Fintechnews-印度尼西亚金融科技报告（英文）-2018.5-185页_17mb

Indonesia Fintech Landscape Report - May 2018

Core Statistics

• Population: 261.12 million
• GDP Growth: 5% per annum
• Banked Population: 48.9%
• Borrowed from Financial Institutions: 17.2%
• Active Social Media Users: 130 million
• Mobile Subscriptions: 415.7 million
• Internet Penetration: 143.2 million
• Urban Population: 72.4%
• Semi-Urban Population: 49.4%
• Rural Population: 48.2%

Fintech Market Growth

• Total Fintech Investment (2017): USD $176.75 million
• Transaction Value (Projected 2018): USD $22,338 million
• Annual Growth Rate of Transaction Value: 16.3%

Fintech Ecosystem Overview

• The Indonesian Fintech ecosystem includes various segments such as:
  • Payment Solutions
  • Lending Services
  • Personal Finance and Wealth Management
  • Comparison Tools
  • Insurtech
  • Crowdfunding
  • Point of Sale (POS) Systems
  • Cryptocurrency and Blockchain
  • Accounting Services

Regulatory Environment

Bank Indonesia (BI) Fintech Office

• Launched in November 2016 to support technology-based financial services.
• Four main duties:
  1. Facilitating discussion and sharing ideas.
  2. Providing business intelligence with the latest economic data.
  3. Assessing potential, benefits, and risks of Fintech services.
  4. Acting as a one-stop shop for policy details.

National Payment Gateway (NPG)

• Launched in December 2017 by BI.
• Consortium Members: PT Artajasa Pembayaran Elektronis, PT Rintis Sejahtera, PT Alto Network, and PT Jalin Pembayaran Nusantara.
• E-money Issuers: PT Bank Mandiri, PT Bank Central Asia (BCA), PT Bank Rakyat Indonesia (BRI), and PT Bank Negara Indonesia (BNI) signed an interoperability agreement.
• Second Phase Preparation (March 2018):
  • Implementation of Multi-Lane Free Flow system on toll roads.
  • Payment facilities for 20 main utilities, including electricity and phone bills.

Fintech Regulation (Reg 19/12/2017)

• Designed to support innovation while ensuring customer protection and financial stability.
• Registration Requirement: Fintech providers must register with BI unless already under OJK supervision (e.g., P2P lending services).
• Cryptocurrency: Prohibited as a payment tool, but not regulated for mining and trading.

Regulatory Sandbox

• Launched in April 2018, approved for Toko Pandai.
• Criteria for Participation:
  1. Development of innovative technology.
  2. Potential to disrupt existing financial products, services, or models.
  3. Offers benefits to customers.
  4. Capacity for widespread use.
• Other Participants: 15 other service providers have registered for the sandbox, including Cashlez, Pay by QR, Bayarind, YoOk Pay, Halo Money, Saldomu, Disitu, PajakPay, Wallezz, Netzme, Mareco Pay, iPayMu, etc.

Indonesia Financial Services Authority (OJK) Developments

• P2P Lending Regulation (No. 77/POJK.01/2016):
  • Defines P2P lending as online financial services enabling loan agreements between lenders and borrowers in IDR.
  • Registration Requirements:
    • Must be an established legal entity.
    • Maximum 85% foreign ownership.
    • IDR 1 billion in capital at registration and IDR 2.5 billion at licensing.
    • Prohibited from offering other services such as securities or guarantees.
• 40 P2P Lending Services Registered with OJK (April 2018):
  • Includes Akseleran, ACTIVAXU, Amartha, Ammana, Dana Merdeka, DanaKita, Danamas, AwanTunai, etc.

Key Fintech Players in Indonesia

Bank Mandiri

• Largest Bank in Indonesia, with 2,631 branches.
• Mandiri Capital: A fintech venture fund with a $37 million budget.
• Mandiri Business Incubator: Hosts Finspire and Hackathon events.

Bank Central Asia (BCA)

• Largest Private Bank in Indonesia, with 1,235 branches.
• Central Capital Ventura: A venture fund launched in 2017.

Bank Bukopin

• Focused on SMEs and middle segment, with 40 branches and 170 sub-branches.
• BnV Labs: A start-up incubator launched in 2017.

Bank Rakyat Indonesia (BRI)

• Focused on small scale entrepreneurs, with 446 branches and 545 sub-branches.
• Acquired 35% stake in Bahana Artha Ventura, a venture capital firm.

Summary of Fintech Companies

• Aino: Provides multi-issuer e-money integration, founded in 2007.
• Ayopop: Mobile app for bill payments, founded in 2016.
• Bayarind: Payment gateway for e-commerce, founded in 2016.
• Cashlez: Offers secure payment solutions, founded in 2015.
• Doku: Established in 2007, trusted payment service for merchants.
• Duithape: Payment and remittance system for non-bank account holders, founded in 2015.
• E2Pay: Offers a complete payment solution with 15 payment channels, founded in 2012.
• Easypy: Secure cash payment service for 250 million Indonesians, founded in 2013.
• Espay: E-commerce payment solution with B2C2B concept, founded in 2012.
• Etobee: Crowd-sourced logistics delivery platform, founded in 2014.
• Faspay: Payment gateway and e-commerce switching solution, founded in 2003.
• Finnet: Electronic payment provider with integrated payment system, founded in 2006.
• Flip: Inter-bank transfer application, founded in 2016.
• Fusion Payments: Streamlined online payment platform, founded in 2001.
• Go Jek/Go Pay: Digital payment solution for ride-hailing and logistics, founded in 2010.
• Gudang Voucher: Online e-voucher distribution system, founded in 2003.
• Indomog: Multi-payment online gateway, founded in 2008.
• Intrajasa: Remittance company connecting Indonesians across Asia, founded in 2013.

Collaborations and Partnerships

• Fintech and Financial Institutions:
  • Mandiri, BCA, BRI, BNI, and others have established partnerships and incubators.
• Fintech and E-commerce:
  • Companies like E2Pay, Faspay, and Go Pay integrate with e-commerce platforms.
• Fintech and Mobile Operators:
  • Collaboration with mobile operators to enable mobile-based payment solutions.

Conclusion

The Indonesian fintech landscape in May 2018 showed significant growth and innovation. With a large population and increasing internet penetration, the potential for fintech expansion is substantial. Regulatory developments, including the establishment of the Fintech Office by BI and the P2P lending regulations by OJK, reflect a growing commitment to managing and supporting the fintech sector. The introduction of the regulatory sandbox aims to foster innovation while maintaining security and stability. Major fintech players are actively contributing to the ecosystem through diverse services and partnerships, enhancing the accessibility and efficiency of financial services across the country.