving the way to bridge the financial divide, especially for the underbanked, unbanked, and SMEs. "These services play a pivotal role in promoting financial inclusivity, a cornerstone for sustainable and inclusive economic growth in the region," he stated.
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The AIPF is a flagship event organized by Indonesia as part of its ASEAN chairmanship in 2023. The vision of Indonesia's ASEAN chairmanship is to build a resilient, adaptive, and inclusive ASEAN, among others.
