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this year. On the other hand, Central Bank (BI) has launched BI Regulation on
legal assurance for new and existing FinTech payments business activities.
They also has created a FinTech Office that is aimed to encourage innovation
to local FinTech startups by virtue of, among others, capacity building and the
fintech landscape.
This report consists of three segments:
services.
some 8-9 million people will enter the middle class each year.
3%
When in come to tablet, share of web
-37%
page views only reach 3%.
Tablet Year-on-year its decreasing by 31%.
4.42
3.33
2.51
2.22
Only 36% adults in Indonesia have an account at the formal financial institution.
The penetration of bank branches per 100K population is only 1/6 of the
The share of new credit to GDP is still 34.77% (bank). It reflects a huge market
potential that can be targeted by fintech (P2P lending), without having to erode
Joint Venture
Conventiona Independent
Financial
Fintech l Financial Fintech Fintech technology
Institutions &
Institutions 2.5 company
2.0 Tech 3.0
[Bank] [Startup]
Company
Indonesias fintech today are growing to fintech 3.0, where many independent
tech companies (startup) joining the financial market.
Because many new players are emerging, Indonesias Fintech Association then
established in September 2015.
The vision is to be a reliable partner to realize Indonesias fintech ecosystem,
from Indonesia companies for Indonesia people.
FINTECH PLAYER GROWTH
With the fast pace development of Indonesias tech
ecosystem, fintech sector also feel the impact and
2015-2016 was the best year for fintech industrys growth in 78%
Indonesia so far.
According to Indonesias Fintech Association, the growth of
fintech players detected for the past two years reach 78%,
the highest number so far
7% 9%
6%
players in Indonesia
Crowdfunding
are playing in 8%
company. Lending
17%
E-commerce growth
plays major part for Agregator
13%
this condition
Payment
INDONESIA FINTECH PLAYER
Source: Indonesias Fintech Association, Crunchbase, DailySocial, Tech in Asia
FINTECH INVESTMENT OVERVIEW
In 2016, many fintech startups emerged in Indonesia. The growth
reaches 78% per IFA data.
2 2
1 1 1 1 1
LIST OF FOREIGN INVESTOR
Central Java
15.91%
West Java
28.70%
36-39 y/o
6.01%
From Age point of
view, most
respondents are the
millennial generation 30-35 y/o
21.92% 20-25 y/o
with 20-25 age 43.34%
group as the
majority (43.34%)
26-29 y/o
22.92%
FINANCIAL ACCESS TO BANK /
HAVING BANK ACCOUNT
Since majority of
No
respondents live in Java 13.07%
Yes
28.34%
No
71.66%
A phenomenon between tech and financial that transforming traditional financial business model
Other
DO YOU USE FINTECH SERVICE RIGHT NOW?
Yes
18.46%
No
81.54%
17.14%
47.03% 49.19%
36.22%
21.62%
11.89%
3.24%
Others Higher return To manage More secure Saving time No need to Easy to use
than banking finances and practical come to the
product better bank
DO YOU THINK FINTECH CAN PUSH BETTER
FINANCIAL LITERACY AND FINANCIAL
INCLUSION IN INDONESIA?
74.47% respondents
believe that fintech can No
25.53%
help pushing the idea of
better financial literacy and
financial inclusion in Yes
74.47%
Indonesia.
THE CHALLENGE
Others 2.90%
Based on data gathered by Deloitte Consulting and Asosiasi FinTech Indonesia, area with the highest
demand for increased or clearer regulation are Payment Gateway (60.90%), e-money/e-wallet (58%),
Basically, there are three institution which have authorities to make the
regulation for fintech:
OJK BI
FinTech 2.0 (digital banking,
InsurTech, FinTech in capital Card based Payment Instrument
supervision. Both will have to comply with any rule made by the OJK
and by the end of the year OJK plans the regulations (POJK) for
fintech.
FinTech 3.0:
Cooperative, Futures Exchanges, and loan-based
independent technology
crowdfunding (P2P Lending)
companies and startups
protection, etc
REGULATION / INITIATIVES, IN SHORT (2)
BI two subjects:
Payment system service providers: the parties responsible for
the stages of the authorization, clearing, and settlement like
switching providers, payment gateways, and electronic wallets
are required to have license from BI
The parties that support payment transactions such as card
providers, ATM, EDC, and data center
Also regulate the minimum fintech ownership , which is 80%
owned by the person or legal entity locally.
TALENTS NEEDED
As companies grow,
their need of talents 90%
will change. > 4 y/o Companies
Younger company
have greater need
for Data and
3 y/o Companies 67%
Analytics talents,
but companies that
have been
operational for 0-2 y/o Companies
longer duration 83%
have greater need
in Risk
Management Risk Management Back end Programming Data and Analytics
talents.
Yet most of them believe that fintech can help to push on better
financial literacy and financial inclusion in Indonesia.