Indonesia targets 60 mln MSMEs connected to digital platforms in three years

Jakarta (Indonesia Window) – Indonesian central bank Bank Indonesia (BI) has targeted 60 million Micro, Small and Medium Enterprises (MSMEs) to be connected to digital platforms within three years through the Quick Response Code Indonesian Standard (QRIS).

“The target this year is 12 million MSMEs able to be connected with digital platforms, and we will continue to increase the number next year and in the following years,” said BI’s governor Perry Warjiyo in a virtual discussion here, Friday (Aug. 13).

Currently, he noted, eight million MSMEs were successfully connected to the digital platform.

The BI’s governor is committed to continuing to develop MSMEs in coordination with the government and other institutions.

The central bank also supports the electronification of public services, from social assistance distribution, transportation availability, to current financial operations of local administrations.

BI fast payment is also being built to replace the Bank Indonesia National Clearing System which has not yet adopted 24-hour digital technology.

Perry targeted the BI fast payment to be launched at the end of this year, or early 2022, and would proceed in three stages.

“Thus, retail transactions using QRIS will be completed immediately as the system works 24 hours,” he said.

Reporting by Indonesia Window