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Jakarta Post

Inclusion needs robust fintech ecosystem

  • Peter Lydian

Jakarta   /   Thu, May 23 2019   /  01:24 am

Since its inception, the financial technology (fintech) industry has recorded exponential growth rates and helped supporting small business players to drive the country’s economy. A joint study by the think tank Institute for Development of Economics and Finance (Indef) and the Indonesia Fintech Association (Aftech) launched in August 2018 showed that the industry, directly and indirectly, contributed Rp 25.97 trillion (US$1.8 billion) to Indonesia’s gross domestic product (GDP) annually. While the figure was still relatively small compared to Indonesia’s total GDP of Rp 14,837.4 trillion last year, fintech firms continue to expand to play an imminent role to reach the previously un-bankable sectors. Fintech services are becoming increasingly popular among customers because of the ease and efficiency that the companies are providing.In 2018, the amount of loans distributed through ...