Jakarta, IO – AdaKami, a leading Indonesian fintech lending platform under PT Pembiayaan Digital Indonesia, solidified their role as a paragon of the national fintech industry during the symposium on ‘Digital Economy and Sustainability’ and Launch of The Digital Innovation and Sustainable Economy Centre – DISC hosted by the Coordinating Ministry of Economic Affairs, and ASEAN FINTECH Roundtable Luncheon 2023, a set of events sponsored by ASEAN-BAC in Jakarta. AdaKami was chosen to convey their capacity and competence as a leader of P2P Lending, as well as sharing their insights and strategic roles in building a more inclusive Indonesian digital economy for the general public.
Dr. Ming Gu, Finvolution Group’s President of International Business (AdaKami), represented AdaKami in both events. During his visit to Indonesia, Ming Gu remarked on Indonesia’s significant potential as a digital economy contributing to regional economic development in the Asia Pacific. This remarkable potential demands the support of citizens empowered to respond to and utilize technological developments with full understanding.
“Digital transformation is prevalent in many aspects of daily routines, including the economy, a major facet in Indonesians’ lives. As a large nation, Indonesia’s digital economic market is increasingly flourishing, amounting to 40 per cent of that of Southeast Asia. AdaKami continues to strategically contribute to building Indonesian digital economic literacy, as well as preparing various risk mitigation measures, to ensure that every citizen can comprehend and benefit from the digital economy. By carrying out our sustaining efforts, we are optimistic about supporting Indonesia together, in its mission to become a main economic leader in the ASEAN region,” Ming Gu declared.
Dr. Ming Gu attended the Coordinating Ministry of Economic Affairs’ Symposium on “Digital Economy and Sustainability” and Launch of The Digital Innovation and Sustainable Economic Centre (DISC) as a Panelist in the Key Issues in Digital Economy and Sustainable Economic Development session, where he shared insights implemented in AdaKami’s strategies to build financial technology in Indonesia. Hosted together with the Economic Research Institute for ASEAN and East Asia (ERIA), this symposium is a center for policymakers, academics, organizations, businesses, and startups to discuss the role of inclusive digital transformations in improving sustainable development.
In the keynote speech for this event, Airlangga Hartanto, Coordinating Minister for Economy Affairs, said that “The inauguration of The Digital Innovation and Sustainable Economy Center – DISC also marks ASEAN’s important journey in transforming economic growth towards digitally-driven sustainability throughout the Southeast Asian region. This is also expected to support various aspects, including the building of a more inclusive economy, through technology and innovation.”
This area of discussion is in line with the three strategic economic drives under Indonesia’s 2023 Chairmanship in ASEAN, namely, (i) reviving regional growth, connectivity and new competitiveness (recovery for revival); (ii) accelerating a digital economic transformation that is inclusive and engaging (digital economy); as well as (iii) boosting continuous economic growth for a formidable future. As one of the five most important fintech lending leaders in Indonesia, AdaKami, through Dr. Ming Gu enriches the discussion of an important session, with valuable insights on shaping a future characterized by a continuous digital economy.
He then attended the ASEAN-BAC event ASEAN – BAC FINTECH Roundtable Luncheon 2023, a partner of AFPI. Continuing ASEAN-BAC’s previous strategic visit to Shanghai, Ming Gu and ASEAN-BAC discussed the platform marketplace lending development landscape, a main focus of which is addressing case studies and paths to success in accelerating digital transformation and a response strategy for market trends and its challenges. In Indonesia, OJK plays a very important role in regulation of fintech lending players, as they increase a loan disbursement volume, up 22.4% YoY, and succeed in disbursing up to 43 billion USD in loans per July 2023.
Agusman, Chief Executive of Financing Institutions, Venture Capital Companies, Microfinance Institutions, and Other Financial Service Companies Supervision, OJK stated, “We believe that fintech and its ecosystem can play an important role in helping us increase financial inclusion and development. This event also reflects Indonesia’s high commitment towards financial inclusion, a trend that could improve the welfare of society. Currently, fintech startups are growing rapidly in many different business formats, with fintech lending and payments as the most prominent sectors. As the largest archipelago in the world, coupled with a huge population, Indonesia also faces many challenges. Therefore, we need more collaboration in order to accelerate financial inclusion. As the regulator, we are committed to provide a high level of support for industry players and educate the market about its benefits and roles to address its challenges in economic development.”
ASEAN-BAC also invited other players of the P2P lending industry to help with the goal of empowering ASEAN to become a global economic center, one replete with constructive and innovative suggestions. AdaKami’s President Director and Vice Chair of ASEAN-BAC 2023 – Bernardino Moningka Vega also asserted that “Indonesia has digital economic and development prospects that are rapidly progressing in today’s transformative era. Fintech lending leaders must act through contributions to build inclusive finance, starting from cultivating a conducive digital economic environment, including the preparation of risk mitigation steps that can reduce NPLs for people to safely and comfortably enjoy fintech lending innovations. In addition, industry players should have the capability to continue collaborating with other companies and regulators to produce an even more useful digital economy. All these preparations allow fintech lending innovation to improve and complete the system as well as creating economic growth that is increasingly inclusive.
ASEAN-BAC opens access to investing and economic integration by utilizing the collective potential of ASEAN-member countries and creating an evolving business landscape that is interrelated, for all parties’ benefits. As this year’s Chairman, Indonesia is optimistic about achieving an increasingly inclusive economy with the help of the active contributions from stakeholders in the financial technology industry. (des/ast)