Indonesia Country Commercial Guide
Learn about the market conditions, opportunities, regulations, and business conditions in indonesia, prepared by at U.S. Embassies worldwide by Commerce Department, State Department and other U.S. agencies’ professionals
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Financial Services (Financial Technology)
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Overview

Indonesia continues to experience rapid growth in its financial services sector, driven by a large, tech-savvy population, increasing internet penetration, and supportive government initiatives. The country’s digital economy is projected to reach $146 billion by 2025 based on Google, Temasek and Bain Company research, with FinTech playing a pivotal role in this expansion.

The adoption of digital payments has surged, with over 180 million smartphone users and internet penetration reaching 79% in 2024. E-commerce transactions reached $52.93 billion in 2023, highlighting the growing reliance on digital financial services.

Bank Indonesia (BI) has implemented the Indonesia Payment System Blueprint 2025–2030, aiming to create secure, interoperable digital financial systems that responsibly embrace AI innovations. In August 2024, BI published the 2030 Indonesia Payment System blueprint, an update of the 2025 payment system blueprint. The Quick Response Code Indonesia Standard (QRIS) has facilitated seamless digital payments and has recorded 56.3 million users, and 2.6 billion transactions valued at 262.1 trillion rupiah (around US$ 15.6 billion) as of the first quarter of 2025, according to BI data.

A new feature, QRIS Tap, which uses near-field communication (NFC) technology, has gained popularity since its introduction in March 2025. It has facilitated 42.9 million transactions by 20.8 million users, with over 1.4 million merchants now NFC-enabled for QRIS Tap nationwide.

The Indonesian FinTech services market is valued at $19.15 billion in 2025 and is projected to grow at a CAGR of 9.31% through 2033 according to private sector market research. Key growth drivers include the proliferation of digital payments, the rise of neobanking, and increased demand for alternative financing solutions.

Leading Sub-sectors

  • Digital Payments: Mobile wallets like GoPay, OVO, DANA, and ShopeePay dominate the market, catering to the increasing demand for cashless transactions.

  • Peer-to-Peer (P2P) Lending: Platforms such as Kredivo and Akulaku provide alternative financing options, particularly for underserved SMEs.

  • Neobanking: Digital-only banks are emerging, offering streamlined banking experiences tailored to digitally native customers.

Buy Now, Pay Later (BNPL): The BNPL market is expected to reach $8.59 billion in 2025, driven by mobile-first consumers and partnerships between FinTech providers and e-commerce platforms.

 

Table: E-Money Transactions in Indonesia from 2018-2024, value in millions of IDR

Period

2018

2019

2020

2021

2022

2023

2024

Value

47,198,616

145,165,468

204,909,170

305,400,000

399,600,000

495,200,000

594,240,000

Source: Bank Indonesia
 

Indonesia’s Financial Services sector is regulated by two main authorities:

  • Bank Indonesia (BI): Oversees payment systems and has implemented the BI-FAST real-time payment infrastructure to enhance digital payment efficiency.
  • Financial Services Authority (OJK): Regulates P2P lending, digital banking, and digital assets. OJK Regulation No. 3 of 2024 outlines the implementation of technological innovations in the financial sector.
     

Opportunities

  • Financial Inclusion: With a significant portion of the population unbanked or underbanked, FinTech solutions offer opportunities to expand financial services to these segments.
  • AI Integration: The integration of AI in FinTech applications, such as fraud detection and personalized financial services, is enhancing efficiency and customer experience.
  • Cross-Border Payments: The expansion of QRIS for cross-border transactions with countries like Thailand, Malaysia, and Singapore facilitates international trade and tourism.
  • Digital Rupiah: Bank Indonesia is developing a central bank digital currency (CBDC), the Digital Rupiah, to modernize the payment system and enhance monetary policy effectiveness.


Resources

Interested parties may contact Commercial Specialist Yulie Tanuwidjaja at Yulie.Tanuwidjaja@trade.gov