of information technology, we expect that the launched electronification program may serve as a drive to answer this challenge by providing services to such people in a safe and efficient manner. ladies and gentlemen, distinguished guests, bank indonesia ’ policy to promote less cash society 26. bank indonesia ’ s authority in payment system is embodied in the following 4 roles : ( 1 ) establishment of policy, ( 2 ) authority in the entry and exit policy of payment system industry, ( 3 ) payment system operators, and ( 4 ) oversight. through such 4 roles, we may determine the future direction of payment system development. 27. the established policy is directed to achieve targets of non - cash transactions of up to 2. 4 times of gdp by 2015 and 3 times of gdp by 2016. the entry and exit policy aims to make the payment system industry healthier and ready to compete with the global industry. as an operator, bank indonesia consistently builds a safe and reliable payment system following the requirements of the community and payment industry. lastly, bank indonesia continuously strengthens payment system oversight to ensure any payment system development innovation is followed by good risk mitigation aspect which in turn will increase public trust in non - cash payment system. 28. to boost non - cash expansion, bank indonesia has launched less cash society achievement strategy in 4 focus activities, namely ( 1 ) change of public culture bis central bankers ’ speeches towards non - cash transactions, ( 2 ) expanded services of non - cash payment, ( 3 ) development of supporting infrastructure, and ( 4 ) alignment of regulations. 29. first, culture change strategy will be realized through an integrated campaign involving all stakeholders. we will seek facilitation with the government and the relevant institutions which may potentially serve as the catalyst of use of payment system electronification. the efforts made jointly by bank indonesia and the industry among others are e - ticketing cooperation in public transportation sector and development of government ’ s assistance distribution ( government to people ). 30. on the other hand, we are also seeking to increase public awareness on non - cash transactions through a sustainable education program, like integration of non - cash study into the education curriculum. 31. second, expanded payment electronification is also an integral part of financial inclusion policy to increase the access of unbanked people to financial institutions. through the use of information technology, we expect that the launched electronification program may serve as a drive to answer this challenge by providing services to such people in a safe and efficient manner. 32. bank

agus d w martowardojo : the future of asia ’ s finance – financing for development welcoming remarks by mr agus d w martowardojo, governor of bank indonesia, at the joint imf - bank indonesia conference “ the future of asia ’ s finance : financing for development ”, jakarta, 2 september 2015. * * * • honorable managing director christine lagarde, the co - host of this conference ; • honorable minister bambang brodjonegoro, • honorable governors, deputy governors, ambassadors, representatives from regional and multilateral institutions, business community, our colleagues from academics, distinguished panelists, • ladies and gentlemen, good morning and warm welcome to all of you. 1. it offers me great pleasures to welcome you to this conference jointly co - hosted by bank indonesia and the imf with the topic of “ the future of asia ’ s finance : financing for development. ” the topic is indeed crucial considering wide financial gaps still exist in the region. in this regard, searching for an optimum financing would be challenging in the midst of current circumstances. 2. before i share my views on financing issues, allow me to discuss the global economic development. asia ’ s finance is now facing great challenges. in the near term, we may still confront an episode of heightened capital flows volatilities as consequences of unfavorable global economic condition. sluggish global economic growth continues to depress production and outlook. strong u. s. dollar following partial u. s. recovery and easing in europe and japan have tested some of asia ’ s economic buffers. weak commodity price has significantly hurt exports of some key regional economies. and more recently, china ’ s decision to rejuvenate its moderating growth through exchange rate policy has made the risk of external funding intensified. in fact, the increasing, yet again, global financial volatility, in a tune of 2013 global tantrum, is happening as we are sitting here, and it has led to a pull - back in capital flows from some emerging markets, including in asia. 3. while asia has remained broadly resilient to the risks, and it has led global growth for the past thirty years, its role to support global economic recovery seems to be weakening a little bit. a number of emerging market economies in the region are experiencing a declined economic growth and facing increased financial vulnerability, mostly related to capital reversal. 4. asia definitely needs the right policy mix to secure growth and