Fintech plays an important role in

Jakarta, – This time, Indonesian fintech news reviews about financial technology (fintech) that plays an important role in financial inclusion.

This makes Indonesia more advanced in digital transformation. The non-bank financial services offered by fintech also support the economic growth in Indonesia.

Installed service financial technology Helped many micro, small and medium companies in the regions. With proper financing, they can be of wide interest. So, let’s have a look at the following Indonesian FinTech news reviews.

Indonesian FinTech News

Coordination Ministry says fintech continues to play important role – Indonesian FinTech News

The Indonesian Ministry of Economy believes that financial technology plays an important role in economic growth. Especially the digital economy in the country.

Deputy Coordination of Digital Economy, Employment and Small and Medium Enterprises at the Coordination Ministry for Economy Rudi Salahuddin said that financial technology (fintech) will continue to play an important role in increasing financial inclusion and digital transformation in Indonesia.

“Fintech provides an alternative option for the Indonesian people to access financial services efficiently and economically,” said Rudy, who was involved online in launching the results of the CELIOS study in Jakarta recently.

In addition, he revealed that the presence of financial technology that helps in the distribution of investment products also encourages the emergence of local investors.

At the moment, the growth of retail investors in the Indonesian stock exchange is relatively rapid, which is offset by the growth in terms of average value and frequency of transactions.

According to a study conducted by the Center for Economic and Legal Studies (CELIOS), until the end of May 2022, the number of individual investors in the capital market was recorded at 8.86 million, an increase of 18.9 percent year on year.

Accompanied by the growing number of retail investors

Data from the Financial Services Authority (OJK) shows that the number of individual investors has reached 9.1 million with the majority of investors coming from millennials.

Rudy believes that the growth of individual investors has a strong relationship with the national economy. More investors in the financial market will increase the circulation of funds, thus enhancing the resilience of the national economy in the face of various internal and external pressures in the country.

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The economic impact from the development of millennial retail investors is expected to support the creation of new sources of growth and stimulate macroeconomic activity by increasing financial independence, enhancing domestic financial market stability, and saving infrastructure development costs. He said.

Rudy also revealed that at least several factors are driving the increase in retail investors and the use of financial technology, including the emergence of many retail investment applications, such as multi-asset applications where investors can have more than one type of asset in their accounts. a file.

Next, integration with payment platforms, referral code promotions, as well as low initial capital and low transaction fees.

Sharia fintech also plays a role, now the world is looking at – Indonesian FinTech News

On the other hand, Indonesia has great potential in developing Sharia compliant financial technology and occupies a strategic position in the world.

According to a report by the Global Islamic Financial Technology (GIFT) Report 2022, Indonesia ranks third in the GIFT Index after Malaysia and Saudi Arabia.

There are more and more Sharia-compliant fintech players whose performance is recognized globally, said Ronald Wijaya, President of the Indonesian Sharia FinTech Association (AFSI). Recently, Ethis and ALAMI were awarded the 2022 Global Islamic Finance Award (GIFA).

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“Indeed, Indonesia deserves this attention, because the potential of Indonesia’s Sharia economy in the future is also much greater,” Ronald was quoted as saying. RepublicaWednesday (9/21/2022).

Ronald said that Sharia-compliant financial technology should play a significant role in encouraging the progress of the national legitimate economy. To the end, it can contribute to the development of Sharia-compliant financial technology globally.

In addition, with a market capitalization of USD 79 billion or about IDR 1185.4 trillion globally in 2021, Islamic Fintech is expected to increase its capital to USD 179 billion or IDR 2,686 trillion in 2026.

Indonesia itself is expected to see the volume of Sharia-compliant Fintech transactions increase from around $4.24 billion or about 63.6 trillion rupiah in 2021 to $11.26 billion or 168.9 trillion rupiah in 2026.

According to the GIFT 2022 report, there are currently about 375 Islamic financial firms globally. They also show signs of strengthening or maturity. Malaysia, the United Arab Emirates and Indonesia are showing potential as leading hubs in the country.

Ronald said the sharia-compliant fintech industry is currently growing as well.

Currently, there are 22 legitimate financial firms that are registered, licensed, and registered with the Financial Services Authority (OJK), consisting of two payment financial firms, eight peer-to-peer lending, two crowdfunding securities, and eight digital financial innovations.

“The development in the country is very good, and now there are many new Shariah-compliant financial technologies that are in the process of being registered with the OJK,” he said.

Ronald also notes that more and more big players are entering the technology sector so that there is great potential in the future.

This is information about Indonesian FinTech News. We hope this information is useful to you.

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Author: Contributor / Shuhada Banji A

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