Jakarta, 15 Februari 2022 – Policymakers and business players in the digital era require the availability of useable and accurate data for decision-making. Bank Indonesia, therefore, has urged several international organisations to formulate a new Data Gaps Initiative (DGI) as a follow-up to the program of G20 Finance Ministers and Central Bank Governors (FMCBGs). The new DGI concept covers four main priorities, namely climate change, household distributional information, FinTech and financial inclusion data, as well as access to private sources of data and administrative data. That was the key takeaway of Bank Indonesia Deputy Governor, Aida S. Budiman, at the second seminar session, entitled Casual Talks: Exploring New Data for Better Policymaking (15/02). The seminar is part of the second day of the side events of the 2nd Finance and Central Bank Deputies Meeting (FCBD) and 1st Finance Ministers and Central Bank Governors Meeting (FMCBG) of Indonesia’s G20 Presidency, held 14-19th February 2022 in Jakarta.
In addition, Aida S. Budiman also said that Bank Indonesia has used granular, individual and per-transaction data for analysis purposes. Since 2015, Bank Indonesia has initiated various Big Data Analytics projects, primarily to analyse linkages in the financial and payment systems as well as in e-commerce and FinTech.
Furthermore, IMF Senior Resident Representative for Indonesia, James P. Walsh, confirmed that Bank Indonesia has access to comprehensive granular data. According to Mr Walsh, big data and granular data can predict the needs of the public programs required, and measure their effectiveness. Meanwhile, BCA Chief Economist, David Samual, stated that the transactional data and attributes as well as consumer behaviour data available can be considered when performing assessments of micro and macroeconomic conditions. Similarly, the Gopay Managing Director, Budi Gandasoebrata, explained how data-based companies need to prioritise policymaking based on data and analytics, using real-time data, solid data architecture and data management that prioritises privacy, security and cyber resilience.
The session intends to promote data expansion and utilise new methodologies to improve economic analysis, providing a deeper understanding of economic activity. As a policymaking institution, Bank Indonesia utilises statistical data intensively to hone policymaking towards optimal goals.