INDONESIA’s MOST INFLUENTIAL MEETING POINT FOR FSI ENTHUSIASTS
While Indonesia has been one of the fastest-growing digital economies in Asia, financial services, in particular, are now experiencing the benefits of these technologies enhancing the experience of financial institutions and their customers. To accelerate this innovation drive in the BFSI sector, the Financial Services Authority (OJK) is playing a tremendous role to accommodate digital transformation with favorable regulations. Indonesia, a country with 270 million people, has over 50% of the population still unbanked due to geographical and infrastructural barriers.
As per the World Bank, digitizing financial services as well as payments in the private sector alone could increase bank account ownership by 29%. In addition, a growing number of Digital Banks, Fintech Firms, e-Money Providers, Digital Financial Services, and Neo Banks, will further increase banking equity and encourage innovation in the financial sector.
To address the opportunities presented by digital transformation in the BFSI sector and following the success of the past conferences dedicated to Indonesia, Tradepass is proud to host the 8th Edition World Financial Innovation Series (WFIS 2021): INDONESIA, scheduled to take place virtually on 1st – 2nd December 2021. The conference will consist of two knowledge-packed days filled with indepth fireside chats, roundtable discussions, panels, keynotes, and much more. Bringing together over 1000 technology and business heads from 100+ leading Banks, Insurance & Micro-Finance institutions across Indonesia to virtually connect, collaborate and explore a wide range of new-age-future tech solutions for the growing BFSI sector
As per Bank Indonesia (BI), electronic money transactions reached IDR 201 trillion (US$13.95 billion) in 2020, witnessing a 38.62% increase from IDR 145 trillion (US$10.07 billion) in 2019.
A recent study conducted by Bank BTPN showed that prior to the pandemic, digital banking made up 71% of financial transactions, but it now covers 83% of all transactions.
By 2025, 89.2% of Indonesia’s population are expected to own a smartphone enabling Digital Banking Services and adoption of e-Money
Indonesia welcomed over $849 million in investments in the Fintech sector in the three-year period (2018-20), as per a study by Medici titled ‘Indonesia FinTech Report 2021’
By Mid-2021, new regulations for digital banking are expected to be announced by Indonesia’s financial services authority (OJK).
Year 2019, witnessed a 200% year-on-year growth concerning total loan disbursements from the fintech lenders