However, financial access has not translated into better financial well-being. Jobs remain scarce, wages stagnant and housing increasingly unaffordable. Debt burdens are growing while credit quality is declining. Access alone is clearly not enough.

As our financial system becomes increasingly digitized and data-driven, Indonesia must now focus on using data in a way that empowers consumers and builds long-term trust. Lenders and fintech firms are already using consumer data to develop products, assess risks, and target customers. As a result, even underbanked and unbanked Indonesians can now complete a loan application in under 10 minutes.

But without clear guardrails, these digital advances risk prioritizing profit over sustainable financial wellbeing. Tools meant to personalize financial services can end up enabling only short-term profit maximization. This is why Indonesia must adopt an ethical business mandate, a principled framework that prioritizes long-term consumer trust, financial resilience and stakeholder accountability.

Ethical business principles help balance the profit motive with protection of consumers. By recognizing consumers as foundational stakeholders of the Indonesian economy, we ensure their wellbeing is not sacrificed for short-term financial gain.

With Indonesia now revising its National Financial Literacy Strategy and Financial Services Roadmap for the 2026–2030 period, the country has a timely opportunity to embed these principles.

To ensure that the increasing quantity of data available in today’s society and economy is used ethically and responsibly, lawmakers and regulators might want to consider the following recommendations: