The rapidly evolving fintech landscape in Indonesia, ASEAN’s second-largest economy, is experiencing significant growth driven by widespread consumer adoption, increasing demand for innovative digital financial products, and a vibrant venture capital ecosystem. With over 300 fintech companies operating in the country, the mammoth funding of $3.5 billion between 2020 and 2023 underscores the growing investor confidence and promising growth prospects in the sector.
Government initiatives aimed at enhancing fintech capabilities and fostering a progressive regulatory environment have further fueled this growth. Bank Indonesia’s initiatives, such as the National Open API Payment Standard (SNAP) and Project Garuda on Indonesia’s CBDC, are facilitating fintech innovation and ecosystem development.
A notable trend in the Indonesian fintech landscape is the rapid adoption of Fintech SaaS platforms by nearly 6 million SMEs, representing a remarkable 26-fold expansion over the past three years.
In light of these developments and recognizing Indonesia’s position as a key player in the financial services industry, the Fintech Revolution Summit will return to Jakarta on 24th October 2024. The summit will bring together over 500 technology and business leaders from leading banks, insurance companies, micro-finance institutions, and other key stakeholders across the country, providing a direct gateway to Indonesia’s thriving FSI.