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Indonesia’s Fintech Sector Remains Strong

Despite the global economic slowdown, Indonesia’s fintech Compound Annual Growth Rate (CAGR) is around 39%. Johnny G. Plate, Minister of Communication and Information of the Republic of Indonesia, said the transaction value of the Indonesian fintech sector is the second highest among G20 countries.

While the flow of digital startup funding in the Asian region has recently dropped by 60% year-on-year and 33% quarter-on-quarter in the third quarter of 2022, Indonesian fintech companies have been able to accelerate the digitalisation of financial services. Their superior performance shows that the country can respond aggressively to critical events like the pandemic.

“Fintech is here to stay with a bright future, regardless of the tech winter. Global fintech sector transaction value in 2027 is estimated to reach USD 28 trillion, with a CAGR of 15% from 2022 to 2027. This favourable condition is also experienced or projected by the Indonesian fintech sector. The digital payment sector’s gross transaction value is USD 266 billion and projected to reach around USD 431 billion in 2025 with a CAGR of 17%,” Johnny continued.

The Secretary General of the Joint Funding Fintech Association (AFPI), Sunu Widyatmoko, said the actual manifestation of the existence of fintech lending for the national economy could be seen in terms of MSME financing. For example, fintech lending recorded an aggregate funding distribution reaching IDR 476.89 trillion to 92.4 million loan recipients (borrowers). This is proof of fintech lending’s positive contribution to expanding the financial access community.

Recognising the potential, actors in the fintech sector encourage continued innovation and digital technology adoption. Furthermore, associations and digital financial (fintech) businesses continue to promote fintech education, which is expected to aid national economic recovery.

To accomplish this, Bank Indonesia (BI), the Financial Services Authority (OJK), the Indonesian Fintech Association (AFTECH) and the Indonesian Joint Funding Fintech Association (AFPI) collaborated to present the 2022 National Fintech Month (BFN) annual educational programme, which impacted over 1.5 million people.

Perry Warjiyo, Governor of Bank Indonesia (BI), emphasises the importance of digitalisation in facilitating activity, reducing risk, and regulating and supervising. The term “responsibility” refers to determining whether or not a person is responsible for their actions. For this reason, in the 2022 G20 Presidency, the world recognised Indonesia’s digital transformation.

There was an agreement on cross-border payments during the Presidency, so payments between countries are expected to be tighter, faster, cheaper, and safer over the next six years. Further, a conceptual design for the Central Bank Digital Currency (CDBC) has been agreed upon to encourage cross-border transactions and financial inclusion that benefits MSMEs, youth, and women.

Perry shared the five critical steps for digitising Indonesia:

  1. One Language availability of payment services and financial services through QRIS, Open API National Standard (SNAP), and data management. Today, QRIS has reached 30 million users, SNAP have 87 types of services that will continue to be expanded, and data management includes public, contractual, and private data.
  2. By arranging for cluster-based payment service industry consolidation, One Nation will be able to compete globally by fostering collaboration in the bank and non-bank payment ecosystems.
  3. One Nusa through 3i, which stands for interconnection, interoperability, and integration in money market and monetary operations, and BI-FAST with RTGS and GPN.
  4. Establish market behaviour and pricing policies to promote healthy industrial competition.
  5. Digital Rupiah will include issuance, destruction, and interbank transfers. BI is currently investigating the technology used for Digital Rupiah. Monetary Operations (OM) and the Money Market may use Digital Rupiah. Critical payment system actors may become Digital Rupiah wholesalers.


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