SME Webinar in Indonesia: Promoting Secure Digital Payments for Indonesian SMEs

Background
The US-ASEAN Business Council is pleased to introduce a new initiative, COVID-19 SME Webinar Series: Promoting Secure Digital Payments for Indonesian SMEs as a part of the ASEAN SME Academy.
Indonesian SMEs play a prominent role in driving the Indonesian economy. SMEs have absorbed 11.68 million or around 60% of the total Indonesian workforce, which is also accounted for 60.34% of the national Gross Domestic Product (GDP) in 2018. However, they are also among the most affected important players during the COVID-19 crisis. Given the importance of SME and the most recent projection of the International Monetary Fund (IMF) – which lowered the GDP growth projection for 2020 to 0.5% from 5.0% in the prior year – it is vital for SMEs to be more resilient amid the disruption and to protect Indonesia’s economic stability.
Although the economic slowdown seems unavoidable, this is an opportunity to leverage the power of the internet and accelerate the pace of digitalization. Choosing the right digital tools and maximizing digital payments will increase access to goods and services while in quarantine or social distancing is of paramount importance. The benefits of using digital payments are limiting in-person transactions and ensuring consumers can buy essentials from the comfort of their homes.
However, an increasingly digital world also carries risks. Inadequate internet protection systems and cybersecurity attacks have been problematic in Indonesia. Therefore, since Indonesia’s digital economy is the largest in Asia valued at US$ 40 billion, it is important to manage and protect the digital activity, including the digital activity of businesses, to ensure the safety of operations.

Objectives

• Help SMEs adapt to the COVID-19 crisis and continuously strive in a post-COVID environment.
• Promote the benefits of digital payments and upscale SMEs’ digital skills to be more competitive.
• Introduce the importance of cybersecurity to small business.