Fintech opportunities exist for Singapore companies in Indonesia

Photo by Tom Fisk

Indonesia’s burgeoning digital economy offers extensive opportunities for Singapore startups, technology and financial services firms and investors.

On 30 June, the Singapore Business Federation (SBF), in collaboration with the Indonesian Embassy in Singapore, hosted its second FYIstival webinar on Indonesia, themed “Digital and FinTech Opportunities for Indonesia and Singapore”.

Indonesia is one of the fastest growing markets for fintech in ASEAN with a high-level of digital adoption and rising levels of affluence. This has given rise to opportunities for fintech companies to provide digital financial services to serve the rising middle class.

Indonesia also offers a window of opportunity for technology companies and financial services providers to explore partnerships to serve the large unbanked population of individuals and SMEs in the vast territories of Indonesia.

Indonesia’s Ambassador to Singapore, H.E. Suryo Pratomo, in his keynote address during the webinar said, “Despite challenges created by the COVID-19 pandemic, Indonesia’s fintech sector has been one of the most dynamic and competitive in the world as evidenced by the emergence of a number of unicorns and decacorn companies.

“They have indeed contributed positively to the national economy – helping to open up access to more financing options for a wider public segment. We hope to see more fintechs assist local micro, small and medium enterprises (MSMEs) in their efforts to get greater access to a wider market through e-commerce platforms.”

The webinar covered a broad range of topics such as an overview of the market potential of Indonesia’s fintech sector and its fintech regulatory frameworks, as well as Singapore’s fintech landscape and emerging opportunities.

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Panellists also discussed the need for more collaboration between fintech and other established financial sector players and institutions, as well as the need for the fintech sector to work closely with regulatory authorities through regular consultations and engagement to advance the industry.

The webinar featured expert speakers from Indonesia’s financial services authority, the Otoritas Jasa Keuangan (OJK), and Singapore’s Monetary Authority of Singapore (MAS) – Mr Triyono Gani, Head of Digital Finance Innovation Group, OJK and Mr Yong Sheng Le, Deputy Director of the FinTech & Innovation Group, MAS; as well as an illustrious panel moderated by Mr Shadab Taiyabi, President of the Singapore FinTech Association.

Mr Darius Lim, Assistant Chief Executive Officer of SBF said, “Singapore and Indonesia have vibrant fintech sectors with tremendous potential for win-win collaborations. SBF opened its Singapore Enterprise Center@Jakarta early this year to better support Singapore companies seeking business opportunities and partnerships in Indonesia.”

The webinar was organised as part of SBF’s digital platform FYIstival which aims to help Singapore businesses navigate the various regional markets through a series of country-focused webinars, virtual business matching sessions and online resources.