Why are Tech giants interested in Indonesia?

Why are Tech giants interested in Indonesia?

According to Bloomberg, Indonesia is one of the world’s largest unbanked markets – FinTech firms are setting their sights on the nation’s more than 175 million internet users who rely on online banking.

While Indonesia is by far the largest FinTech market in Southeast Asia, it is one of the few that do not license digital-only banks. Hong Kong and Singapore have allowed digital banks while neighbours like Thailand and Philippines are actively considering.

For Indonesia, the entry of tech giants presents an opportunity to reach more than 83 million people – nearly a third of their population who still lack access to formal financial services. With the country’s banks struggling to reach population dispersed across thousands of islands, banking services through mobile phones offer a solution.

We have been actively supporting Tech firms, including FinTech firms, with top talents to expand across various markets in APAC – FInd out more from our Senior Consultants in Asia.

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Link: https://www.bloomberg.com/news/articles/2021-01-27/tech-giants-target-indonesia-s-83-million-who-lack-bank-access