In December 2021, Bank Indonesia, the central bank of Indonesia, unveiled a new retail payment system—one among the multiple initiatives to fuel the country’s budding FinTech ecosystem. Indonesia, the sixteenth-largest economy and the fourth-most populous country globally, is increasingly leveraging FinTech to cater to the internet-savvy population and bridge the gap between the banked and the underbanked. With 67% internet penetration and 84% of the population below the age of 54 (source: Indonesia Fintech Report and Map 2020), the country is a fertile landscape for FinTech, especially considering the challenges that hamper absolute financial inclusion. |
