24 Aug, 2023
ASEAN Fest 2023: Public Education about ASEAN Chairmanship 2023
The general public, an integral part of ASEAN's progress, can take pride in Indonesia's Chairmanship of ASEAN in 2023. ASEAN Fest 2023 is an inclusive event that offers the community an opportunity to comprehend and appreciate this momentum. Organized by Bank Indonesia (BI) at the Jakarta Convention Center (JCC) from August 22-25, 2025, ASEAN Fest serves as a concurrent event to the second ASEAN Finance Ministers and Central Bank Governors Meeting (AMFGM) in 2023. It extends an invitation to the community to gain knowledge and immerse in the spirit of ASEAN 2023 through various activities including seminars, the "ASEAN Village" as a hub for cultural education, showcasing the traits and cuisines of all ASEAN nations, an ASEAN meeting museum, as well as exhibitions of SMEs and a financial inclusion festival.
"We, as all ASEAN countries, are a family, and that's what makes ASEAN significant. This forms the essence of ASEAN Fest 2023. Let's gather here each day (until August 25, 2023). Experience the cultural exhibitions of all ASEAN countries, participate in seminars, and engage in talk shows about ASEAN," Perry Warjiyo, the Governor of Bank Indonesia, urged during the inauguration of ASEAN Fest 2023. This call was succeeded by an invitation for ASEAN delegates to explore the ASEAN Village. The event buzzed with contemporary and traditional entertainment, along with school-level competitions.
As part of ASEAN Fest, the Digital Financial Inclusion (DFI) Festival is taking place, an outcome of Indonesia's Chairmanship Priority Economic Deliverables for ASEAN 2023. The DFI Festival's objective is to spotlight ASEAN's policies, best practices, and endeavors in advancing digital financial inclusion to support sustainable economic growth, while elevating public awareness of the significance of digital financial literacy. This encompasses activities such as exhibitions and seminars.
On the inaugural day of ASEAN Fest, two seminars unfolded: a High-Level Policy Dialogue titled "Frameworks for Integrated Policy: Experiences and the Way Forward," in collaboration between Bank Indonesia (BI) and the Bank of Thailand (BoT), and an International Symposium titled "Digital Financial Literacy to Promote Financial Inclusion." This symposium also marked the launchpad for educational resources on digital financial services, stemming from the collaboration between BI, the Financial Services Authority (OJK), with technical support from the World Bank.
During the first seminar, the prominence of policy mix in embodying ASEAN's global leadership was underscored. Governor Perry Warjiyo highlighted that ASEAN's policy mix implementation, including exchange rate interventions, capital flow management, and macroprudential policies amidst global uncertainties, has positioned ASEAN as a reference point. Indonesia's effective implementation of an economic policy mix, rooted in a robust conceptual framework and policy makers' collaboration through open dialogues, stands as evidence in maintaining economic stability amidst global challenges.
Simultaneously, Governor Sethaput Suthiwartnarueput of the Bank of Thailand (BoT) shared Thailand's experiences and challenges in implementing an economic policy mix. Acknowledging the formidable challenges in policy mix implementation, Governor Sethaput emphasized the necessity of robust coordination among policy makers for effective policy implementation. He emphasized the flexibility of operationalizing policy mix to match each country's circumstances and readiness.
Likewise, Deputy Governor of the Bangko Sentral ng Pilipinas, Francisco G. Dakila, emphasized the importance of optimizing a policy framework that harmonizes various policy instruments to balance the interplay of implemented policies. Francisco stressed the significance of maintaining communication given the multi-objective nature of policy mix. In the subsequent session, the discussion delved into the operationalization of an optimal policy framework to enhance policy mix integration. It was also emphasized that inflation can no longer be the sole indicator of economic expansion, hence the application of policy mix, supported by technology, to bolster economic modeling. Policy implementers should also exercise professional judgment in its application. Looking ahead, policy mix discussions within ASEAN will be further reinforced and deliberated in meetings involving Finance Ministers and Central Bank Governors.
Transitioning to the international symposium centered on financial literacy, Deputy Governor of BI, Juda Agung, presented four success stories from Indonesia that demonstrate the positive outcomes of digital financial inclusion. These stories encompass the expansion of marketing reach, the fostering of entrepreneurship and heightened productivity among SMEs through e-commerce, the efficiency enhancement of SME transactions coupled with reduced reliance on cash via digital payments like QRIS introduced by BI, the role of fintech lending in surmounting SME financing obstacles and driving business expansion, and the digitalization of bookkeeping and accounting facilitated by BI's SIAPIK (Financial Information Application System), enabling SMEs to seamlessly and securely generate standardized financial reports digitally.
Given the pivotal role of digital financial literacy, Deputy Governor Juda outlined three strategies to fortify digital financial literacy. These strategies encompass establishing an extensive, structured, and targeted framework for digital financial literacy, bolstering consumer safeguards, and fostering synergistic collaboration among governments, regulators, financial service providers, academics, and the broader public.
Esteemed speakers in these seminars included Pierre-Olivier Gourinchas (IMF), Mr. Claudio Borio (BIS), Assistant Governor Bank of Thailand, Piti Disyatat, Deputy Commissioner of OJK, Friderica Widyasari, Head of the Department of Monetary Economic Policy at BI, Firman Mochtar, Head of the Department of SME Development and Consumer Protection at BI, Yunita Resmi Sari, Aman Santosa (OJK), Bianca Isainsu (OECD), Francesco Strobbe (World Bank), and Arga M. Nugraha (Bank Rakyat Indonesia).
Anticipation was high for the multitude of seminars aligned with ASEAN's 2023 economic focus at ASEAN Fest, alongside a diverse array of educational activities. Further details about ASEAN Fest can be obtained by downloading the provided booklet:
https://www.bi.go.id/id/ASEAN-2023/Documents/E-Booklet-Acara-ASEAN-Fest.pdf