Indonesia’s central bank Bank Indonesia has launched a national payment roadmap for the country – “Indonesia’s Payment System (IPS) 2025 Visions”. It aims to accelerate the country’s digital economy and financial development. The regulator said in a statement the IPS 2025 Visions roadmap is structured to ensure the current trend of digitization develops within conducive digital, economic and financial ecosystems. It added that the visions are an optimal response to the recent proliferation of digitization that has significantly altered the risk landscape, namely through cyber threats, monopolistic competition and shadow banking. The IPS 2025 Visions will materialize through 5 initiatives that will be implemented directly by Bank Indonesia through productive collaboration and coordination with relevant government ministries and institutions and industry. These initiatives are digital open banking and interlining banks with fintech companies through Open API standardization, development of retail payments, oriented towards providing real-time and seamless payments, available 24×7 and delivered with better security and efficiency, development of wholesale payments and financial market infrastructure to support monetary policy, financial system stability and interlinked financial market infrastructure, developments in data, including a digital ID system and data hub, as well as data protection regulations that encompass consumer consent and cloud policy and improvements in regulatory, supervisory, licensing and reporting frameworks.
