A snapshot of Indonesia’s financial tech scene

According to a May 2018 report published by Fintech Singapore on the state of the Indonesian fintech scene, the total value of disclosed fintech investment as of 2017 is $176 million, with the transaction value in 2018 projected to be $22 million. Only half of all adults in Indonesia have a bank account, which means that there are still millions ‘unbanked’. Many still get their salary and pay for expenses in cash. Hence, fintech startups in Indonesia focus on a very different pain point compared to those in developed countries in Asia, like South Korea or Singapore. A report based on 167 fintech companies in Indonesia noted around 38% of all Indonesian fintech companies are in the payments sector, followed by lending at 31%.

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