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Jakarta Post

Experts call on fintech to expand outside Java

  • Eisya A. Eloksari


Jakarta   /   Thu, September 17 2020   /  01:00 am
Robust business: A sales officer promotes an app-based loan service to potential customers during an expo in Jakarta. Digital financial services in Indonesia are predicted to generate US$8.6 billion in revenue over the next five years.(JP/Dhoni Setiawan)

  Experts have called on financial technology (fintech) companies to expand their operations outside of Java and partner with the government to better serve the unbanked population in the country.   A recent survey conducted by the Indonesian Fintech Association (Aftech) among its members revealed that only 23 percent of fintech companies have a reach beyond the island of Java, while 41 percent have operations in Greater Jakarta.   More than half of the respondents, however, said they had set their sights on the unbanked and rural population as a target market.   “The current development in fintech is still concentrated in urban and [suburban] areas. We want to see more financial services made available for people living outside of Java,” said Indonesia National Council for Financial Inclusion project management head Djauhari Sitor...