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Jakarta Post

Korean fintech firms seek to collaborate with Indonesian peers

  • News Desk

    The Jakarta Post

Jakarta   /   Thu, December 1, 2016   /  05:43 pm
Korean fintech firms seek to collaborate with Indonesian peers New economy: Bank Indonesia (BI) Governor Agus Martowardojo (third right), Creative Economy Agency (Bekraf) head Triawan Munaf (second right) and Deputy Finance Minister Mardiasmo (fourth right) wear 3D glasses during the launch of the BI Financial Technology (Fintech) office in Jakarta on Nov. 14. (Antara/Akbar Nugroho Gumay)

Financial technology (fintech) industry players from Indonesia and South Korea are considering cooperating to develop a supportive fintech ecosystem to help boost the relatively young sector in their respective countries.

“Indonesia and Korea need to develop a strong and integrated fintech ecosystem through a collaborative partnership, within the ecosystem and across different ecosystems,” Keunju Lee, secretary-general of Korea Fintech Industry, said on Thursday during the 2016 Korea-Indonesia Fintech Seminar and Business Meetings in Jakarta.

Representatives from 10 South Korean fintech companies and a fintech industry association are visiting Jakarta from Wednesday to Friday to talk with their Indonesian counterparts about the latest updates in the Korean fintech industry landscape and to explore potential partnerships with local firms.

Among the Korean fintech companies participating in the event are smartphone application developer Paycock, finance security and mobile solution provider Crizen Solution, digital asset trading and money transfer platform provider Korbit and online asset management service provider Fount.

The Indonesian Fintech Association’s director of public policy Ajisatria Suleiman said the visit would create opportunities for local firms to adopt new technology from their Korean counterparts.

A Korean company called Fount, for instance, offers robo-advisor technology, which refers to a computer-advised asset management system that can provide a tailored investment portfolio based on sophisticated computer algorithms, Investree cofounder Adrian Gunadi said.

“This kind of technology has yet to exist in Indonesia. So, rather than developing it ourselves, we can adopt their technology,” he said. (win/hwa)

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