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Jakarta Post

Skyrocketing fintech industry must proceed with caution: PwC

  • Made Anthony Iswara

    The Jakarta Post

Jakarta   /   Fri, June 28, 2019   /  01:01 pm
The Jakarta Post Image
Illustration of financial technology (fintech)(Shutterstock/File)

  The rapid development of financial technology (fintech) is vital to propel future economic growth, but it requires a prudent regulatory approach to avoid a boom and bust, according to PricewaterhouseCoopers (PwC) Indonesia. A survey published by the professional services firm on Thursday indicates that fintech lending could bolster economic growth by extending credit access to individuals “underserved” by financial institutions. The study projects that peer-to-peer lending can add 19.4 trillion rupiah in loans to micro, small and medium enterprises (MSME) by 2020, while contributing 12.4 percent to individual credit access by the same year. PwC Indonesia deals strategy and operation leader Sharly Rungkat said pushing the industry further was more crucial than ever, particularly after recent data from the International Monetary Fund projected Indonesia’s ...