You Need To Know More About Indonesia’s FinTech. Here’s why.

How fast are the Indonesia startups advancing?

While Indonesia may not have the best economy it is considered as a new impressive competitor to the Asian Silicon Valley — Singapore. The extensive embrace of digitalisation is conducive to nurturing technological startups.

The growth in funding has been remarkably reaching new heights and startups have even managed to grab the attention of international corporations like Google and Tencent to secure funding, constantly contributing to the country’s flourishing startup economy.

Successful stories

Developed on-demand mobile service applications for food ordering, shopping, delivery

Created one-stop travellers’ platform for airline ticketing & hotel booking services

Specialized in E-commerce for C2C and B2C transactions

Online E-commerce open for individuals & small businesses

Strengths of Indonesia’s Startup Environment


Indonesia’s World Rank of Internet Users

Tech-savvy citizens: Not only is the user base large, Indonesian internet users are also extremely active on social media, spending 3 hours each day on average.


Median Age in Indonesia

Young population: Innovative young people who favour freedom and prefer dynamic workplaces are beneficial for the startup scene.


Largest Receiver of Venture Capital (VC) in Asia

Generous financial support: VC investment grew by 60 times within 3 years’ time. Local VC firms are actively injecting even more resources into startups with unrealized capability. There is regional inflow of capital from neighbouring countries as well.

Fintech – An Example Of Startup Ecosystem

What is Fintech?

  • The new technology and innovation that set forth to create a better financial landscape for both consumers & businesses
  • Provides digital payment solutions in channeling electricity subsidies and social safety nets for workforces
  • An investment platform for government debt securities

Its evolution

  • 1918

    The US Federal Reserve Banks developed the Fedwire Funds Service.

  • 1934

    Frederick Lincoln Fuller created the IBM ® 801 Bank Proof machine.

  • 1950

    Frank McNamara created the Diners Club credit card.

  • 1967

    A Barclays bank branch in Enfield, London opened the world’s first ATM.

  • 1995

    Wells Fargo became the first bank to offer an online checking account.

    The first virtual bank called Security First Network Bank was opened.

  • 1997

    The first mobile payment was realised, via text message, buying a Coca-Cola from a vending machine.

Importance of Fintech

  • Indonesian FinTech Ecosystem is great for savings and investments, money transfer and payments, point of sale (POS), lending and borrowing, accounting, comparison, financial planning, crowdfunding, and cryptocurrency.

  • Indonesia serves as a fertile land for FinTech growth especially markets for lending, cards, and payments, poised for growth. There is a rapid growth of 78% on the number of Indonesia FinTech startups since 2015. 

  • Since 2016 in Asia-Pacific, the number of Internet users is growing at 15%, active social media users at 25%, unique mobile users at 4% and active mobile social users at 35%. At least two or more FinTech services are used by each consumer.

Consistency and productivity improvements and competitiveness require a full embrace of technology in the long term and a commitment to digital transformation. For corporates and small and medium enterprises (SMEs), FinTech working with other technologies is crucial to raising competitiveness as a nation. It enhances productivity, efficiency and effectiveness — the basis for real value creation.

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Posted by:Aieseclchku Hkusu

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