Jakarta. State-owned bank BNI is focusing on improving its cybersecurity as Indonesia's digital economy grows.

According to the Indonesian Financial Inclusion Index, about 75 percent of the population has already used technology, particularly for their financial needs. These statistics show the importance of ensuring the security of online transactions.

"BNI considers securing data and digital transactions a top priority. We will continue to improve our multilayered security system with state-of-the-art technology to ensure the security of every transaction," BNI's Technology and Operations SEVP Victor Korompis told the bank's 2024 Wholesale Digital Workshop in Jakarta on Tuesday.

The workshop tackled the cybersecurity trend and challenges amidst Indonesia's growing digital economy. The theme aligns with the country's 2025-2030 payment system blueprint.

BNI's director for technology and operations Toto Prasetio said that digital transformation had become a key pillar in Indonesia's economic growth. The bank has also launched BNIdirect, an internet banking platform for corporate customers. 

"This is a platform that is designed with the most advanced technology to support our corporate customers' growth by providing a comprehensive and integrated set of solutions. We are doing all this to make sure that Indonesian businesses can adapt and grow amidst the increasingly dynamic digital market," Toto said.

Bayu Anggara Silvatika, an analyst at the Coordinating Ministry for Economic Affairs, told the same forum that the government had prepared some strategies to boost Indonesia's digital economy. This includes designing a five-pillar digital economy framework that touches on infrastructure; human capital; business climate and cybersecurity; research, innovation, business development; funding, and investment.

"We are working in parallel to work on all five pillars, but the most important pillars [that lay the foundation for the digital economy] is infrastructure and human capital, particularly on improving Indonesians' digital literacy," Bayu said.

Work is also underway to improve the regulations related to cybersecurity, according to Bayu.

Data shows that Indonesia's digital economy is forecast to reach $360 billion by 2030. But according to Boston Consulting Group's managing director and partner Nerijus Zemgulys, Indonesia is still falling somewhat behind other ASEAN countries. A 2022 World Bank data shows that the digital economy contributes 12 percent to the gross domestic product (GDP), lagging behind Singapore (37 percent), Malaysia (25 percent), and Thailand (14 percent).

Nerijus also nudged businesses to embrace digital transformation.

"We are seeing a rise in the tech-savvy generation. People now look for more personalized services, and this is why it is important for businesses to begin their digital transformation journey. Adopting artificial intelligence [AI] or GenAI, internet of things [IoT], data, augmented reality is key to drive businesses' growth and also for them to remain competitive in the market," Nerijus said.

Banks are also key to driving the digital transformation of businesses, particularly the micro, small, and medium-scale enterprises (MSMEs).

"Banks act as an anchor to help businesses digitally transform their services, particularly in regards to the supply chain. So businesses can process their orders much quicker, and customers can easily have what they need," Nerijus said.

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