TheJakartaPost
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The amount of financial technology peer-to-peer lending (fintech P2P) has grown rapidly in Indonesia. The Financial Services Authority (OJK) reported that as many as 99 fintech P2P companies had registered with it by February 2019.
So, now I buy and sell a lot of things online (from food and baby necessities to beauty products and even shoes, am a lender on a few peer-to-peer lending platforms and have multiple e-money, e-wallet and crypto-currency exchange accounts.
The British like to drink tea and the Brazilians love to play soccer. Every country has stereotypes attached to it, and while we must take each stereotype with a pinch of salt, there is usually a grain of truth behind why a country is perceived in a certain way.
Banks are trying to catch up with the digitization wave by becoming more innovative and up-to-date in their customers’ lives amid competition with financial technology (fintech) players, which offer easy payment features with less bureaucracy.
Indonesia is currently a hotbed for investment in its digital economy. Unlike a decade ago when smartphones were considered luxury items, 72 percent of Indonesians now have access to a smartphone, and internet penetration has gone beyond urban centers.
The executive chairman of the Indonesian Financial Technology Association (Aftech), Kuseryansyah, has estimated that five financial technology (fintech) sectors will experience significant growth in the country in the next five years.
