FEKDI X IFSE 2026: Perkuat Sistem Pembayaran dan Ekonomi Digital Antarnegara
Forum Ekonomi Dunia Islam (FEKDI) Irlanda FCFE Economy Forum IFSE 2026Digitals — FEKDI X IFSE — Digitals — FEKDI — IFSE 2026 —emons — FEKDI X IFSE 2026 convened economic actors, regulators, and industry leaders in Jakarta on [date], with the theme "Strengthening Payment Systems and the Digital Economy Between Countries." The forum, which has now entered its tenth iteration, positioned cross-border payment integration and digital economic cooperation as the main agenda in line with the continued growth of digital trade in the region.
The event brought together representatives from government agencies, central banks, banking and non-bank financial institutions, fintech companies, sharia finance practitioners, chambers of commerce, and associations from several countries in Southeast Asia and the Middle East. In the opening session, the organizing committee emphasized that the digital economy is no longer a separate sector, but has become a backbone of cross-border commerce, distribution, and financial services.
Payment Systems as Economic Infrastructure
From Bilateral to Multilateral Connectivity
One of the central themes discussed was the transition from bilateral payment arrangements to a more connected, multilateral payment network. Participants noted that trade flows between countries in the region continue to grow, yet the cost and time required for cross-border transfers remain relatively high. Several speakers argued that payment infrastructure should be treated as public economic infrastructure, in the same category as ports, roads, or telecommunications networks.
Digital wallets and real-time payment rails were highlighted as instruments capable of shortening settlement times and reducing reliance on correspondent banking chains. However, discussions also cautioned that speed alone is not enough: reliability, transparency, and legal certainty are equally important for businesses that use these channels for daily operations.
Islamic Finance and Digital Payments
Given FEKDI's core identity, the forum also devoted significant attention to the intersection of Islamic finance and digital payment technology. Practitioners explained that sharia-based transaction principles, including the avoidance of riba and gharar, are increasingly being adopted as design considerations in product development, from crowdfunding platforms to digital asset transactions. The panel stressed that combining compliance with technology is not merely a regulatory obligation, but a competitive differentiator that opens new market segments, particularly among Muslim consumers and small enterprises.
Harmonization of Regulations and Standards
A recurring concern in the sessions was the fragmentation of rules between countries. Speakers noted that differences in data protection, consumer protection, taxation of digital services, and licensing of payment service providers create additional burdens for companies operating across borders. Several participants called for greater harmonization, at least through common standards and mutual recognition frameworks, before any ambitious integration target could be realized.
Financial stability was another key point. The rapid growth of digital financial services has attracted new entrants, including companies that previously operated outside the banking system. While this expansion increases access to funding, regulators were reminded of the risks associated with cyber fraud, operational disruption, and the spread of misinformation through digital channels. The forum encouraged institutions to invest in cybersecurity, consumer education, and clear dispute-resolution mechanisms.
Opportunities for SMEs and Startups
Digital cross-border commerce is often associated with large corporations, but a number of sessions highlighted the role of small and medium enterprises. Integrators explained that simpler, cheaper, and more transparent payment systems can directly benefit micro, small, and medium-sized businesses, enabling them to reach customers beyond domestic markets without needing a physical presence in each country.
Startups in the logistics, e-commerce, and financial technology sectors were also encouraged to treat the Indonesian and regional market as a testing ground for cross-border business models. Some participants noted that the presence of a large and relatively young consumer base makes the region attractive, provided that regulations remain predictable and infrastructure is reliable.
Challenges Ahead
Despite the optimistic tone, several speakers acknowledged unresolved challenges. Digital divides between urban and rural areas remain significant, and infrastructure gaps persist in some regions. Human resource capacity in technology and financial services was also flagged as a limiting factor. In addition, geopolitical dynamics, protectionist policies, and the lack of binding international agreements on digital trade were identified as factors that could slow the pace of cooperation.
The forum closed with a commitment from the organizers to continue the discussion through a series of working meetings and collaboration mechanisms involving regulators, industry associations, and academic institutions. The next round of activities is expected to explore further the establishment of common standards in cross-border payment services and the expansion of digital economic cooperation between countries in the region.
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