In his speech to inaugurate the Indonesian Digital Economy and Finance Festival in Jakarta on Thursday, Jokowi said that thet more than 64 million SMEs in Indonesia could significantly propel the country's economic growth once they connected to the country's digital payment platforms.

"Digital transformation must be just and inclusive. People on the margins, low-income people, micro, small and medium enterprises [MSMEs] must get equal access and treatment," President Jokowi said in a statement published on Thursday.

Jokowi also called on Bank Indonesia and the Financial Services Authority (OJK) to provide more protection for digital payment services used by SMEs in the country.

In his speech, the President said he expected digital payments to more than double by 2030 to US$760 billion. 

Meanwhile, Coordinating Economic Minister Airlangga Hartarto said that Indonesia had grown into a digital economy powerhouse in ASEAN, jumping 11 spots in the World Digital Competitiveness Ranking last year.

Airlangga also claimed that Indonesia had become the second most important destination for investment in the digital economy in ASEAN.

"E-commerce in Indonesia makes up 40 percent of the market size of ASEAN, and in 2023 the value of transactions reached $77 billion," Airlangga said.

In recent years, Indonesia has taken the lead in digitalizing payments, as well as the greater use of local currencies in the region.

In November 2022, Indonesia, Malaysia, Singapore, the Philippines and Thailand signed an agreement to implement regional payment connectivity, with the nations choosing to adopt the Quick Response Indonesia Standard (QRIS). Currently, QRIS can already be used in Thailand and Malaysia.