Indonesia among top fintech nations in region: study (Photo: aninews)Jakarta (VNA) – Indonesia is one of the top three nations in fintech in the south and southeast Asian region, behind India and Singapore, according to a survey just released by Robocash Group, a fintech company with offices in Asia and Europe that specialises in providing technological finance solutions for the underserved by the traditional banking system in emerging markets.
The survey, intended to gauge the level of development in the financial technologies space in the Southeast Asian region, was conducted in India, Indonesia, Singapore, the Philippines, Vietnam, Malaysia, Bangladesh, Pakistan, and Sri Lanka.
Fields covered in the survey are Payments and Transfers, Alternative Lending, E-wallets, and Digital Banking.
As of the end of 2022, there were 1,254 active fintech companies in the nine countries and four sectors studied. This represents a rise of almost 45 times from the 28 companies that existed before the year 2000. The growth of such companies accelerated between 2015-2022, when over 62% of the companies in the study were founded.
India has the most such companies with 541, or 43.1% of the total, followed by Indonesia with 165 and Singapore with 162.
India also received a total of 25.6 billion USD in investment in the four mentioned fields (48 % of the total funds). Singapore came next with 14.7 billion USD (27.6 %), Indonesia 7.5 billion USD (14.1 %), the Philippines 2.4 billion USD (3.4 %), and Vietnam 1.8 billion (3.4 %) USD.
Hemant Gala, Head of Financial Services & Banking at India digital payment giant PhonePe, affirmed that digital payments have become a way of life in India and the country has seen 10-15 million new customers coming on to the digital bandwagon over the past 12 months. Two factors that led to this change were demonetisation and the COVID-19 pandemic, he said./.
