Indonesia’s central bank optimises big data to boost growth
The Bank Indonesia (BI) – the central bank - has made optimum use of big data to formulate policies expected to speed up the national economic growth, said BI Deputy Governor Erwin Rijanto.
Jakarta (VNA) – The Bank Indonesia (BI) - the centralbank - has made optimum use of big data to formulate policies expected to speedup the national economic growth, said BI Deputy Governor Erwin Rijanto.
By taking advantage of big data, the BI is ableto predict something more accurately and quickly, Rijanto said after opening aninternational seminar on big data in Bali.
Rijanto said nearly 30 percent of the world’scentral banks, including the BI, have used big data to build policies. These policies are related to monetary and macro-prudentialanalyses, financial system stability, information needs and new researches, hesaid.
The other advantages of big data are new indicators whichenable the central banks to map the linkage of financial institutions through anetwork analysis to mitigate the systemic risks of the financial system, Rijantosaid.
In addition, big data will also enable theirusers to identify economic behavior through the analysis of transactional dataand unstructured data such as news stories and social media, he said.
According to the official, the BI can also monitor public expectationand perception of the bank’s policies more accurately.
However, the main challenges of taking advantageof big data are related to the exploration of big data and complicated process,not to mention good governance, time and human resources, he said.
Big data refers to voluminous amounts of structured orunstructured data that organizations can potentially mine and analyze forbusiness gains.-VNA
Vietnam’s banking sector has invested in developing technology amid the sweeping changes the 4th Industrial Revolution is bringing to the way people live and work.
Vietnam has made progress in applying applications of the fourth industrial revolution (Industry 4.0) in various areas of life, including smart urban development.
The cloud computing market in Vietnam will see a boom in the next two or three years and become an important factor for the development of the Fourth Industrial Revolution in the country, according to Nguyen Tien Dung, Director of Viettel IDC.
The Vietnam CEO Summit 2018 opened in Hanoi on July 25, drawing more than 400 delegates from leading firms in Vietnam, as well as economic, financial, and artificial intelligence (AI) technology experts.
The 23rd Vietnam ICT Outlook (VIO 2018) workshop themed “Innovation in the Digital Era” kicked off in Ho Chi Minh City on July 26, attracting 1,500 delegates from ministries, departments, sectors, and local authorities nationwide.
Coordinating Minister for Economic Affairs Airlangga Hartarto and EAEU Trade Minister Andrey Slepnev jointly declared the conclusion of FTA talks on the sidelines of the 28th St. Petersburg International Economic Forum (SPIEF 2025), according to the statement.
The article stressed that throughout his revolutionary career, the founder of modern Vietnam consistently regarded the revolutionary press as a vital part of the Vietnamese Party’s and nation’s revolutionary struggle.
Pichai said the trade talks with the US are important and need to move forward professionally, without regard for any political changes in Thailand, believing that Thailand has clear principles, guidelines and procedures in place.
The tax adjustment supports the Malaysian Government’s strategy to reduce reliance on foreign food supply chains and to assist domestic farmers, a finance official has said.
The proposed venue is located in the Chatuchak area of Bangkok, featuring eight public sites, including Krungthep Aphiwat Central Terminal and several nearby parks.
Connectivity is expected to improve further with the completion of the fifth Laos–Thailand Friendship Bridge by the end of 2025, facilitating logistics and agricultural exports to Vietnam, Thailand, and China.
Two naval gunboats intercepted a fishing vessel carrying 1.5 tonnes of methamphetamine hydrochloride off the coast of the main island of Luzon just before dawn, in a joint operation with the Philippine Drug Enforcement Agency.
In the today context of socio-economic development and growth, the professionalism of Vietnam’s revolutionary journalists continues to rise, guided by exemplary mastery of new information technologies and the modernisation of their founding principles to preserve the enduring values of revolutionary journalism.
Thai Permanent Secretary of the Ministry of Commerce Vuttikrai Leewiraphan Thailand's formal proposal will be substantial enough for the US to consider further detailed negotiations. He hoped for a tariff rate not exceeding 10% and suggested that the US might extend the negotiation period if an agreement is not reached by the July 8 deadline.
Organised by the Ministry of Culture and the Association of Thai Silk & Culture Promotions, the event honors Her Majesty the Queen on her 47th birthday anniversary and promotes Thai craftsmanship on an international stage.
Prensa Latina's recent article on Vietnam’s assurance of smooth and effective transition to a leaner structure highlighted Prime Minister Pham Minh Chinh’s latest directions on implementing 28 resolutions regarding the decentralisation and delegation of authority.
The lab focuses on four key thematic areas: energy transition and green innovation, sustainable agriculture, circular economy and sustainable cities, and nature-based solutions and biodiversity.
The key content of the document titled "Accelerating Innovative Strategies: Addressing the OOSCY Challenges" will be refined further in a seminar preceding the 47th ASEAN Summit in Kuala Lumpur this October.
This follows Telegram’s serious failure to address the content that has been repeatedly reported to them, despite various efforts of negotiation and cooperation made by MCMC, it said.
Efforts to empower women must transcend dialogue and translate into concrete commitments, including corporate pledges and government partnerships, according to the spouse of Malaysian Prime Minister Anwar Ibrahim.
The forum featured two in-depth discussion sessions, engaging representatives from governments, think tanks, and businesses from both ASEAN and China, on how to forge closer ties for a common future.
The new FIFA Hub in Jakarta will not only support football development in Indonesia but also serve as a coordination centre for 21 football associations across Southeast and East Asia.
Minister Counselor Nguyen Hoang Nguyen reaffirmed Vietnam’s principled and consistent stance on the Palestine issue, calling for an immediate and lasting ceasefire across the entire Gaza Strip.
PM Anwar Ibrahim affirmed the determination of Malaysia, as ASEAN Chair for 2025, to utilise all viable regional mechanisms of the bloc and work with partners to de-escalate violence and restore a peace process led by Myanmar.
Bank Indonesia (BI) (Photo: Antara)
