Open Banking Framework could Give a Boost to Indonesia’s Digital Economy

Indonesia’s financial services industry is being advised by Bank Indonesia (BI), to develop an open banking system, with the aim of boosting financial inclusion. Under an open banking framework, customer data may be shared with approved third parties, like financial technology (fintech) firms, allowing both groups to access valuable customer information.

According to BI Payment System Policy Executive Director, Erwin Haryono, such a platform would allow banks to accelerate their digital transformation efforts. Further, the open-banking framework would contribute towards the creation of a unified national payment system by 2025.

As BI formulates regulations on open banking sta...