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BCA Brings Blockchain Technology Into Indonesia’s Prestigious Digital Economy Market

 

  • Indonesia’s digital economy market is expected to reach US$100 billion in 2025
  • Indonesian e-commerce transaction surged by 151%, from Rp30,942 trillion (2017) to Rp77,766 trillion (2018)
  • Internet penetration in Indonesia stood at 64.8% of Indonesia’s total 264.7 million population.
  • BCA is the largest private bank in Indonesia and one of the banks with the largest share capitalization in Southeast Asia

PT Bank Central Asia Tbk (BCA), the largest private bank in Indonesia and one of the banks with the largest share capitalization value in Southeast Asia, encourages financial businesses to innovate by adopting the blockchain technology to support digital economy in Indonesia amidst rapid technological revolution.

BCA’s initiative to drive the adoption of blockchain technology in Indonesia is very prospective as the country is seen to be very lucrative in terms of digital economy market. Currently, Indonesia is the third top country with the largest digital markets in Asia, following after China and India.

In the Southeast Asia Economy report, Google Temasek projected Indonesia’s digital economy to reach US$27 billion in 2018. Bank Indonesia’s data revealed that Indonesia’s e-commerce transaction stood at Rp77.766 trillion in 2018, which is a 151% increase compared to last year’s Rp30.942 trillion. In 2025, Indonesia’s digital economy market is forecast to rise up to US$100 billion.

Indonesia’s digital economy potential is further confirmed with the significant number of active internet users. According to a report by the Indonesian Internet Service Providers Association (APJII), at least 171.17 million of the total 264.7 million Indonesian population are connected to the internet, with 90% using their smartphones to access internet.

To drive the adoption of blockchain technology innovation, BCA holds its annual IT competition dubbed Financial Hackaton (Finhacks) 2019, entering its fourth year in Indonesia. And focuses on the application of blockchain technology to support the financial industry.

“BCA Finhacks 2019 #blockchainnovation is the biggest blockhain competition in Southeast Asia and a platform for IT practitioners to gather, collaborate, and innovate to create solutions for the financial sector. Their innovations are expected to connect the nation’s digital market, especially the financial sector, into the gate of worldwide digital economy,” said BCA Vice President Director Armand W Hartono.

BCA Finhacks 2019 #blockchainnovation rundown is as follows:

1. Registration

2. Idea Submission
Three categories of blockchain implementation:

  • Interbank Settlements and Payments
  • Identity Management
  • Financial Inclusion

3. Roadshow in four cities:

  • JakartaAugust 24th, 2019
  • SurabayaAugust 31st, 2019
  • BaliSeptember 7th, 2019
  • Yogyakarta, September 14th, 2019

4. Idea Elimination

5.Prototype Development

6. Demo Day

Demo Day will be the final round of the entire event, in which 15 Finalists will compete to win a total prize of Rp520 million. Fifteen finalists will be presenting their innovative ideas and demonstrate the prototypes they developed. In addition, each finalist will be given a booth to showcase their work and will be judged by the juries board and visitors.

If you have an awesome idea about leveraging blockchain technology to support Interbank Settlements and Payments, Identity Management, or Financial Inclusion, it’s time for you to shine! Register yourself and submit your brilliant ideas at https://finhacks.id

Source: PT Bank Central Asia Tbk

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