“Augmenting literacy is just as important.”

These were the words emphasized by Indonesian behavioral finance researcher and Atma Jaya Catholic University of Indonesia Assistant Professor Stevanus Pangestu on his talk entitled “Contemporary Fintech in Indonesia and the Importance of being Financially literate” at the Ateneo de Davao University Arrupe Hall last January 20.

According to Pangestu, financial literacy enables a person in achieving financial freedom.

“To have financially literacy is to have a good behavioral attitude and financial knowledge,” Pangestu explained.

He further presented the reason behind the growth of research and journals on behavioral finance in Indonesia for the past years.

“Literacy is a subjective thing; however, people started to recognize the need and importance of having knowledge of their own behavioral attitudes towards their finances,” he added.

On Financial Technology and Inclusivity

On the other hand, Pangestu discussed that Financial Inclusivity is the main agenda of Financial Technology’s (FinTech) existence highlighting that the stereotypical notion of FinTech emerging only for the rich is what impedes the immediate augmentation of the said agenda.

“Financial inclusion enables individuals and businesses to have easier access to financial products and services however people often think that FinTech is only for the rich people that is why it would really take decades to build trust and educated the people,” Pangestu said.

He then acknowledged that there was a blueprint on Financial Inclusivity introduced in 2013 and was revised in 2014.

“With them providing the frameworks, all we have to do now is to take a look into it and adjust it into our culture,” he pointed.

The said forum was held as part of the celebration of the School and Business Governance week and was attended by students, faculty and staff from the different departments under the said school.