Jakarta Post

Please Update your browser

Your browser is out of date, and may not be compatible with our website. A list of the most popular web browsers can be found below.
Just click on the icons to get to the download page.

Jakarta Post
The Jakarta Post
Video Weather icon 30°C
DKI Jakarta, Indonesia
30°C Partly Cloudy

Dry and mostly cloudy throughout the day.

  • Wed

    26℃ - 32℃

  • Thu

    25℃ - 32℃

  • Fri

    25℃ - 31℃

  • Sat

    26℃ - 30℃

Fintech startups flourish in 2016, mostly in lending

  • Prima Wirayani
    Prima Wirayani

    The Jakarta Post

Jakarta | Tue, January 10, 2017 | 05:11 pm
Fintech startups flourish in 2016, mostly in lending Financial Services Authority (OJK) strategic management deputy commissioner Imansyah (center) talks during a press briefing at the OJK in Central Jakarta on Tuesday. (JP/Prima Wirayani)

Financial technology (fintech) startups mushroomed in 2016, with the number of businesses in the segment soaring last year, according to the Financial Services Authority (OJK).

As many as 135 fintech startups emerged as of December last year compared to only 51 in the first quarter of the year, OJK strategic management deputy commissioner Imansyah told a press briefing on Tuesday.

"The rapid growth needs to be anticipated in terms of consumer protection and national interests related to money laundering, terrorism and financial system stability," he said.

The authority issued in late December a regulation on fintech peer-to-peer (P2P) lending, aiming to create a database of fintech startups to enable OJK’s supervision, Imansyah added.

The OJK has yet to identify the types of fintech services the flourishing startups offer, with products ranging from payment, lending, insurance to capital markets.

"But most of them are P2P lenders," Imansyah added.

Total transactions within the fintech platforms are forecast to reach US$37.15 billion in 2021, from $15.02 billion forecast in 2016, representing around 19.8 percent growth rate per year during the period, according to data from market statistics portal Statista. (est)

Comments