Indonesia Had 366 Fintech Association Members by 2022: Here's the Trend

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Cindy Mutia Annur 01/08/2023 17:22 WIB

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According to the Indonesian Fintech Association (Aftech)'s Annual Member Survey 2022/2023, 366 members had joined the association by the end of last year.

Number of Members of the Indonesian Fintech Association (2016-2022)

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Number of Members of the Indonesian Fintech Association (2016-2022)

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Based on a survey report by the Indonesian Fintech Association (Aftech) and Katadata Insight Center (KIC) titled *Annual Member Survey 2022/2023*, 366 fintech companies had joined the association by the end of last year.

This number represents a 3.97% year-on-year (YoY) increase from the previous year's 352 members.

Of these, three business models represent the largest portion of Aftech members: online lending companies (102 members, 27.8%); digital financial innovation (DFI) (84 members, 22.95%); and digital payments (39 members, 10.65%).

The following details the number of Aftech members in 2022 based on their business model cluster:

* 102 online lending fintech companies
* 84 digital financial innovation (DFI) fintech companies
* 39 payment system fintech companies
* 13 technology partner fintech companies
* 6 financial institution fintech companies
* 5 capital market fintech companies
* 4 digital asset fintech companies
* 113 other fintech companies

Since its establishment in 2016, Aftech has consistently recorded significant annual growth in its membership.

The highest growth in Aftech membership was recorded in 2018, with a 125.31% YoY increase from 79 members to 178 members, as shown in the graph above.

According to Aftech, the development of the fintech industry in Indonesia is influenced by several factors. "Such as the working-age population, internet-based economy, unbanked and underbanked population, financial and digital literacy and inclusion, regulations, and investment in fintech," stated Aftech in its report.

The survey shows that 64% of fintech companies affiliated with Aftech were established within 0-5 years, or are still in the startup phase.

In terms of workforce size, 50.7% of fintech companies have fewer than 50 employees. Furthermore, 92% of fintech companies are located in the Jabodetabek area (Jakarta, Bogor, Depok, Tangerang, and Bekasi).

This survey involved 75 respondents representing member companies of Aftech. The survey was conducted in Q2 2023 using an online questionnaire.

Editor : Erlina Fury Santika

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."

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Indonesia Had 366 Fintech Association Members by 2022: Here's the Trend

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