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Indonesia Accounted for 40% of ASEAN Digital Transactions in 2022

In 2022, Indonesia’s digital economy accounted for almost 40% of the overall value of ASEAN’s digital economy transactions. The achievement establishes Indonesia as a prominent player in the ASEAN digital economy while also establishing the digital economy as a new source of strength for the national economy. The digital sector proved one of the keys to hastening recovery following the pandemic.

The country’s rapid surge in the number of startups reflects the accelerated development of the digital economy. With over 2,400 startups, Indonesia ranks sixth in the world for the country with the most startups. To speed this, the government has offered different supports for developing essential areas, such as improving human resource capability.

“Focusing on science and technology is critical because it adds value. It is hoped that this venue would also feature technology innovation, AI technologies, Metaverse, AR/VR, and Robotics,” Airlangga Hartarto, Coordinating Minister for the Economy, expressed this during his keynote speech at the Inauguration of the Solo Technopark Science and Technology Area in Surakarta, Central Java.

Surakarta city government has created the Solo Technopark Science and Technology Area, which covers around 5 hectares and is geared toward digital transformation and human capital. Solo Technopark’s growth and revitalisation also serve as a centre for innovation and skill building in Surakarta.

The inauguration of Solo Technopark, which will become the new landmark of Surakarta City, is also expected to foster the formation of a more tech-savvy community and expedite Indonesia’s digital economy growth. Solo Technopark’s partnership with numerous collaborating partners, from e-commerce, bank, energy, and transportation companies. The collaboration demonstrates government and private support for developing the digital economy.

Airlangga, joined by Surakarta Mayor Gibran Rakabuming Raka, had the opportunity to assess the different facilities available in the area following the inauguration of the Solo Technopark.

“I hope this facility can foster new startups. We expect that this technopark will improve cross-sector and multi-stakeholder engagement, and this is an interesting approach for Solo Technopark to address all technological needs,” said the Coordinating Minister for Airlangga.

Trade Minister Zulkifli Hasan revealed that Indonesia’s crypto asset industry is rising by about 50%. According to data from the Commodity Futures Trading Regulatory Agency (CoFTRA), there were 11.2 million consumers or users of cryptocurrency assets in 2021. This figure had increased by 48.7% from the end of November 2022, when it stood at 16.55 million people.

Millennials aged 18 to 30 account for most of this group. Meanwhile, Indonesia’s physical exchange for crypto assets reached IDR 296.66 trillion (US$20 billion) in 2022. This sum is lower than the IDR 859.4 trillion (US$57 billion) projection for 2021. In 2020, the transaction value will be IDR 64.9 trillion (US$4.3 billion).

To facilitate cross-border payment using QR to boost the digital economy, Indonesia’s Central Bank (Bank Indonesia/BI) collaborated with five ASEAN countries, including the Philippines, Malaysia, Indonesia, Singapore, and Thailand. As a non-cash transaction technique, QRIS can assist partnering countries in making cross-border payments easier without using a money changer.

The central banks of the five nations have met several times to discuss the implementation of cross-border payment system connectivity in the region. Bank Indonesia launched a collaboration on payment system integration with other central banks in the area, beginning with five nations.

Other countries are also setting solid foundations. China is prepared for the next stage of the digital economy with . several local governments sharing plans to boost digital economy growth in 2023. They have called for efforts to develop blueprints for future industries such as the metaverse, an immersive virtual environment enabled by virtual and augmented reality.

Previously, consumer-oriented internet applications like e-commerce propelled China’s digital economy, but now business-oriented internet applications like industrial internet play a far more prominent role. This indicates the advancement of the digital economic model. According to a government think tank, The China Academy of Information and Communications Technology, China’s digital economy is expected to exceed 60 trillion yuan (US$8.84 trillion) by 2025.

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