The Longevity of FinTech Breakthroughs in Indonesia

The Longevity of FinTech Breakthroughs in Indonesia

28 February 2018

The longevity of fintech breakthroughs in indonesia

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FinTech is a relatively broad sector embodied with a long history of credit cards, ATM’s and online stock brokerage. Majority would consider fintech as the most up-to-date mobile app, which in fact does contribute to the fintech sector as technology, however it is more than what most of society would even realize. During the last 65 years, fintech has significantly developed and it has increasingly become more innovative.

Today, in the 21st Century retail financial services have been digitized through the use of payment apps, mobile wallets, equity crowd funding platforms and event online lending platforms. These services within fintech are clearly beyond the mundane banking services.

During recent years, several fintech industry commentators have questioned the scalability of banks, as retail banking has been thriving until now. However, this impact in fintech may in fact alter the landscape of banking is some markets. This is most relevant within African and Asian countries where many individuals are more susceptible towards saving their finances using cash.

With Indonesia being comprised of over 260 million citizens and over 42% of its population belonging to a relatively young demographic, it is imperative that the fintech will be a trending industry.

As a matter of fact, there are a handful of fintech companies that are here to stay to further improve the seamlessness of money transfers within Indonesia. According to Tech in Asia, there has been a US$56 million funding towards Indonesia fintech startups between 2013 and 2017, which truly represents the potential of fintech businesses in Indonesia. Here are a few to consider:

1. Bareksa.com

Bareksa.com enables users to purchase and sell mutual funds with the ability to provide users with data and information services including stocks and bonds. It is Indonesia’s first integrated fund marketplace under PT Bareksa Portal Investasi.  

2. GO-PAY

A money-related app that is currently ranked no. 8 on the Apple Store and #15 on the Google Play Store. It’s ability of providing multiple services in one simple yet compact program is quite unbelievable. In particular, GO-PAY has allow many Indonesian’s to transfer their balance to GO-JEK drivers, fill out your GO-PAY balance through your preferred bank via ATM, SMS banking, internet banking or mobile banking. It also allows users to GO-PAY at mini marts such as Alfamart, Lawson, Dan + Dan and Alfamidi.

3. Jenius

Jenius is a bank with a focus on their in-app usages. Imagine it as an online money transfer application that is a simpler, smarter and safer method of payment, savings, and money management. Apart from the apps ease and conveniences, users are able to watch their money grow with up to a 5.75% interest. Additionally, there are no opening or closing account fees, administration fees, withdrawal fees and much more!

Overall, it is incredible to see the impact fintech has towards different countries and how it will create more swiftness and convenience between the transferral of money.

Category: lifestyle, finance