Rapid development of financial technology (fintech), which involves the delivery of financial services that use the latest technology and innovation to compete with the world's traditional financial methods, is also visible in Indonesia.
The Queen of the Netherlands, Maxima, visited Indonesia between 11-13 February 2018 to monitor the progress of Indonesia's Financial Inclusion Program, a program that was launched in August 2016 during Maxima's last visit to Indonesia. Hence, during her latest visit, the Dutch Queen came in her role as the United Nations Secretary-General's Special Advocate for Inclusive Finance for Development.
The low level of financial inclusion in Indonesia is not good for the economy. The central bank of Indonesia (Bank Indonesia) said it could encourage further growth of the shadow economy. This could then jeopardize Indonesia's financial system stability. Being unrecorded, the shadow economy could trigger sudden shocks within the economy.
Queen Máxima of the Netherlands, who was in Indonesia for a three-day visit (30 August - 1 September), emphasized the importance of financial inclusion. Máxima, who came in her role as United Nation's Secretary-General's Special Advocate for Inclusive Finance for Development (UNSGSA), met several high-positioned policy makers and officials (including Indonesian President Joko Widodo) in Jakarta and made a field trip to a school in Bogor (West Java) to inspect a student savings program that was initiated by Indonesia's Financial Services Authority (OJK).