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Indonesia’s Latest Super App to Support Financial Inclusion

The rise of four unicorns and one decacorn in the Indonesian fintech industry illustrates that it is one of the most competitive and dynamic in ASEAN. Despite its infancy, the country is home to 20% of all fintech companies withinside the Southeast Asian bloc, which is expected to generate US$8.6 billion in revenue over the subsequent 5 years.

Along with e-commerce, the fintech industry is one of the most funded, and it is dominated by peer-to-peer (P2P) lending (50%) and e-payment (23%) platforms. Despite the fact that Indonesia has over 300 fintech companies, foreign investors will find that the industry has yet to attain its complete potential. One factor is that 60% of the country’s workforce is in the informal sector, and many micro, small, and medium-sized enterprises (MSMEs) have little get entry into bank financing because they, too, are mostly in the informal sector.

The rapid development of financial technology platforms additionally contributes to the growth of the fintech industry. Recently, a global provider of eCommerce and fintech solutions announced the launch of its first-ever super app in Indonesia, which will integrate all its mobile e-commerce and fintech solutions for easier access and interoperability.

Last year, the fintech solutions provider and the country’s social security programme provider, Koperasi Mona Santoso Berjaya (KMSB), agreed to jointly own and operate a new mobile fintech platform that will deliver mobile financial services. The company will provide platform design and technology, management, ongoing hosting, and technical support through its Indonesian operations. KMSB will facilitate the microlending programme by establishing financial institutional relationships.

Moreover, the super app will allow users to access the company’s e-Wallet, hyper-local food delivery, and other mobile eCommerce solutions, in addition to its newly unveiled mobile fintech platform for microlending, driver’s licence testing payments, and mental health consultations.

According to the president of the fintech solutions company, the new super app represents a significant step toward improving the lives of millions of Indonesians who do not have access to traditional financial, payment, and health services. Instead of having to switch between apps for those essential services, Indonesians will gain access to a convenient, all-in-one app, as well as benefit from the integrated interoperability and data sharing between them.

OpenGov Asia earlier reported that rising digital payments transactions reflect the evolving digital financial literacy of the Indonesian population. It also demonstrates the increasing acceptance of fintech and e-commerce services in the country. BI foresees that the uptake of digital transactions will continue with e-commerce and e-payments growing by 33.2% and 32.3%, respectively in 2021.

As more e-wallet players transition to multi-line businesses to provide financial services, the industry must strengthen interlinkages among providers to provide a more seamless experience for customers.

Banks should incorporate the open banking era by adding more application programming interfaces (APIs) that e-payment players, FinTech’s, and other digital platforms can easily access. Banks will be able to create a comprehensive payment ecosystem, tap into the existing ecosystem, and broaden access and market to offer their services by utilising API. Over time, it is expected that the use of digital banking and even e-wallets will significantly contribute to economic development and the abolition of poverty in the country.

The Covid-19 pandemic has accelerated the adoption of digital financial services throughout Southeast Asia, particularly the demand for contactless digital banking services. According to one article, Indonesia’s digital financial services market will grow at a compound annual growth rate of 34% to $8.6 billion by 2025.


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