From Digital Adoption to Financial Inclusion: The Way Forward for Indonesia

Join us for this hybrid event on 4 October 2022, 10:00 am - 12:00 pm (GMT+7) at Alila SCBD, Jakarta. This event is jointly hosted by the Centre for Strategic and International Studies (CSIS), and the Tech For Good Institute (TFGI), with the support of Indonesia Fintech Society (IFSoc).

Southeast Asia has witnessed a massive digital adoption spurt: more than one-in-three of current consumers are new to digital services and more than 90% of them intend to continue using such services. However, up to 60-70% of the population in Southeast Asia is still underbanked or remained underserved by traditional financial institutions. Digital financial services (DFS) providers can help to close this gap. DFS uptake can improve the delivery of both public and private services. In Indonesia, DFS offers an unprecedented growth opportunity to introduce unbanked and underbanked Indonesians into the formal financial system. A World Bank study found that a 1% increase in financial inclusion facilitates an annual GDP growth per capita of ~0.03%. 

Frequently cited barriers affecting the uptake of DFS in the region include gaps in physical infrastructure, digital infrastructure and pervasive cash cultures. A consumer’s background – such as their levels of education, employment status and gender – also influences confident adoption and usage of DFS products.

The Centre for Strategic and International Studies (CSIS) and the Tech For Good Institute (TFGI), with the support of Indonesia fintech Society (IFSoc), are jointly hosting a research seminar where two recently published and new research pieces on the topic of financial inclusion and adoption will be presented to shed light on the insights drawn from consumers in Indonesia and across the region. The discussion amongst policymakers, industry and members of the local academia aims to understand the opportunity provided by digital financial services to financial inclusion taking into account the progress and status of current financial regulations in Indonesia.

Event Details

Time
Agenda
09:00am
Registration Opens / Arrival of Guests
10:00-10:10am
Opening Remarks
  • Yose Rizal Damuri, Executive Director, Centre for Strategic and International Studies (CSIS)
  • Rico Usthavia Frans, Steering Committee of Indonesia Fintech Society (IFSoc)
  • Dr. Ming Tan, founding Executive Director, Tech for Good Institute (TFGI)
10:10-10:30am
Research Presentation (1)
“Fintech Adoption in Greater Jakarta – Patterns, Constraints, and Enablers”
  • Dr Astrid Meilasari-Sugiana, ISEAS-Yusof Ishak Institute
10:30 – 10:50am
Research Presentation (2)
“Digital Financial Services (DFS) in SE Asia: A Catalyst for Financial Inclusion”
  • Melissa Tan, Research Fellow, TFGI 
10:50 – 11:00am
Break
11:00 – 11:30am
Panel Discussion: From Digital Adoption to Financial Inclusion: The Way Forward For Indonesia
  • Edwin Nurhadi, Director of Financial Inclusion Development at The Financial Services Authority (OJK) 
  • Karaniya Dharmasaputra, Steering Committee of Indonesia Fintech Society (IFSoc)
  • Raymond Atje, Senior Researcher at CSIS
  • Moderator: Dr Ming Tan, founding Executive Director, TFGI
11:30 – 11.55am
Q&A
11.55-12:00pm
Closing remarks 
  • Yose Rizal Damuri, Executive Director, Centre for Strategic and International Studies (CSIS)
12:00pm
End of event

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Dr Ming Tan

Founding Executive Director

Dr Ming Tan is founding Executive Director for the Tech for Good Institute. She is concurrently a Senior Fellow at the Centre for Governance and Sustainability at the National University of Singapore. Her research interests lie at the intersection of technology, business and society, including sustainability and innovation.

 

Ming was previously Managing Director of IPOS International, part of the Intellectual Property Office of Singapore, which supports Singapore’s future growth as a global innovation hub for intellectual property creation, commercialisation and management.

 

Prior to joining the public sector, she was Head of Stewardship of the COMO Group, a Singaporean portfolio of lifestyle companies operating in 14 countries worldwide. Her portfolio covered sustainability, brand and data privacy. She was concurrently the founding Executive Director of COMO Foundation, the private philanthropy of the owner of the COMO Group.

 

As a company director, she lends brand and strategic guidance to SuperNature Pte Ltd, COMO Hotels and Resorts (Asia) Pte Ltd, COMO Club Pte Ltd, and Mogems Pte Ltd. In the not-for-profit space, Ming is an Advisor to Singapore Totalisator Board and serves on the boards of Esplanade–Theatres on the Bay, Singapore’s national performing arts centre, St. Joseph’s Institution International and COMO Foundation.

 

As part of her commitment to holistic education and the arts, she also sits on the Advisory Panel of the Centre for the Arts of the National University of Singapore.

 

Ming was educated in Singapore, the United States, and England. She obtained her bachelor’s and master’s degrees from Stanford University and her doctorate from Oxford.