JAKARTA - The financial technology (Fintech) industry continues to experience a positive transformation, one of which can be seen from the increase in the number of fintech companies in Indonesia. Based on Statista data, fintech companies grew significantly from 51 companies in 2011, up to 336 companies in 2023. Crypto companies are also included in fintech players in the new sector which contributed to the increase in the digital economy in Indonesia.
Head of Product Marketing PINTU, Iskandar Mohammad at a roundtable discussion organized by Huawei Cloud x Weefer themed What's Next in Fintech Innovation? revealed that the progress of the fintech industry which is included in the digital category is still relevant to the COVID-19 pandemic that has occurred several years ago.
"The pandemic has a big impact on the use of fintech services in everyday life which has made people move to digital activities and almost all fintech industries have this influence, including the crypto industry," said Iskandar, in a written statement, Friday, October 18.
In general, the fintech industry and the digital economy ecosystem in Indonesia have soared in recent years. The Financial Services Authority (OJK) itself predicts that the value of digital trade transactions in 2024 could reach IDR 500 trillion. From crypto asset transactions, even OJK noted, until August 2024, the transaction had reached IDR 344 trillion.
"The high number of crypto transactions is good news because more and more people are aware of the importance of investing in developing their assets. On the other hand, the challenges are getting bigger, especially in terms of education so that people can invest responsibly and wisely, especially in crypto assets that fall into the high risk high return category. Of course, we have done a lot to educate the public about crypto assets, such as being present at this activity to discuss together about developments and existing challenges," said Iskandar.
Huawei Cloud together with Weefer held an event entitled Empowering Fintech with Cloud in which there was a discussion panel attended by OJK, Coinworks, Qoala, the Indonesian Joint Funding Fintech Association (AFPI), and also PT Pintu Kemana Saja (PINTU). In this discussion, all panelists explored advances in the fintech industry as well as crypto assets and discussed how the role of various institutions and fintech companies to encourage financial inclusion.
SEE ALSO:
"Although the growth of crypto and massive fintech, education remains the biggest challenge, especially in the crypto industry, whose adoption is very fast. From the start we have understood this and of course we take responsibility in providing educational facilities and infrastructure for people who have not invested in crypto or who need analysis related to the crypto market. Some of the strategies we have implemented include investing in the Pintu Academy & Pintu News educational channel," said Iskandar.
Iskandar continued, another strategy that his party carried out was to actively collaborate with various stakeholders such as CoFebti, Crypto Exchange CFX, Association, University, to many Communities.
"We believe collaboration is one of the best steps to accelerate and expand education related to crypto assets. Collaboration with various strategic partners also includes discussing the development of crypto asset regulations. We should be proud, from the perspective of Indonesian regulations, we are quite capable and adaptive to accommodate crypto investment trading activities, whose trading ecosystem is currently getting stronger," concluded Iskandar.
The English, Chinese, Japanese, Arabic, and French versions are automatically generated by the AI. So there may still be inaccuracies in translating, please always see Indonesian as our main language. (system supported by DigitalSiber.id)
