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Indonesia Launches New Domestic Payment Scheme to Protect Against 'Geopolitical Consequences'

Indonesia, one of the largest and fastest-growing countries in Southeast Asia, has announced the introduction of a new domestic payment system to protect against potential "geopolitical ramifications". The new system aims to reduce dependence on foreign entities and increase control over the domestic financial system.

In recent years, Indonesia has experienced an increase in foreign investment and a growing share of foreign entities in the domestic financial sector. While these investments have contributed to the country's economic development, the Indonesian government is aware of the potential risks of over-reliance on foreign players.

The introduction of the new domestic payment system is intended to strengthen Indonesia's financial sovereignty and minimize the impact of foreign factors on the domestic economy. The new system will cover both banking and mobile payments, allowing Indonesians to make payments within the country with minimal interference from foreign financial institutions.

The key element of the new payment system will be the development of a technological infrastructure that will enable safe, fast and reliable processing of transactions. Indonesia plans to use cutting-edge technologies such as blockchain and artificial intelligence to ensure the security and efficiency of the system.

The introduction of a new national payment system also aims to promote financial social inclusion. Currently, many areas in Indonesia still have limited access to traditional financial services. The new system is to enable citizens from different regions of the country to have easier access to electronic payments and financial services, which will contribute to economic growth and poverty reduction.

One of the key challenges related to the introduction of the new payment system will be public education and awareness. The Indonesian government is planning information campaigns and training to help citizens understand the benefits and principles of the new system.

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