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Hello readers,
Indonesia’s fintech sector is growing into its own.
Last week, we put out a piece highlighting the fintech players putting Indonesia on the map.
Over the last few years, the Indonesian government has been working to better regulate its burgeoning peer-to-peer lending and digital payments sectors. It’s also pushing to develop an open banking system that will allow consumer data to be shared between banks and fintech firms – a move that could potentially reduce borrowing costs, improve financial inclusion, and foster collaboration between traditional banks and fintech companies.
More consolidation and partnerships are underway as the government now seeks to streamline the country’s digital payment system, potentially through LinkAja, the e-wallet owned by a consortium of state-owned banks that counts both Grab and Gojek as investors.
By mid-year, the country’s Financial Services Authority (OJK) will also be releasing guidelines for digital banks in the country, which successful applicants for digital bank licenses in Singapore and Malaysia – and also those who are not – will be watching keenly.
That development will surely be one to watch.
— Melissa Goh, journalist at Tech in Asia
TOP STORIES THIS WEEK
1️. The fintech players putting Indonesia on the map
Last year, fintech companies in Indonesia attracted US$515 million in fundraising, a slight decrease of 10.9% from the year before.
2️. CXA Group to shut down Vietnam tech hub, lay off dozens
The tech hub was launched in 2019 to drive CXA’s core tech capabilities to serve clients and partners in other markets.
3. Razer turns profitable in 2020, posts $1.2b in revenue
The gaming titan posted a GAAP net profit of US$800,000 for last year.
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