Nowadays, many startups have been developed in Indonesia. Especially the financial technology or fintech startup. The fintech offers many things that can be a benefit for everyone, and it's one of the financial hope for some people. If you're one of the people that are curious about the fintech future in Indonesia, here are some information about it!
Fintech Startup is on the Rise in Indonesia
The claim that fintech is developing rapidly in Indonesia can be seen by the fintech startup that's successfully made an appearance, such as Privy.ID or Modalku. Privy.ID offers digital signature data and one of the certified electronic certificate facilitator in Indonesia. Modalku is different from Privy.ID, they came with Peer to Peer or P2P method, and it became the first online platform that connects small businesses to their loan giver.
These ideas of making technology-based financial startup are not without a reason. Fintech offers many things, like speed, analysis, even doing some other benefits that other financial things can't be done. This development is on par with Indonesia's internet user. So, it's not surprising to see fintech market is growing strong in the future.
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Infrastructure Build Push the Fintech Development
The amount of infrastructure built in Joko Widodo (Jokowi) era in Indonesia is one of the reasons why fintech development is so big in Indonesia right now. The infrastructure that's fulfilling people's needs equals the economic boost in place that is developed so fintech can help them to make a better financial plan and to grow. Especially now that many of Indonesian can use smartphones.
The Cooperation Between Bank and Fintech
The fintech development can be done thanks to the smartphone owners, the people made banks need to change their style to stay on track. Even if there are many banks with mobile service or internet banking, but millennials think that that's not enough to fulfill their financial needs.
That is why it's not surprising that fintech and banks make cooperation. Bank can easily get people to stay with them because of course, people need them and fintech can give them the service they want that's can't be obtained before with the bank.
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Indonesia Becomes a New Market for Fintech in the World
Tech in Asia said that Fintech born from the old player in finance, who thought that our system right now is not up to date. Eight years ago in London and New York, the fintech era has started and now is entering Indonesia. Many fintech startups made their way to our country, so it's believed that Indonesia is the new market for fintech developers worldwide.
With the many reasons above, it's not wrong to say that fintech is developing rapidly in Indonesia. So, if you want to make a better financial life, you can also use one of the fintech features, you can try D-Financial for a better business in the future.