Indonesian govt promotes blockchain to widen creative financing

Jakarta (ANTARA) - Minister of Creative Economy Teuku Riefky Harsya and independent research institute Indonesia Facilitator (InFast) Bestari are promoting blockchain technology to expand financing access for creative economy players and create quality middle-class jobs.

According to a press statement received here Wednesday, Harsya said the creative economy plays a strategic role in creating jobs for younger generations while strengthening the middle class through higher incomes and purchasing power.

"Currently, around 63 percent of the 27.4 million creative economy workers are Generation Z and millennials. Each subsector has significant potential to create jobs, increase incomes and strengthen purchasing power," he said.

Blockchain is a digital system that records and stores transaction data, with each record linked and protected. It enables transactions to be tracked securely and transparently without relying solely on banks or other intermediaries.

Blockchain can also reduce fraud and errors, improve efficiency, lower costs and increase business accountability.

Strengthening the financing ecosystem is essential to supporting creative economy players. His ministry is promoting collaboration among government, academia, businesses, communities, media and financial institutions through a hexahelix approach, Harsya said.

Under the scheme, digital technologies such as blockchain can help provide alternative financing, particularly for creative economy players with limited access to capital to expand businesses and bring their work to market.

"We want to introduce an innovative financing solution that leverages digital technologies such as blockchain to strengthen Indonesia's creative economy ecosystem," Harsya said.

The scheme could be developed in collaboration with Bank Indonesia and the Financial Services Authority (OJK), including through programs such as Ekraf Data and Dana Ekraf, he said.

The ministry also considers stronger creative economy financing important not only for business growth but also for sustaining the middle class.

Wider funding access is expected to help creative entrepreneurs expand production, create jobs and increase their incomes, Harsya said.

InFast Bestari also highlighted economically vulnerable members of the middle class. Its Director of Research and Database Hizkia Yosias Polimpung described them as the "missing middle," who face economic pressures but do not qualify for social assistance.

"The middle class is financially above the social assistance threshold but still struggling to make ends meet. We propose providing scaffolding, a cushion to prevent their economic situation from plummeting further," Polimpung said.

Strengthening creative economy financing is part of that effort. With stronger financing and a business ecosystem, the creative industry could drive job growth while supporting middle-class consumption, he said.

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Translator: Fitra Ashari, Resinta Sulistiyandari
Editor: Rahmad Nasution
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