Fintech Industry Still Optimistic In Face 2023, AFTECH: But Will Efficiency To Keep Profits

Photo: Doc. Antara

JAKARTA - Chairman of the Indonesian Fintech Association (AFTECH) Pandu Sjahrir is optimistic that the technology-based financial services industry (fintech) will continue to grow in 2023 amid global uncertainty. Even so, funding for fintech is expected to decrease.

"We can see that more and more people use fintech, innovation is also increasing, and government regulations also support growth," he said at a press conference holding the 4th Indonesia Fintech Summit, quoted by Antara, Monday, November 7.

However, according to him, funding for fintech will weaken in 2023 in line with the recession predicted by a number of countries.

In terms of global funding, 2023 will be a tough time. In my opinion, in 2023 and 2024 there will be a lot of uncertainty," he said.

This uncertainty is expected to make fintech service providers will maintain costs and make business efficiency in order to keep scoring profits.

"The industry has an interest in growing positively more quickly because global funding has decreased a lot," he said.

Chairman of the Indonesian Joint Funding Fintech Association (AFPI) Adrian Gunadi said that fintech funding together or fintech peer to peer lending in Indonesia will continue growth in 2023 because credit gaps in Indonesia are still high.

"The need for funding that cannot be served by banks, fintech peer to peer lending is still a lot. So we can still grow in 2023," he said.

It's just that fintech peer to peer lending service providers will be more selective and only channel their financing to business actors in the industrial sector who are resistant to global economic shocks.

"I think fintech peer to peer lending needs to pay attention to this to prevent the risk of both bad credit and so on. So the opportunity to grow remains, but we also need to be smart in choosing segments to finance," he said.