Jakarta (VNA) – The Indonesian economy could become the world’s 7th largest economy by 2030 if suitable measures are taken to speed up the digitalisation of economic and financial areas, President Joko Widodo has said.

The President said at the Financial Services Authority (OJK) Virtual Innovation Day on October 11 that: “If we control it quickly and accurately, Indonesia has great potential to become a digital giant after China and India, and the seventh-largest economy in the world in 2030.” 

Currently, digitalisation is growing rapidly amid the COVID-19 pandemic. Digital banks, digital insurance companies, electronic payment companies (e-payments), and technology-based financial services (fintech) are emerging and become more accessible to the public. However, various frauds and other financial crimes have emerged amid rapid digitisation.

Hence, President Widodo reminded the OJK and the financial service industry to maintain and oversee the development of digitalisation of the financial sector to contribute to the community’s economy.

The President called for the digital economic and financial ecosystem to have policies in place to mitigate the risk of legal and social issues that will create problems for the community. Moreover, the digital ecosystem must offer protection to the community./.