List of Technologies Required by the Indonesian Fintech Industry

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Adi Ahdiat 02/08/2024 13:14 WIB

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According to an AFTECH survey, the most in-demand technology in Indonesia's fintech industry is E-KYC, a tool for customer identification and verification based on Dukcapil data.

Fintech Companies' Required Technology for Product Development (April-May 2024)

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Fintech Companies' Required Technology for Product Development (April-May 2024)

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Financial technology (fintech) refers to financial service businesses that leverage digital technology to enhance efficiency.

Currently, the most in-demand technology in Indonesia's fintech industry is e-know your customer (e-KYC), a tool for identifying and verifying customer profiles based on data from the Directorate General of Population and Civil Registration.

According to a survey by the Indonesian Fintech Association (AFTECH), 64.1% of fintech companies require e-KYC.

A significant number also require cloud infrastructure, big data, payment gateways, digital signatures, and artificial intelligence (AI), as shown in the graph.

However, Indonesian fintech companies generally cannot produce this technology independently.

"Every new technology has a high level of complexity, so using third-party providers remains the preferred option for accommodating the use of this technology," quoted from the AFTECH Annual Members Survey 2024 report.

The types of technology most frequently purchased by Indonesian fintech companies from third parties are cloud infrastructure (93.7%), payment gateways (84.5%), digital signatures (82.1%), internet of things (75%), and e-KYC (75%).

Meanwhile, the technologies most frequently produced in-house are online to offline (66.6%), blockchain (60%), and QR codes (60%).

AFTECH conducted this survey in April-May 2024, involving 131 respondents from fintech companies that are members of their association.

Respondents represent a diverse range of businesses encompassing all fintech business models, including online payment providers, investment management, online loan collection/disbursement, and various other digital financial services, including crypto transactions.

Editor : Adi Ahdiat

"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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List of Technologies Required by the Indonesian Fintech Industry

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