Jakarta, November 30, 2023 – The advancement of digital public infrastructure (IDP) has become increasingly crucial with the development of technology and the growth of digital economic value in Indonesia. The development of IDP is of utmost importance as an enabler of financial products to enhance economic growth, social well-being, and financial inclusion. This is highlighted in the e-Conomy SEA 2022 report by Temasek, Google, and Bain & Company, which states that the digital economy of Indonesia reached USD77 billion in 2022 and could reach USD130 billion by 2025.
Three important aspects that serve as the basis of digital infrastructure provided for the public comprise a digital system for user identification, digital payment processes, and financial transactions, as well as the exchange of data or information.
During the Visionary Talk - BFN IFS 2023 titled Enabling Digital Public Infrastructure to Accelerate Fintech Innovations and Achiever Wider Outreach, Sati Rasuanto, Co-founder and CEO of VIDA, said, “Based on the world’s best practices, digital identity has become a crucial foundation for the development of IDP and the digital economy. Digital identity is needed to ensure that individuals entering the ecosystem are trustworthy players with specific, secure, and accurate verification standards for everyone.”
IDP optimization can accelerate innovation and make it more widely available to the public. It is because IDP is supported by open standards or specifications that are interoperable, enabling transparent and collaborative governance to drive innovation, inclusion, and competition on a large scale. IDP is also capable of overcoming geographical challenges and transaction costs, which can lead to more robust, innovative, inclusive, and sustainable growth, as well as more public outreach.
As a player in the financial technology sector, VIDA believes preserving consumer trust is paramount. Research conducted by VIDA in collaboration with the Katadata Insight Center has revealed that the utilization of digital identities in digital services significantly boosts consumer trust. This is done by protecting personal data, enhancing efficiency and accuracy, and streamlining the delivery of services, making them more accessible and prompt.
As an Electronic Certification Provider (PSrE) operating under the Ministry of Communication and Information Technology (Kominfo), VIDA serves as a solution for providing digital identities utilizing multi-factor authentication, electronic signatures, and identity verification. VIDA offers a seamless and legally assured process for users.
During one of the mini-stage sessions at BFN IFS 2023, Ralitsha, a Signature Inspiration Specialist, shared her view on how VIDA Sign, or VIDA’s electronic signature product, ensures the originality and authenticity of intellectual works. “VIDA Sign is based on e-KTP [electronic ID from the Home Ministry’s Population and Civil Registration Directorate General/Dukcapil] and utilizes facial authentication during digital document signing. Users should not worry about document forgeries as VIDA Sign ensures signature accuracy and improves their visual aesthetic.”
VIDA's participation in the National Fintech Month (BFN) 2023 aims to raise awareness among stakeholders about the importance of digital identity in driving the success of the IDP for the public. Besides, in collaboration with AFTECH, VIDA actively organizes various activities such as AFTECH Goes to UMN Campus, AFTECH Goes to UI Campus, AFTECH Media Clinic, and AFTECH Fintech Talk. These programs aim to enhance public awareness of digital literacy that can impact financial inclusion and the digital economy in Indonesia.
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