2017, Indonesian Fintech Transactions US$18.6 Billion

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26/04/2017 12:38 WIB

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Fintech transactions in Indonesia totaled US$18.6 billion in 2017.

Indonesia Fintech Funding and Potential User Estimates 2015-2021

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Indonesia Fintech Funding and Potential User Estimates 2015-2021

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Indonesia's fintech transactions in 2017 were estimated at US$18.6 billion, or approximately Rp247.65 trillion at an exchange rate of Rp13,300 per US dollar. This figure represents a 24 percent increase from the previous year's estimate of US$15 billion. According to Statista data, Indonesian fintech transactions will reach US$37.15 billion, or around Rp494 trillion, in 2021.

Indef researcher, Bhima Yudistria, stated that the total financing needs in Indonesia amount to Rp1.65 quadrillion. Banks, however, can only disburse Rp660 trillion. Therefore, a financing shortfall of Rp990 trillion remains, which could be filled by fintech companies.

Currently, 11 million micro, small, and medium enterprises (MSMEs) are bankable (receiving bank financing). Meanwhile, 49 million MSMEs remain unbankable (unable to obtain financing from banks). The large number of MSMEs without access to banking services, coupled with Indonesia's archipelagic geography, suggests that the potential for fintech growth in Indonesia remains significant.

"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."