Within 20 years, the country’s economic and financial achievements are expected to leverage technology to reach “developed nation” status

On 9 Sep 2024, representatives from the Central Bank of Indonesia, the Financial Services Authority and the Indonesian Government were hosted to a forum platform to share ideas about the country’s monetary and banking policies, including how AI will be part of the transformation.

Industry stakeholders (financial institutions such as Bank Central Asia, Bank Mandiri, Bank Nasional Indonesia, Bank Rakyat Indonesia, and Bank Tabungan Negara), and regulators were invited to event dubbed “Banking AI Day” aimed at addressing the complex but critical modernization of the country’s digital economy.

According to Destry Damayanti, Senior Deputy Governor, Central Bank of Indonesia: “Indonesia holds the highest potential for digital economic growth in the ASEAN region. Leveraging advanced technologies such as AI, cloud computing, and blockchain, our financial institutions can deliver faster, more efficient, and cost-effective services,” adding that such public dialogs are important for “accelerating our progress and ensuring that Indonesia’s financial sector remains competitive on the global stage.”

Public dialogs between movers and shakers in Indonesia’s financial industry are on track to align with the country’s “Golden Indonesia 2045” vision to become a developed country, be among the world’s top-five largest economies, and mark 100 years of independence. Topics discussed included proactive cybersecurity in the age of AI; ensuring sovereignty and innovation in the country’s plans; promoting accelerated computing and generative AI in financial services; and various panel discussions focused on accelerating technological transformation in line with the Golden Indonesia 2045 vision.

The inaugural event was organized by Indosat Ooredoo Hutchison, whose President, Director and CEO, Vikram Sinha, noted his firm’s commitment to “reimagining the banking sector as a cornerstone of Indonesia’s economic development. With AI at our fingertips, we believe we can unlock infinite possibilities, propelling Indonesia towards the realization of its Golden Indonesia Vision 2045.”

Event participant Dennis Ang, Senior Director of Enterprise Business (ASEAN and ANZ Region), NVIDIA, a technology partner of Indosat, commented that his firm is collaborating with Indosat Ooredoo Hutchison to establish sovereign AI and accelerated computing to Indonesia’s financial sector.