Fintech and Crypto Growing Well in Indonesia

JAKARTA, Indonesia, February 23, 2022 – (SEAPRWire) – Fintech and crypto are growing well in Indonesia, the largest country in South East Asia. Currently, there are hundreds of startups that are developing it. Fintech in Indonesia will grow above 80% in 2021.

Gemal Panggabean, Head of Editor, Survey and Research

The contribution of fintech to gross domestic product (GDP) reaches 60%. There are several among all the superior fintech categories, namely, P2P Lending, Payment Gateways and blockchain/cryptocurrency.

“Financial technology companies are the pillars of the current era. In fact, fintech is also able to lift the economy and prosper the Indonesian people during a pandemic, when people lose their jobs,” said Gemal A.N. Head of Editor, Survey and Research Panggabean.

One of the sectors with the most interest is P2P. The accumulated distribution of P2P loans until December 2021 reached IDR 295.85 trillion, up 89.7 percent yoy. There are 103 P2P lending fintech startups operating in Indonesia legally.

Payment Gateway also helps the Indonesian people directly. The pandemic prohibits people from touching and makes a trend for Indonesians to no longer hold cash. Gemal said, about 20% of Indonesians have made digital payments. “Before the pandemic, it was probably still below 10%.”

This also makes payment gateway startups thrive. Last year, Xendit became a Unicorn, following the largest digital payment in Indonesia, OVO.

In addition, from the blockchain side, currently, there are several new crypto developers who are attracting the attention of Indonesia. The ASIX token belonging to a famous Indonesian singer Anang Hermansyah also garnered a lot of attention.

In fact, ASIX is ready to take the floor on the largest crypto exchange in Southeast Asia, Indodax which has 5 million members. Indodax recorded a 104% increase in the number of members for one year.

The Indonesian government also fully supports fintech. Indonesia is also currently legalizing regulations on trading robots. Because many trading robot startups are already operating in Indonesia, especially working for crypto platforms.

“Indonesians love crypto because of the high ups and downs of prices.”

However, Indonesia still needs education to consume digital investment products and fintech. The current government is still conducting financial literacy with related parties. Indonesians still believe in illegal financial products that promise instant wealth.

“Indonesian people in general can still be wooed with financial products that promise instant wealth. They don’t care about being illegal,” he said.

In addition to financial literacy and education, Indonesia still needs firm action and comprehensive rules to eradicate illegal investment and illegal fintech. All stakeholders continue to fight fintech practices and illegal investments and expect the government to continue to take action.


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