This project targets the largest archipelago in the world, Indonesia, and gathers four European (University of Limoges (France), Bangor University (United-Kingdom), the University of Rome III (Italy) and the Technological University of Crete (Greece)) and six Indonesian (Universitas Sriwijaya, Syiah Kuala University, Universitas Tanjungpura, UIN Syarif Hidayatullah, Universitas Sebelas Maret and Institut Teknologi Bandung) universities as well as associated partners from governmental bodies and the civil society (Indonesian Central Bank, Indonesian Deposit Insurance Corporation, Indonesian Finance Association…) with the aim of integrating and enhancing research capacities and PhD programs in the field of Banking and Finance. According to the European Report on Development 2015 “Indonesia Country Illustration”, there is a strong need to strengthen the financial sector and financial stability in Indonesia which cannot be achieved without improving the quality of research in the area of banking and finance. The beneficiaries of the project are the faculty members, the PhD students and the graduate and undergraduate students of the 6 Indonesian partner universities but the project's outputs will also serve financially excluded households, microenterprises as well as the banking industry, the central bank, regulatory bodies and policy makers. The project involves some associated partners which are banking regulators and official bodies in addition to universities. The project’s outputs will strengthen the link between universities and the banking and financial sector with a broader dissemination to the society as a whole by targeting community services on financial inclusion and financial literacy to contribute to higher standard of living for a large portion of the population.
The project’s goal was to improve research capacities in banking and finance in Indonesia, which is beneficial to the research community and the higher education teaching programs from the undergraduate to the graduate levels, for the financial system as a whole, and more specifically for the banking industry, bankers, regulatory bodies, policymakers, and society.Its specific objectives were: 1.to increase the international exposure of Indonesian junior and senior researchers to high research standards through research training in Europe, collaborative research, summer schools, and visits of European researchers in Indonesian universities (note that the activities in the final year were conducted online due to pandemic-related travel restrictions);2.to revitalize the existing Ph.D. Programs in Economics and Business by improving the teaching standards and introducing new banking and finance courses in existing Master's and undergraduate programs in two pilot universities. These new courses are based on the courses/modules designed and presented at a workshop in Solo by experienced researchers in European universities and Indonesian policymakers, emphasizing state-of-the-art techniques, covering methodological aspects, and considering recent banking industry issues; 3.to enhance the governance of research activities and Ph.D. Programs in Economics and Business by exchanging best practices in managing research centers and Ph.D. programs and creating and developing an international research framework between Indonesian universities and European partners that have very different organizational forms; by organizing seminars on the exchange of best practices in Europe as well as a dedicated session during the Final Conference to transmit participants' know-how to a broader audience;4.to increase higher education sector engagement in banking and finance, knowledge sharing, and consultation with practitioners (bankers, regulators, supervisors, and policymakers) by organizing workshops and conferences. Seminars/sessions were organized to tackle digital transformation in public finance in a community service program, and discuss the future challenges for the banking Industry attended by regulators, academicians worldwide during the OPTBANK Final Conference. Moreover, the project also aimed to disseminate financial know-how and improve financial literacy through thematic community service programs. Note that because the final years of the project coincided with the pandemic, the organizers faced constraints to conducting them in far-flung areas and financially-excluded communities. Instead, webinars on the importance of financial & digital literacy especially during the Covid-19 were organized in Bandung and Surakarta. Moreover, Indonesian partners in collaboration with the Indonesia Financial Services Authority also organized a webinar on peer-to-peer lending and its challenges to entrepreneurs, which is particularly relevant in Indonesia's case where various fintech companies continually emerge, primarily aimed at improving financial inclusion.