QRIS Drives Financial Innovation and Inclusion in Indonesia

Transforming Credit Assessment for MSMEs

The adoption of Quick Response Code Indonesian Standard (QRIS) in Indonesia is revolutionizing financial services by enabling innovative credit scoring mechanisms for Micro, Small, and Medium Enterprises (MSMEs). PT Bank Raya Indonesia Tbk. (AGRO) has started using QRIS transaction data alongside EDC BRI transactions to assess merchant creditworthiness ¹

Digital Footprint Analysis

Bank Indonesia's Deputy Governor, Juda Agung, explained that QRIS creates a digital footprint that can be analyzed using Artificial Intelligence (AI) to determine credit eligibility. This includes income, expenses, savings, and customer data, effectively creating an alternative credit scoring system ¹

Government's Digital Economy Vision

Coordinating Minister for Economic Affairs, Airlangga Hartarto, highlighted QRIS's success with 57 million consumers and 39 million merchants already using the system. The government projects the digital economy to grow from $90 billion to $360 billion by 2030 under the ASEAN Digital Economic Framework Agreement (DEFA), with potential to reach $600 billion ²

Technological Integration

Bank Raya is enhancing its digital lending products by developing credit scoring that analyzes application data, user behavior, and repayment capacity. The bank is also adopting technologies like Robotic Process Automation and AI Voice Bot to improve operational efficiency ¹