Indonesia has the largest population in Southeast Asia and one of the fastest growing economies. As financial technologies – FinTech – are becoming some of the hottest business opportunities in Indonesia, many startups and companies engage in the competition to conquer big and promising markets.
Indonesia’s economy represents about 40% of the Southeast Asian economy; it is the only member of the G20 in ASEAN. Yet, as Indonesia is still in an early phase of its development, many industries are under-developed, creating numerous opportunities for startups and newcomers to conquer large markets through innovative approaches.
Rising Internet connectivity and use of mobile devices make many sectors even more attractive that they were previously hindered by Indonesia’s infrastructure challenges. The very solvable financial services therefore become some of the most interesting opportunities for entrepreneurs to build fast growing applications like this mobile payment startup in the Philippines.
Fintech startups ready to conquer Indonesia
Some key numbers highlight the needs and interests to develop new innovative financial services in Indonesia.
- A young population of more than 250 million people, that makes Indonesia the most populated country in Southeast Asia and fourth most populated in the world.
- A large part of the population is living in rural or remote areas and have little access to financial services, banks and insurances.
- In general, banking and financial services have a low penetration in Indonesia.
- A large and fast growing population online and using mobile phones.
Eyeing these numbers and trends, Indonesia’s FinTech startups are creating innovative technological applications to develop or disrupt the following financial markets:
- personal finance and investment
- point of sale systems
With some key characteristics about the country, the following slide deck presents the main startups of FinTech in Indonesia.
- Global index – slide 4
- Indonesia country overview – slide 5
- Indonesia population structure by age – slide 6
- Indonesia Internet users – slide 7
- Online activities in Indonesia – slide 8
- Media: Fintech News in Indonesia – slide 9
Overview – slide 12
Personal finance and investment – slide 14
Payment – slide 18
- Kartuku – slide 19
- Doku – slide 20
- Veritrans – slide 21
- Xendit – slide 22
- VeryFund – slide 23
- Dompetku – slide 24
- XL Tunai – slide 25
- PadiPay – slide 26
- iPaymu – slide 27
- Kesles – slide 28
- Mimopay – slide 29
- Tapp – slide 30
- Tcash – slide 31
- Dimo – slide 32
- Mandiri e-cash – slide 33
Point of sale systems – slide 34
Lending – slide 40
- Modalku – slide 41
- Taralite – slide 42
- Pinjam – slide 43
- Uangteman – slide 44
- Kredivo – slide 45
- Investree – slide 46
- Mekar – slide 47
Accounting – slide 48
Comparison – slide 52
- Halomoney – slide 53
- Cekaja – slide 54
- Cermati – slide 55
- Cekpremi – slide 56
- RajaPremi – slide 57
- AturDuit – slide 58
- DuitPintar – slide 59
- PasarPolis – slide 60
Crowdfunding – slide 61
Cryptocurrency – slide 66
Slidedeck from October 2016 by Christian Konig