The digitalization of the financial services industry will be a critical driver of economic growth in Indonesia. This was the overwhelming conclusion of "Connecting Indonesia: Innovating Tech and Financial Services," the Financial Services and Information Technology Mission held by AmCham Indonesia and the US Chamber of Commerce March 13-14.
US Ambassador to Indonesia Sung Kim spoke of the importance of following up on the omnibus Financial Sector Law to clarify rules for regulators – "the devil is in the details" – and the importance of US businesses being able to provide input on its implementation, saying it is vital to "connect decision makers with our experts."
He also spoke of the importance of the Indo-Pacific Economic Framework (IPEF), which US President Joe Biden launched on May 23, 2022, as a 14-nation partnership. He praised the leadership role Indonesia is taking on IPEF as a “full and enthusiastic partner."
Day one was opened by John Goyer, Executive Director for Southeast Asia at the US Chamber, who spoke of the importance of the major reforms to the sector under the omnibus law, and how companies must now prepare for its implementing regulations.
The day also saw six panel discussions with stakeholders on: expert views, private sector views, the US government view, reforms and digitization, reforms in the financial sector and ICT and the future of e-commerce in Indonesia.
Panelists included representatives from the International Monetary Fund, the World Bank, HSBC, the Mandiri Institute, Chubb, the US Embassy, USAID, House of Representatives Commission XI, and the trade and finance ministries.
Day two saw of the mission saw delegates hit the road for meetings at the Finance and ICT ministries, the Financial Services Authority (OJK), the Deposit Insurance Corporation (LPS) and Bank Indonesia.
The day was punctuated by an insightful Indonesian political update “power lunch” at the Mandarin Oriental hotel with Douglas Ramage, Chairman of AmCham's Board of Governors, who was in conversation with AmCham Managing Director A Lin Neumann.