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ASEAN Indo-Pacific Forum 2023: Bridging Digital Divide - Digitizing Infrastructure & MSMEs
In order to strengthen collaboration between the private and public sectors in the Indo-Pacific region, the 43rd ASEAN Summit held the ASEAN Indo-Pacific Forum 2023.
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In order to strengthen collaboration between the private and public sectors in the Indo-Pacific region, the 43rd ASEAN Summit held the ASEAN Indo-Pacific Forum 2023. In this forum, group president and chief executive officer of Maybank Dato’ Khairussaleh Ramli, appeared as one of the panelists in the panel discussion session on the sub-theme III, Inclusive Digital Transformation, titled “Bridging Digital Divide: Opportunities and challenges in Digitizing Infrastructure & MSMEs”.
During the forum, Dato’ Khairussaleh Ramli discussed the development of an inclusive digital transformation, particularly in Indonesia. Some of the topics discussed included the rapid progress of digital transformation in Indonesia, starting with the emergence of Gojek followed by other start-ups like GoTo, Tokopedia, Bukalapak and similar companies. One significant development is the emergence of marketplaces that people use to market products, both for B2B and B2C purposes. These marketplaces provide convenience for MSMEs to join, display and market their products, supported by digital payment facilities that have formed their own ecosystem.
Another emerging trend is the growth of funding and financing provided by fintech companies and digital banks, adding financing options from banking services. The arrival of marketplaces has closely tied digital payments and financing to diverse cashflow patterns, becoming a new trend. Dato’ Khairussaleh Ramli also noted that the government, particularly Bank Indonesia (BI), has been supportive of the digital transformation. Over the past three years, BI has introduced various initiatives to support digital payments, such as QRIS and SNAP, as well as providing digital payment infrastructure. Furthermore, the government and BI have encouraged digital financial transactions. The Financial Services Authority (OJK) has also introduced a regulatory sandbox, providing opportunities for banks in Indonesia to conduct experiments using non-traditional data for credit scoring.
Dato’ Khairussaleh Ramli also discussed initiatives to promote financial inclusion and sustainability, including in the MSME sector. These initiatives have encouraged various banking institutions to implement the Sustainable Development Goals (SGDs) agenda by reaching out to the MSME sector. Maybank, being present in 10 ASEAN countries, is currently the only bank in ASEAN to achieve this and is ranked fourth-largest bank by assets, amounting to US$220 billion. In Indonesia, Maybank employs around 11,000 staff out of a total of 43,000, which accounts for nearly 25 percent of the bank's employees.
