Indonesia - Country Commercial Guide
Financial Services (Financial Technology)

This is a best prospect industry sector for this country.  Includes a market overview and trade data.

Last published date: 2020-10-11


Indonesia presents significant opportunities in the financial technology sector based on its standing as the largest economy in Southeast Asia and the fourth-most populous nation in the world. Electronic money is accepted as a form of payment by over 500,000 merchants across Indonesia. In 2019, there were 5.2 billion e-money transactions worth a total of USD 9.8 billion (IDR 145.1 trillion), according to Bank Indonesia. With over 10 million fixed-line broadband internet subscribers and 248.2 million 3G and 4G mobile phone subscribers, access to financial technology is widespread. Financial institutions in Indonesia increasingly emphasize the importance of technology to reach financial inclusion goals among the world’s third-largest unbanked population, and often look abroad for potential vendors and partners with experience.

Based on research from FinTech Fast 101 DC released by IDC Financial Insights in 2020, the 10 fastest-growing financial technology players in Indonesia were:

•        Akulaku (e-commerce and digital financial technology)

•        Amartha (micro loans in rural areas)

•        Bareksa (digital mutual funds)

•        CekAja (credit, investment, insurance, and lending services)

•        DANA (e-wallet platform)

•        GO-JEK / GO-PAY (ride share hailing and e-wallet)

•        Investree (P2P lending)

•        LinkAja (e-wallet)

•        OVO (e-wallet)

•        UangTeman (P2P lending)

The fintech industry in Indonesia is regulated by two government entities, Bank Indonesia and the Financial Services Authority (Otoritas Jasa Keuangan, or OJK). Bank Indonesia oversees monetary policy and the payment ecosystem, while OJK oversees peer-to-peer lending, crowdfunding, digital banking, financial data security, insurance technology, and financial consumer protection. Both agencies have financial technology divisions and engage regularly with industry players and maintain long-term strategies that encourage development of the financial technology sector (Bank Indonesia’s National Payment System 2025 Blueprint and OJK’s Masterplan for Financial Services 2020-2024).

Leading Sub-Sectors

E-money digital wallets and peer-to-peer (P2P) lending are the two fastest growing financial technology sub-sectors in Indonesia.

E-money digital wallets: The value of e-money transactions increased from USD 196 million (IDR 2.9 trillion) in 2013 to USD 9.8 billion (IDR 145.1 trillion) in 2019 and the volume increased from 137.9 million transactions in 2013 to 5.2 billion in 2019, according to Bank Indonesia data. This upward trend accelerated in the first half of 2020. As of late May 2020, there were 51 e-money issuers licensed by Bank Indonesia. Currently, the top 5 players in the e-wallet market in Indonesia are: OVO, GoPay, DANA, LinkAja (state-owned), and ShopeePay.  In January 2020, WeChat Pay received approval from Bank Indonesia to operate its e-wallet platform in Indonesia by partnering with local bank CIMB Niaga, which will oversee transaction processing.

E-Money Transactions in Indonesia from 2013-2019

























Source: Bank Indonesia (Volume in number of transactions & value in millions of IDR)

Fintech P2P Lending: As of late May 2020, there were 161 peer-to-peer (P2P) lending companies, including 33 licensed companies and 128 registered companies, according to statistics compiled by OJK. Of the total, 149 were conventional lenders and 12 were sharia lenders. Total assets were USD 237 million (IDR 3.5 trillion) as of May 2020, up from USD 203 million (IDR 3.0 trillion) as of December 2019. Of the total, USD 95 million (IDR 1.4 trillion) was from registered conventional fintech lenders, USD 142 million (IDR 2.1 trillion) from licensed conventional fintech lenders, USD 1.4 million (IDR 21.4 billion) was from registered sharia fintech lenders, and USSD 1.3 million (IDR 19.7 billion) was from licensed sharia fintech lenders.


As the largest economy in ASEAN, Indonesia offers a very attractive market for fintech investors, a statement that has only become truer as COVID-19 increases demand for touchless payment services and reinforces Indonesia’s financial inclusion targets. Major foreign e-wallet market players are showing a high level of interest regarding Indonesia’s digital payment market. According to media reports in early 2020, Facebook was exploring possible partnerships with leading Indonesian e-wallet operators. The importance of e-Know Your Customer systems offers a good market opportunity for U.S. companies with relevant experience.


  1. Government Agencies:

Bank Indonesia:

Financial Services Authority (OJK):

  1. Trade Associations:

AFTECH (FinTech Indonesia):

AFPI (Indonesian FinTech Lending Association):

AFSI (FinTech Syariah Indonesia):


Bank of Indonesia statistics on licensed e-money issuers, transactions, and infrastructure

Financial Services Authority Statistics on Fintech P2P lending and lenders in Indonesia

Key Fintech Regulations in Indonesia


Regulation POJK No. 77/POJK.01/2016 on Information Technology-based Lending

Regulation to support the growth of fintech P2P lending platforms, as new financing alternatives for communities that have yet to enjoy optimal services from incumbent financial service institutions.


Regulation POJK No.13/POJK.02/2018 on Digital Financial Innovation in the Financial Services Sector

Regulation covering all types of fintech based on a principles-based approach aimed at promoting responsibility and digital finance innovation. Covers the adoption of security systems and good governance and promotes compliance with rules related to customer protection, anti-money laundering and combating the finance of terrorism. 


Regulation POJK No.12/POJK.03/2018 on the Implementation of Digital Services by Commercial Banks

Regulation on the use of information technology for digital banking.


Regulation POJK No.37/POJK.04/2018 on equity crowd funding

Regulate to support equity crowdfunding.


Regulation POJK No. 13/2018 on digital financial innovation

Regulation of transaction settlements, capital accumulation, investment management, fund collection and distribution, insurance, market support, other digital financial support, and other financial service activities


Bank Indonesia Regulation No. 19/10/PBI/2017 on fintech companies

Regulation to support the fintech ecosystem and, in particular, companies in payments businesses. Fintech providers are obliged to register at BI and will be tested in the regulatory sandbox for around a year before they may apply for license.


Bank Indonesia Regulation No. 19/12/PBI/2017

Regulation concerning the provision of financial technology.


Bank Indonesia Regulation No. 19/14/PADG/2017

Regulation to establish a regulatory sandbox for financial technology.


Bank Indonesia Regulation No. 20/6/PBI/2018 on E-money

Regulation on the development of e-money business models and enhance the institutional capacity of e-money issuers, including their capital and ownership composition. Sets a maximum 49% foreign ownership cap for non-bank institutions acting as e-money issuers and requires the majority of the Board of Directors for each non-bank institution providing e-money to be domiciled in Indonesia.


For more information, please contact Commercial Specialist Yulie Tanuwidjaja at