Big and booming: Get to know Indonesia’s fintech ecosystem

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Hello readers,

I’m here to interrupt your Monday with some good news (at least in our books): We added more names to our cool Product Development Conference speaker lineup. They include Marcus Tan, co-founder of Carousell; Norman Sasono, chief technology officer of Dana; and Thanisha Sehgal, director of product at Pomelo Fashion.

So get your ticket at 50% off to learn from these product leaders as well as connect with other product thinkers in the region. OK, now let’s get back to our regular programming.

Today we look at:

• A map of the key fintech players in Indonesia
• An ecommerce startup shuts down in Indonesia
• Other newsy highlights such as Didi Chuxing’s IPO and India’s objection to WhatsApp’s new privacy policy

PREMIUM SUMMARY

The players in Indonesia’s booming fintech industry

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Fintech is huge in Indonesia, both in terms of the number of startups in the space as well as the industry’s growth rate. Case in point: The leading mobile banking apps in the archipelago saw a 44% increase in their monthly active user growth last year compared to the same period in 2019. But who are the players competing in this space?

• P2P is very cash-money: We can’t talk about fintech in Indonesia without mentioning the peer-to-peer (P2P) lenders. Here’s why: More than half of the country’s total number of fintech companies operate in this sector.
• Other side of the coin: The next most competitive space after P2P lending – payments and remittance – ain’t surprising. . But we’re not just talking about the mobile payments startups like LinkAja and Dana. According to our chart, the payment solutions in the business-to-business and payment gateways sectors are getting real crowded.
• Rolling in money: Fintech companies in Indonesia are attracting a ton of money – it gotUS$ 515 million in 2020. This year, we’re already seeing some huge moves taking place, such as Xendit’s $64.4 million series B round and Stockbit’s US$30 million fundraise.

Find out more in the chart: The fintech players putting Indonesia on the map

STARTUP SPOTLIGHT

Facebook-backed ecommerce startup shuts down in Indonesia