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Indonesia: A rising fintech powerhouse?
When it comes to financial innovation in Asia, it’s China that has gobbled up most of the headlines of late, with tech giants like Alibaba and Tencent expanding aggressively into areas such as payments and banking. But perhaps we should be casting our gaze further south, to Indonesia?
There are plenty of reasons to be bullish about Indonesian fintech. With around 255 million people, it is the region’s third most populous country after India and China, and has the fourth largest population globally.
A large chunk of this population is also unbanked. According to Deliotte, the country has 110 million "bankable unbanked" citizens. Indonesians are crying out for fin-tech solutions and companies are coming into fill the breech.
TechInAsia, recently put together a list of nine Indonesian startups that currently springing up across areas as such as payments, product comparison., lending, cloud technology, and data services. The sheer diversity of this nascent space indicate Indonesia might be one to watch.