P2P actors have been focused on financing MSMEs in Indonesia. Modalku has disbursed +US$1.68 billion (IDR24.5 trillion) to 4.6 million MSME across Indonesia, Singapore, Malaysia and Thailand. Similarly, Koinworks stated that it had disbursed US$70 million (IDR1 trillion) in 2021
The 2020 population census revealed that 30% of the total population of Indonesia is Generation Z, followed by 26% that are Millennials. The Financial Services Authority (OJK) announced the significant share of youth in the population is one of the
According to the 2021 Report by AppsFlyer, Indonesia ranks third among 15 other countries in terms of financial application installations. With a large population and relatively high percentage of underbanked and unbanked population, Indonesia is the only Southeast Asian country
Modal Rakyat, a peer-to-peer lending company, announced the partnership with Bank Jago to channel US$3.5 million (IDR50 billion) to MSMEs. Bank Jago, with a minority stake owned by Gojek, is one of the digital banks in Indonesia. Modal Rakyat also
PT Sarana Multigriya Finansial (SMF), a multi finance institution, plans to collaborate with several experienced agencies to issue debt securities in the form of green/social bonds. SMF is developing a framework to determine qualifying criterias for green bonds in accordance
Research from Katadata Insight Center (KIC) and Kredivo shows that 27% of the 3,560 e-commerce shoppers paid by installments, or pay-later, during the past year. KIC Research Director Mulya Amri noted that digital wallets (e-wallet) were the main payment option
The 7 banks are BCA Digital, BRI, Bank Neo Commerce, Bank Capital, Bank Harda Internasional, Bank QNB Indonesia, and Bank KEB Hana. There are already 5 digital banks – Jenius from Bank BTPN, Wokee from Bank Bukopin, Digibank from DBS
Most domestic fintech lending capital comes from the financial services industry, such as banking, non-bank financial institutions, and cooperatives. The banking sector has continued to be the main capital-provider for fintech lenders since the beginning of 2021, up to US$165
Standard Chartered and Bukalapak will be launching a new mobile application for digital banking services. This application will provide a completely digital onboarding process without in-person verification. This innovation combines the benefits of e-commerce platforms’ reach and banking-as-a-service to provide
The Financial Services Authority (OJK) evaluated the performance of Indonesia’s financial services sector to be solid, with capital availability and well-maintained credit risk management. OJK also highlighted the need for the financial services sector to monitor non-conventional metrics to manage
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