Bank Indonesia (BI), in partnership with the Jakarta Provincial Government (Pemprov DKI), announced the launch of a new program aimed at enhancing the digital economy in 20 traditional markets. This initiative is part of the government's efforts to improve the efficiency of traditional markets and promote financial inclusion, officially inaugurated on February 13, 2026.
Lili Mushamad Sadli, Deputy Head of Bank Indonesia's Jakarta branch, stated that the program embodies collaboration among various stakeholders to create a modern, efficient, and integrated market system. This program is expected to stimulate the local economy and enhance Jakarta's status as a global city.
Event Details
The "Comprehensive Market Digitization" program aims to promote the use of digital payments through the QRIS (Indonesian Standard Quick Response Code) system in traditional markets. It also seeks to increase the number of participants from payment service providers, both from the banking and non-banking sectors, facilitating merchants' adoption of this technology.
The initiative includes providing a range of new services that enable merchants to conduct transactions quickly, securely, and affordably. Preliminary data has shown a significant increase in the number of merchants starting to use the QRIS system, reflecting the program's success in achieving its objectives.
Background & Context
Indonesia is one of the largest economies in Southeast Asia, with the informal sector contributing significantly to the economy. However, many merchants in traditional markets still face challenges in accessing modern financial services. Therefore, this program represents an important step towards integrating this segment into the digital economy.
Historically, traditional markets in Indonesia relied on cash transactions, making them vulnerable to various risks. With the increasing use of technology, it has become essential to modernize these systems to meet the changing needs of consumers.
Impact & Consequences
This program is expected to enhance financial inclusion, enabling merchants to access better financial services, such as loans and insurance. It will also improve business management by providing digital tools that help track sales and expenses.
Moreover, the increased use of digital payments will enhance the efficiency of business operations, leading to higher productivity and economic growth. This shift towards digitization may also attract foreign investments to the Indonesian market.
Regional Significance
Indonesia's experience in enhancing the digital economy serves as a model that Arab countries can benefit from. Many Arab nations face similar challenges in integrating the informal sector into the digital economy. The lessons learned from this program can assist in developing similar strategies in the region.
Amid rapid digital transformations, promoting financial inclusion and digitization in traditional markets can contribute to sustainable development in Arab countries.