JAKARTA, Indonesia -- In bustling Indonesia, with its youthful population, one might assume that digital prowess would be the answer for financial firms looking to unlock a treasure trove of untapped potential.

However, two chiefs heading Indonesian units of Korea's top financial companies -- Mirae Asset Securities and KB Kookmin Bank -- said that mere possession of technology was not enough.

“Technology is an enabler, not a solution,” Mirae Asset Sekuritas Indonesia President Director Shim Tae-yong said during a session about Indonesia’s innovative industry and rapidly changing market at the Korea-Indonesia Cooperation Forum held in Jakarta on Thursday.

Themed "K-Wave & I-Wave, Together for the Future,” the forum marked the 50th anniversary of bilateral diplomatic ties between Korea and Indonesia.

“Digitalization has markedly improved the financial inclusion of the nation. It’s time for the government, regulators, and private sector to accelerate the financial literacy of the nation through digital initiatives,” he said.

KB Bukopin Bank President Lee Woo-yeol also stressed that technology enables cost savings and the easier delivery of excellent services to customers, however, the philosophy of the company is more important in effectively utilizing that technology.

"It is crucial to determine what and how one wants to achieve with digital technology,” Lee said.

Lee underscored that over 50 percent of Indonesia's population currently lacks access to banking services. The Indonesian unit of the Korean bank is actively considering strategies to attract these customers and facilitate their convenient adoption of digital banking services.

Meanwhile, following the discussion on Indonesia's innovative industry, the next session delved into carbon capture and storage technology and emissions reductions in the age of climate change.

During the following session, Cho Won-dong, the adviser of Karbon Korea, discussed the firm's plan to implement carbon capture and storage technology in Indonesia.

"To bury the carbon, there has to be a gas well or oil well. But the problem is that the country using gas and oil is not the same as the one producing them," he said.

He further explained that when carbon is captured in Korea, it cannot be stored in oil or gas wells located in Indonesia due to restrictions on cross-border transfers. Karbon Korea aims to address this challenge through projects funded by the Asian Development Bank with $20 million.