TheJakartaPost

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

Personal data protection key as fintech grows

  • Subianto and Ravi Ivaturi

    -

PREMIUM
Jakarta   /   Thu, December 26, 2019   /  10:58 am
Personal data protection key as fintech grows Illustration of a data center. (Shutterstock/sdecoret)

For a long time, new market entrants found it difficult to break into the financial services industry. The large, well-established financial institutions that we call “incumbents” had advantages with respect to size, and their large network of branches provided them a multiplier effect. They had strong compliance systems in place to manage ever-increasing regulations, and they had the client base and resources to prosper even in tough economic conditions. Well, not any more. Fintech disruptors have been finding a way in. Fintech companies, often start-ups, are fast-moving, focused on a particular innovative technology or process everything from mobile payments to insurance. There are many such companies today in Indonesia and they have been attacking some of the most profitable elements of the financial services value chain. In Indonesia, payments and lending are ...

Disclaimer: The opinions expressed in this article are those of the author and do not reflect the official stance of The Jakarta Post.