Early 2023 saw 15 types of innovative digital financial services in Indonesia.

According to a report by the Financial Services Authority (OJK) of Indonesia, as of January 2023, there were 15 types of Digital Financial Innovation (IKD) services in Indonesia.

The OJK defines IKD as business activities related to the updating of business processes, business models, and financial instruments that provide new added value in the financial services sector involving a digital ecosystem.

Here is a breakdown of the 15 types of IKD services according to the OJK's categorization, and the number of business units registered as of January 2023:

1. Aggregator: 34 business units

An aggregator is a website or application that helps customers obtain information on financial products and services, including comparing products from Financial Service Institutions (FSIs) online. Consumers can use aggregators to find information on FSI products such as home ownership loans (KPR), credit cards, savings accounts, insurance products, and other financing products.

2. Credit Scoring: 20 business units

Credit Scoring is the activity of digitally processing data to assess a person's eligibility for credit or other financial services.

3. Financing Agent: 8 business units

A Financing Agent is a website or application that helps FSIs channel financing to prospective/existing customers.

4. Transaction Authentication: 7 business units

Transaction Authentication is a platform that provides digital customer identification and verification services using various types of data, except for population data and civil registration data (Dukcapil).

5. Financial Planner: 6 business units

A Financial Planner is a platform that assists individuals in financial planning, providing recommendations for financial products and services that suit the user's profile and goals.

6. Electronic-Know Your Customer (E-KYC): 5 business units

E-KYC is a platform that helps provide digital identification and verification services for prospective/existing customers using Dukcapil data.

7. RegTech–eSign: 5 business units

RegTech–eSign is a platform that provides electronic certificates and digital signature processing for the financial services sector.

8. Funding Agent: 3 business units

A Funding Agent is a website or application that assists in the marketing of FSIs to obtain funding customers.

9. Insurance Tech: 2 business units

Insurance Tech is a platform that collaborates with brokers and/or insurance companies to provide information services, insurance product purchases, claim submissions, and accelerate online claim processing.

10. Tax & Accounting: 2 business units

Tax & Accounting is a platform that assists individual consumers or companies in preparing financial reports according to accounting standards, or in preparing online tax reports.

11. Insurance Hub: 1 business unit

An Insurance Hub is a provider of digital infrastructure in the insurance sector that can assist with insurance distribution and claims processing.

12. Online Distress Solution (ODS): 1 business unit

ODS is a platform that provides negotiation services between creditors and borrowers who are having difficulty repaying their debts.

13. Property Investment Management (PIM): 1 business unit

PIM is a platform for raising funds from the public online in the form of a scheme for managing rights to a property, without creating derivatives for trading in the secondary market.

14. RegTech–PEP: 1 business unit

RegTech–PEP is a platform for assessing money laundering risk by checking customer backgrounds using the Politically Exposed Person (PEP) paradigm.

15. Wealth Tech: 1 business unit

Wealth Tech is a platform that integrates access to financial information from a corporate group and its business partners into a single mobile application to facilitate their financial management.