Indonesia Fintech Report 2023

Total population in Indonesia is estimated to reach 280 million by 2023, making it one of the most populous countries in the world. This population surge is expected to have significant impacts on the Indonesian Fintech landscape.

As per SoftwareVerdict Indonesia Fintech Report, the number of smartphone users in Indonesia is also set to increase from 127 million in 2018 to 165 million by 2023. This growth is due largely to the increased affordability of smartphones and mobile internet access. This will create a large, tech-savvy population ready to take advantage of innovative Fintech solutions.

Fintech companies are gradually gaining traction in Indonesia as businesses experiment with various models of online banking, payments, loans, and insurance services. One major success story is the rise of peer-to-peer (P2P) lending platforms. Already, more than 100 P2P lending companies have set up shop in the country, leading to rapid growth in the segment.

The Indonesian government has been actively encouraging Fintech adoption and innovation. This includes the passage of regulations such as Bank Indonesia’s Regulation No. 19/12/PBI/2014, which allows non-bank companies to offer digital payments services.

Overall, the Indonesian Fintech market is expected to experience a significant growth over the next few years. The number of Fintechs active in the country will likely increase as more businesses embrace digitalization and new regulations foster innovation. The growth of the country’s population, smartphone users, and digital economy will further fuel this development.

Given these trends, it is likely that by 2023 the Indonesian Fintech landscape will have undergone a radical transformation from its current state. It is poised to become one of the most promising markets for Fintech innovation in the world.

The report is must-read for  anyone interested in understanding the Indonesian Fintech market, as well as key players looking to capitalize on its potential.