Indonesia's fintech sector has continued to grow in the past year, with transaction values up 39% year-on-year. This growth is fuelled by four main segments - digital banking, digital payment, digital financing, and digital assets.
To keep pace with this growth and the increasing maturity in the sector, Indonesia’s government and regulators have ramped up supervision and tightened the regulations while endeavouring to ensure that innovation continues to be fostered.
In this article, we discuss trends and developments in each of these four key segments, after first looking at the key provisions and the likely impact of a new omnibus law to regulate the financial services sector, issued in January 2023.
To download our 2023 chapter on Indonesian Fintech Trends and Developments, published by Chambers and Partners, please click here.
The full 2023 Chambers Global Practice Guide to Fintech can be found here.
By Vik Tang, Michelle Virgiany, Novita Wulandari and Fransiska Larasati
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