Fintech (Indonesia market)

2021-2023: Indonesia has 20% of all Southeast Asian fintech companies

Indonesia 20% of all fintech companies in Southeast countries are concentrated in. Asia This is evidenced by the data of the association "," Fintech published in May 2024.

According to the study, in 2017-2021. the volume of transactions with electronic wallets in Indonesia exceeded $20 billion with a CAGR of 123%. In the period 2017-2022. more than $17 billion of loans were issued, and in 2021 the value of net assets in the field of WealthTech and digital trade exceeded $20 billion.

source = Fintech Association

By 2023, there are 60 million active users of payment instruments in the country, which is 21.6% of the total population. The volume of transactions is expected to grow by 26% annually.

It is predicted that by 2025 the total revenue of Indonesian fintech companies will grow to $8.6 billion. Over 10 years, the number of fintech players in Indonesia has increased 6 times: from 51 companies in 2011 to 334 in 2022. As noted in the study, competition is growing in the financial technology market in the country, not only from other fintech companies, but also from established technology companies entering the fintech sphere, as well as traditional banks seeking to offer fintech solutions. Large technology companies and BigTech, such as Grab, Shopee and GoTo, have the advantage of an established ecosystem, a base of loyal customers and large financial capabilities to quickly scale their presence in the fintech space, analysts say.

The Indonesian Financial Services Authority (OJK) has issued a "Master Plan for the Indonesian Financial Services Sector (MPSJKI) 2021-2025," which is dedicated to increasing the role of the financial services sector in supporting Indonesia's economic recovery from the COVID-19 coronavirus pandemic. This document partly contributes to the development of the fintech direction in the country.

Fintech Indonesia