波士頓咨詢&AC Vventures:2023印尼金融科技行業報告(英文版)(48頁).pdf

編號:123800 PDF  中文版 48頁 6.21MB 下載積分:VIP專享
下載報告請您先登錄!

波士頓咨詢&AC Vventures:2023印尼金融科技行業報告(英文版)(48頁).pdf

1、Indonesias Fintech Industry is Ready to RiseMarch 2023Sumit Kumar,Adrian Li,Helen Wong,Hameer Chauhan,Shobhit Shubhankar,Ignacio Oetama Boston Consulting Group partners with leaders in business and society to tackle their most important challenges and capture their greatest opportunities.BCG was the

2、 pioneer in business strategy when it was founded in 1963.Today,we work closely with clients to embrace a transformational approach aimed at benefiting all stakeholdersempowering organizations to grow,build sustainable competitive advantage,and drive positive societal impact.Our diverse,global teams

3、 bring deep industry and functional expertise and a range of perspectives that question the status quo and spark change.BCG delivers solutions through leading-edge management consulting,technology and design,and corporate and digital ventures.We work in a uniquely collaborative model across the firm

4、 and throughout all levels of the client organization,fueled by the goal of helping our clients thrive and enabling them to make the world a better place.AC Ventures(ACV)is a top Southeast Asian venture capital firm that invests in early-stage startups focused on Indonesia and ASEAN,with over US$500

5、 million in assets under management.The firms mission is to empower entrepreneurs with more than just capital by combining operational experience,industry knowledge,deep local networks,and resources.ACVs team has invested in over 120 tech companies in the region since 2012.With a team of more than 3

6、5 professionals led by Adrian Li,Michael Soerijadji,Helen Wong,and Pandu Sjahrir,it has offices in Jakarta and Singapore.Contents01 Executive summary02 The Rise of Fintech in Indonesia06 A Vibrant and Flourishing Ecosystem 09 The Voice of Fintech15 The Voice of Retail26 The Voice of SMEs33 Learnings

7、 from Frontier Markets37 Strategic Imperatives for the Fintech Ecosystem1 INDONESIAS FINTECH INDUSTRY IS READY TO RISEExecutive summaryIndonesias vibrant fintech industry is on the path to a remarkable future of expanding and diversifying opportunities.The countrys compelling market demographics and

8、 relatively low formal banking penetration ensure that this high-growth nation of 300 million citizens offers promising fuel for growth,backed by strong stakeholder sentiment,signs of evolving fintech innovation,and clear white space opportunities with significant value yet to capture.Investing in g

9、rowthThe number of fintech players in Indonesia has increased six-fold over the last decade,with wealth-tech,fintech-focused SaaS providers,and insurance activities offering an exciting new driving force for industry expansion.Customer engagement also continues to be encouraging,as post-pandemic dig

10、ital engagement persists into the new normal beyond.The leading payment sector alone was home to over 60 million active users by the end of 2020.Investors are equally buoyant about market potential,with total deal capital reaching US$3.2 billion in 2020-2022,almost triple that of the preceding three

11、 years.Approximately 60%of all deals funded are in early-stage fintechs,highlighting the impetus behind this dynamic and fast-growing space.This fintech-focused investment forms a compelling proposition as part of Indonesias wider and energized digital ecosystem,characterized by the rapid growth of

12、digital banks seen over recent years.Traditional banks are now increasingly looking to leverage fintech partnerships as they attempt to strengthen and scale their own business offerings.Compelling conversations on evolutionOur conversations with fintech founders across Indonesia reveal growing focus

13、 on evolving and maturing growth strategies through multi-product expansion.This is framed by an ecosystem where regulatory support in areas such as open banking and Indonesias SNAP national standards are offering an encouraging boost for industry sentiment.At the same time,collaboration continues t

14、o compel forward growth,as legacy institutions look to the capabilities of emerging fintech partners.The retail landscape itself continues to evolve from the early domination of payment providers.Despite this,there remains significant value to capture in insurance and deposit verticals.Younger consu

15、mers represent the most fintech-literate segment,with older age groups comparatively underserved by fintech offerings,indicating an important shift in focus in coming years.Fintech players are viewed favorably across demographics,but traditional advantages in UI/UX are narrowing,and they may need to

16、 innovate to maintain favorable market standing.Addressing concerns around cost and security of fintech solutions will also be key.Indonesias vibrant SME ecosystem remains a fascinating white space still to capture,with most enterprises in nascent stages of fintech adoption.Expanding adoption of dig

17、ital payments could offer a powerful driver to unlock early value in this market,although toppling the cash is king mentality will remain a major hurdle.Lending,wealth,deposits,and insurance all provide open opportunities across the SME space.Once again,cost and security will be key areas to address

18、 for fintech players.Learning to winAs it continues to chart enthusiastic expansion,Indonesias fintech industry has a vital opportunity to capture learnings from other relevant fintech markets around the world.Indias Unified Payment Interface(UPI)offers an invaluable case study for fintech stakehold

19、ers on how and where interoperable payment systems can power up opportunities,while its digital lending and account aggregator space offers equally helpful insight for embedded finance and seamless data-sharing.The mature US market provides a powerful example of banking-as-a-service(BaaS)with import

20、ant learnings for Indonesias own BI-FAST digital payment solution.Indonesias sleeping giant fintech ecosystem is on the rise,and when it wakes,the value unlocked will inevitably be substantial.Those stakeholders seeking to maximize their own share of this value should ensure carefully planned strate

21、gic priorities which reflect the nuances of the local market,backed by learnings from around the world.In this seminal report,we have identified key considerations for fintech players,incumbent institutions,and regulatory enablers which can help catalyze this growth,and catapult Indonesias fintech e

22、cosystem into a new era of success.BOSTON CONSULTING GROUP 2Indonesias fintech landscape is booming,driven by increasing digital penetration and positive investor engagement across this high-growth nation of nearly 300 million citizens.This is a market with huge fintech potential,with large underser

23、ved and underbanked populations,low access to finance in MSMEs,and an open and encouraging government dialogue about leveraging fintech capabilities to bridge the financing gap.In order to understand this landscape,Boston Consulting Group(BCG)has gathered the voices of key stakeholders,including in-

24、depth interviews with 20 industry leaders,backed by comprehensive surveys of customers and small-and medium-sized enterprises(SMEs)to build a clear picture of the current ecosystem,and its expected evolution.The number of fintech players in Indonesia increased six-fold over the last decade,rising fr

25、om just 51 active players in 2011 to 334 in 2022.Exhibit 1.While the first wave of growth was dominated by the payment segment,the vibrant modern ecosystem is a diverse landscape driven by lending,payments,and wealth.Wealthtechs,fintech-focused software as a service(SaaS),and insurance activities no

26、w represent a new,emerging driving force,with a number of fresh entrants operating in these segments,showing Indonesias fintech ecosystem is maturing beyond payments to include increasingly sophisticated products and services.The Rise of Fintech in Indonesia 3 INDONESIAS FINTECH INDUSTRY IS READY TO

27、 RISEExhibit 1-Indonesias fintech space has seen rapid growth over the last decadeRapid growth in the number of fintech playersNumber of Indonesian fintechs by segmentNote:Fintech companies with presence in Indonasia by year founded(incl.those headquartered outside)Source:Pitchbook,BCG analysisInsur

28、anceLendingPayments Wealth Others201120162021202217432433435%34%17%12%35%33%17%12%30%43%11%5114%55%20%0%12%2%2%2%14%7xCustomer engagement with fintech offerings continues to surge.In particular,the payment segment boasts over 60 million active users and is expected to grow at a rate of 26%annually b

29、etween 2020 and 2025.Exhibit 2 Meanwhile,in the lending space,there are more than 30 million active peer-to-peer(P2P)borrower accounts.Additionally,the wealth segment is thriving with over 9 million retail investors.Fintech SaaS is also experiencing a surge in adoption,with six million SMEs now usin

30、g SaaS platforms.This marks a remarkable 26-fold expansion over the previous three years.Transaction values also continue to grow,with more than US$20 billion of e-wallet transactions in the period 20172021,a remarkable 123%CAGR.Over US$17 billion in loans were disbursed between 20172022,while a net

31、 asset value of over US$20 billion in wealthtech and digital trading took place in 2021.BOSTON CONSULTING GROUP 4Exhibit 2-Customer penetration for payments,lending,and wealth has grown rapidly,driving significant upli in valueSource:OJK,Statista,KSEI,web searchesPaymentsLending30M+P2P borroweraccou

32、nts in 20219M+Retail investorsas of 22Wealth50%18-22 CAGR innew borroweraccounts56%18-22 CAGR in retailinvestors63M+E-wallet usersas of 2063M+E-wallet transaction in 2021,growing at 123%CAGR(17-21)$17B+Loans disbursed for 2022,growing at 140%CAGR(17-22)$20B+Wealth-tech&digital trading NAV in 202126%

33、Projected20-25 CAGRInvestor sentiment remains encouragingly bullish for Indonesias fintech journey.Equity funding into fintech soared to US$1.5 billion in 2021.Exhibit 3.While a significant portion of funding went towards payments and lending players,2021 also represented a breakout year for wealtht

34、ech players,who received over US$500 million in funding.While the year 2022 saw a slight decline in the overall funding valuewith global macro-economic concerns affecting investor sentimentIndonesia still attracted funding of almost US$1.4 billion,demonstrating the resilience of the ecosystem.Invest

35、ment into fintech in Indonesia in the period from 20202022 reached US$3.2 billion,4.6X the funding seen in the period from 20172019,demonstrating strong investor commitment.While a large share of the funding has flowed to more mature companies,60%of the deal volume has flowed to early-stage companie

36、s indicating a strong desire to invest in emerging innovation.Exhibit 3-Influx of equity funding fueling growth across lending,payments,and wealth20182019202020212022Note:Gojek excluded as funding is allocated to grow entire ecosystemSource:BCG FinTech Control Tower,public reportsCAGR(18-20)CAGR(20-

37、21)InsuranceLendingPayments Wealth Others55%+330%+2283993531,5131,35670MAkulakuOnlinePajakOnlinePajak25M200M25MKinerjaPay85M55MPayFazzPasarPolis40MDIGIASIA BIOS95M95MStockbit240MAjaibBibit215M100MXenditLinkAja125MAkulaku110M100MPluangPintu100M70MFlipPayFazz110M100MKOINWORKSAkulaku4902492443742575095

38、041796568671211725108127115152933257Annual equity funding,$M5 INDONESIAS FINTECH INDUSTRY IS READY TO RISEExhibit 4-Fast growing dynamic space,with 60%deals being early-stage funding dealsTotal deal capital value in Indonesia,US$MTotal deal capital count in Indonesia,number of dealsStrong funding gr

39、owth,with bulk flowing toward Series B and later stage deals.60%of deals are Series A and earlier,indicating investments in new innovation7082017-20192020-202221%29%10%26%3,2222.7x2017-20192020-202213414%7%17%46%16%Source:Pitchbook,BCG analysisAngel&SeedSeries ASeries BSeries CSeries D+2.7x2 7x2.7x2

40、2%21%36%12%8152%32%1%2%12%Investment trends also echo the diversification of Indonesias fintech market,with lending and payments no longer being the primary areas of interest.While lending and payments remain important,there is increasing investment into wealthtech,insurtech,and fintech SaaS.Fintech

41、 in Indonesia is a rapidly expanding space,with emerging players existing alongside more established products and operators.BOSTON CONSULTING GROUP 6S H O PS H O PIndonesias fintech market exists as part of a vibrant digital ecosystem,and one which continues to invest heavily in embedding financial

42、products across existing product flows.Exhibit 5.Business-to-consumer(B2C)e-commerce,e-hailing and food delivery,business-to-business(B2B)commerce,and fintech SaaS solution providers all integrate multiple fintech touchpoints across lending,payments,wealth,and insurance.A Vibrant and Flourishing Eco

43、system 7 INDONESIAS FINTECH INDUSTRY IS READY TO RISESource:BCG analysisExhibit 5-Unique feature of Indonesian fintech landscape is the widespread embedding of financial products across digital ecosystems for monetizationCategoryB2C e-commerceE-hailing/Food deliveryB2B commerceSaaSWorking capital,Ca

44、pex loans,invoice financingB2B lendingB2C lendingPaymentsWealthInsuranceWorking capital loans for drivers/merchantsBNPL/Credit line/Loan market placeBNPL/Credit lineEarly payday;BNPL integration into POSAuto re-conciliation,POS solutionMutual funds,digital gold etc.Mutual funds,digital gold etc.Depo

45、sit products for merchantsWorking capital,Capex loans,invoice financingWorking capital,CapexProduct/shipping insuranceGeneral,product,travel insuranceFire,delivery insuranceSelect insurance offerings Financial product availability in the market:Widely availableSelect playersLimited/Not availableTher

46、e are a number of strategic reasons for this integrated fintech approach.In the first instance,digital ecosystem players can improve customer retention and reduce friction at the point of sale through embedded financial products.Secondly,it expands the share of wallet spend by existing users,and hel

47、ps digital ecosystem players diversify beyond core business products and services towards higher margins and improved product monetization.Indonesias buoyant digital ecosystem offers some key examples to represent this:Exemplar 1:B2C e-commerce.B2C e-commerce platforms commonly provide a range of fi

48、nancial products to different user groups,including B2B lending to merchants(invoice financing),B2C lending(buy-now-pay-later),insurance(micro-transaction insurance),and wealth(mutual funds,digital gold).Exemplar 2:e-Hailing.Indonesias dynamic e-hailing platforms offer numerous financial products,in

49、cluding B2B lending(working capital loans for drivers),B2C lending(buy-now-pay-later),and insurance(travel insurance).The power of integrated ecosystems is exemplified by the emergence of digital banks in Indonesia,which are frequently backed by established legacy banks,technology companies,and busi

50、ness groups.For established banks in particular,venturing into the digital space provides a chance to revitalize their core banking operations or to provide new solutions to enhance their value proposition.Digital banking enables established players with sizeable user bases to broaden their product

51、range and monetize their captive ecosystems,resulting in a significant opportunity to fortify their revenue streams.Digital banks have seen phenomenal growth over recent years,as accelerating adoption rates drive increasing market value.SeaBank Indonesiaowned by Singapore-based tech conglomerate Sea

52、 Limitedenjoyed 207%year-on-year growth in total assets in 2022,reaching US$1.4 billion in 2022.Home-grown success story Jago offers another compelling story of growth,with customer numbers rising 71%year-on-year to reach 2.3 million as of the second quarter of 2022.Jago also delivered 3.5X year-on-

53、year growth in loan disbursements,reaching US$485 million in 2022,thanks to strategic delivery through partnerships and wider digital ecosystems.BOSTON CONSULTING GROUP 8There is now a clear trend of traditional banks leveraging fintech partnerships and deploying capital to promising fintech and tec

54、hnology enterprises.This is driven by careful strategic consideration,as legacy financial institutions seek to strengthen and scale existing business lines.Clear examples of this can be seen in the case of multiple BUKI IV banksthose with core capital greater than IDR30 trillionpartnering with e-com

55、merce platforms and P2P lenders to acquire customers for loan products.Establishing new business lines is also a strategic imperative for legacy banks.For example,through partnering with emerging players such as Ayoconnect,banks can establish open banking and BaaS business lines.In addition,fintech

56、partnerships also allow existing players to build and enhance internal capabilities.For example,banks can leverage credit scoring and digital know-your-customer(KYC)players to improve risk management capabilities and customer journeys.Exhibit 6-Rapid rise of digital banks,backed by existing banks,bu

57、siness groups,tech players driven by a variety of strategic imperativesSource:Crunchbase,press search,BCG analysis Enhancing existing revenue model,including accessing cheaper sources of fundingRejuvenating core banking business to avoid disintermediation&disruptionAchieving transformative scale by

58、offering banking-as-a-system to other ecosystemsTapping into captive ecosystem userbaseIllustrative not exhaustive2016201720202021JeniusBTPNDBSDigibankSMBCSC VenturesAkulakuAnt GroupBankKesejahteraanStandardCharteredNexusNeoBankAllo BankBukalapak Bank Artha GrahaSalim GroupRayaBank BRILine BankHana

59、BankLine FinancialSeaSeaBankBank BKE9 INDONESIAS FINTECH INDUSTRY IS READY TO RISEWe engaged in discussions with over 20 fintech executives occupying C-suite positions or higher,in order to gain insight into the current sentiment surrounding industry priorities,as well as potential developments in t

60、he future.Through our research,we have uncovered compelling narratives that offer valuable insights into emerging business priorities,perspectives on partnerships,and the regulatory landscape in Indonesia.With tightened market liquidity,there is increasing focus on profitability and sustainable unit

61、 economics.In this context,startups are rethinking how they do business,moving from growth at all costs to value-based growth.This will have important implications for future expansion.Business strategies will need to adapt to optimize distribution models and ensure more cost-effective customer acqu

62、isition.There is also increasing competition in the market,not only from other fintechs,but also established tech firms expanding into the fintech realm,as well as traditional banks looking to provide fintech solutions.Larger tech firms such as Grab,Shopee,and GoTo have the benefit of an established

63、 ecosystem,captive user bases and stronger financial means to rapidly scale their presence in the fintech space.Traditional banks have deep coffers and the benefit of lower cost of capital(and higher margins),and The Voice of FintechBOSTON CONSULTING GROUP 10offline presence.In the face of increasin

64、g competition,fintechs will need to double down on strengthening their unique value proposition.Partnerships in the broader ecosystem are especially valuable to strengthen distribution and allow for stronger defensibility.The other important priority going forward will be to plan for talent.In Indon

65、esia,hiring and retaining specialized tech talent has historically been a challenge.As the fintech landscape matures,hiring specialized talent especially in areas such as risk,artificial intelligence and machine learning will be especially important.Similarly,internal governance and senior managemen

66、t roles continue to be difficult to fill.Fintechs must carefully plan their hiring roadmap and integrate sage talent management practices to win in this landscape.Across this evolving paradigm,fintech regulation has a very important role to play.Regulation in Indonesia continues to be progressive,nu

67、rturing growth through the introduction of initiatives such as the national SNAP standards,as well as fresh regulation to offer guardrails to evolving digital asset adoption.As the industry matures,a progressive setup is expected to support continuing fintech innovation.11 INDONESIAS FINTECH INDUSTR

68、Y IS READY TO RISEDeep Dive 1:Increasing Emphasis on Profitability in the New Paradigm It used to be all about growth at all cost.But today,the conversations are very different.Focus has shifted to value-based growth,with a lot of emphasis on unit economics.CEO at a Late-stage WealthtechEarly-stage

69、fintechs are also experiencing this shifting dynamic.Our runway to find product market fit is much shorter and the burden of proof is much higher to secure growth funding.CEO at an Early-stage WealthtechMulti-product lines expansion has become the norm in the industry,as fintechs are diversifying to

70、wards higher-margin products for monetization.CEO at a LendtechWith liquidity in the market having tightened,investors have started focusing much more on profitability versus growth at all costs.Investors are increasingly looking for profitability at a company level rather than only at a unit econom

71、ics level,which is leading to a higher focus on lifetime value per customer,customer acquisition cost and retention rates.As a result,startups are rethinking how they do business as a company.This has important implications for the path forward for Indonesian fintechs,with a strategic need to optimi

72、ze distribution models and double-down on cost-effective,high-impact routes to access customers.For early-stage startups,a higher focus on profitability implies that the runway to realizing product-market might need to be shorter.They will need to be a lot more thoughtful,practical,and oriented towa

73、rds monetization from the get-go.Later-stage fintechs will need to re-evaluate both their product and go-to-market strategies.Product diversification as well as lower-cost acquisition and retention will be critical to realize better unit economics.Overall,startups will need to establish cost-effecti

74、ve customer acquisition approaches,and focus on high-value customers.Leveraging the broader ecosystem,especially through partnerships,will become especially important in allowing for lower-cost expansion,while facilitating the shift to higher-margin products and diversification of product lines.They

75、ll need to optimize their distribution models beyond digital-only channels and establish cost effective routes to customers to compete with larger players such as banks and financial institutions.BOSTON CONSULTING GROUP 12Deep Dive 2:Evolving Regulatory Setup Encouraging InnovationWith comprehensive

76、 regulations already in place,the time is ripe to shift towards principle-based regulations to ensure the continued relevance and policies in a fast-evolving landscape.CEO of a Wealthtech OrganizationSome sectors continue to operate in grey-zones and would benefit from strategically designed framewo

77、rks,for example areas which have to deal with multiple regulators like open banking and wealthtech.CEO at a WealthtechWe see a need to shift from ad-hoc participation models to more structured mechanisms(e.g.,direct access,forums)to further unlock participatory evolution.CEO at a LendtechTheres an o

78、pportunity to focus on enablement-based regulations around data sharing,customer data ownership and fast-track approval for new products would enable next-gen product building and advance the overall ecosystem.CEO at LendtechExhibit 7-Strong regulatory clarity&direction around cutting-edge concepts

79、promote innovative business models&attract investment fundingSource:Crunchbase,press search,Bank Indonesia,BAPPEBTI,BCG analysis Open BankingBank IndonesiaCryptocurrency2018:Authorized crypto asset trading2019:Regulatory standards for cryptocurrency exchanges2020:Guidelines&criteria for approval of

80、crypto-assetsRegulationPlayers&funding$70Mfunding raisedfunding raised$300M2019:Indonesia Payment Systems Blueprint 2025 Roadmap of open banking standards to be implemented2021:BI SNAP National standard to facilitate open API cooperation in the payment systemBAPPEBTIAyoconnectPintuPluangNobiEktaToko

81、cryptoBrickFinantierBrankasRekuRegulators are increasingly receptive to the emerging ecosystem,with forward-looking regulation that positions Indonesia as one of the most progressive landscapes in the region.Current regulatory structures have fostered growth and innovation across fintech subsectors.

82、Exhibit 7.13 INDONESIAS FINTECH INDUSTRY IS READY TO RISEThe Indonesian Payment System Blueprint 2025 roadmap and the SNAP national standard have opened up opportunities for innovation in the open banking landscape.This has spurred the rise of several startups in the fintech space,including Brick,Ay

83、oconnect,Finantier,and Brankas,which have collectively secured over US$70 million in funding.These developments have facilitated API cooperation and improved interoperability,which is crucial for fostering collaboration between fintechs and legacy financial institutions.One of the key benefits of th

84、e SNAP standard is that it has made it easier for fintechs and legacy financial institutions to work together by standardizing API cooperation in the payment system.This has helped level the playing field for innovation,enabling startups to compete more effectively with established players in the ma

85、rket.Additionally,the fast payment system BI-FAST has also played a significant role in creating a conducive environment for innovation.Its real-time transactions and cross-border interoperability have enabled fintechs to offer innovative solutions to their customers.The Indonesian governments crypt

86、ocurrency regulations have also contributed to a more welcoming landscape for fintech startups.With authorization for crypto asset trading and standards for crypto exchange,the regulations have paved the way for startups such as Pintu,Tokocrypto,Reku,and others to secure over US$300 million in fundi

87、ng.Fintech founders have recognized the opportunities for further regulation to create a more conducive environment for innovation in the sector.Overall,supportive government policies and regulation has been a key catalyst in the growth of the fintech industry in Indonesia.BOSTON CONSULTING GROUP 14

88、Deep Dive 3:Collaboration in a Changing LandscapeWe see opportunity for banks to adopt a strategically designed approach to fintech collaboration,as today most partnerships are largely opportunistic and ad-hoc.CEO of a Lendtech OrganizationThere are encouraging signs with regard to partnerships betw

89、een fintechs and incumbent players.For instance,banks are now more open to partnering with fintech companies in established areas like lending,as well as emerging sectors such as cryptocurrency.Challenger banks,in particular,are actively seeking partnerships with early-stage fintech startups to gain

90、 a competitive advantage.For successful partnerships,startups must adapt their operating models to accommodate for cultural differences and working styles of established players,which may differ from those of startups.Moreover,startups may have to adjust their operating model to leverage the benefit

91、s of such partnerships.Simultaneously,incumbent players must make an effort to comprehend the imperatives and difficulties faced by startups when they seek to enter such partnerships.This approach will lead to longer-lasting and more fruitful collaborations.Overall,there exist numerous opportunities

92、 to enhance the fintech ecosystem and establish thriving partnerships across the industry.Fintechs and established players alike are displaying an increasing eagerness to engage and collaborate with one another.Looking ahead,we anticipate a growing number of such partnerships with substantial value

93、creation for both fintechs and incumbents.15 INDONESIAS FINTECH INDUSTRY IS READY TO RISEGaining a comprehensive understanding of Indonesias fintech retail customer landscape is crucial for assessing the broader ecosystem.To this end,BCG conducted an in-depth consumer survey of over 1,000 representa

94、tive respondents from Indonesia.Overall,we see digital payments as the leading vector for customer penetration in Indonesia,with almost three-quarters of respondents utilizing a fintech product.However,the broader retail market for financial services remains largely untapped for both fintechs and tr

95、aditional financial institutions,with over 60%of respondents not using any lending,wealth,deposits,or insurance products.Despite significant growth in the usage of fintech products,especially in the post-COVID landscape,there is still a significant opportunity to increase overall consumer awareness

96、and adoption.Exhibit 8.The Voice of RetailBOSTON CONSULTING GROUP 16Customers utilize traditional banks as their primary provider for deposits and insurance products,with 9%and 1%adoption of products in fintechs for these respective segments,compared to 27%and 38%for traditional banks.This presents

97、a generational opportunity for fintechs to capture share away from banksparticularly given evidence that young consumers are more receptive to adopting fintech solutionswith both sectors offering significant disruption potential.Consumers aged 1830 years comprise the most fintech-literate segment to

98、day.Exhibit 9.This does present an opportunity for fintechs to capture higher shares of older age groups,particularly in verticals beyond payments.Exhibit 8-Consumer|Payments lead vertical for customer penetration;insurance&deposit plays continue to offer whitespacesPayments services most widely use

99、d with 74%penetrationFintech penetrationNot using FS productFintech onlyFintech+TraditionalTraditional onlyFinancial service usagePayments aside,retail markets for FS remain untapped by both banks&fintechs.Consumers mostly utilize traditional banks for deposits while insurtech at very nascent stageb

100、oth sectors ripe for disruptionSource:BCG SOFTU Survey(Oct-Nov 2022),BCG analysis15%21%53%11%Payments65%10%9%16%Lending83%7%7%Wealth4%Deposits64%27%5%4%Insurance62%38%1%74%19%11%9%1%Exhibit 9-Consumer|Consumers aged 18-30 years the most fintech literate segment;opportunity to capture higher share of

101、 older age groups who remain underservedAge groupPaymentsDepositsLendingWealth Insurance80%60%40%20%71%24%69%26%0%76%15%76%18%18-25 years26-30 years31-40 yearsAbove 40 years1.Average number of Fintech products used by age group 2.Use a Fintech platform to procure the specified financial productSourc

102、e:BCG SOFTU Survey(Oct-Nov 2022),BCG analysis14%7%9%17%15%8%7%7%1%1%1%Avg fintech product holding1Fintech penetration2Use at least 1 fintechAs banks remain dominant mode for consumers above 30 years,fintechs can build tailored offerings to expand share of older consumer segments from banks79%81%80%8

103、1%1.31.31.21.117 INDONESIAS FINTECH INDUSTRY IS READY TO RISEThis demographic reality suggests older consumers remain relatively underserved by fintechs,whose target segmentand by extension value propositionis mainly angled towards the millennial and Generation Z groups.Fintechs should consider buil

104、ding tailored offerings to capture a share of older consumer segments from traditional financial institutions.Analysis of the income group distribution of fintech penetration also demonstrates a clear white space for fintechs to capture outside the payment segment,with penetration across these verti

105、cals standing at less than 25%for all income groups.Exhibit 10.Exhibit 10-Consumer|Sectors beyond payments continue to offer whitespaces for fintechs across income groupsSignificant potential for disruption across all non-payment use cases,where fintech penetration fairs below 25%for all income grou

106、psUse at least 1 fintechIncome group(by monthly income)Avg fintech product holding180%60%40%20%IDR 3-5 MnMassIDR 5-10 MnMass-AffluentMore than IDR 10 Mn Affluent1.Average number of fintech products used by age group 2.Use a fintech platform to procure the specified financial productSource:BCG SOFTU

107、Survey(Oct-Nov 2022),BCG analysis68%24%13%1%8%8%0%79%72%18%15%14%10%1%PaymentsDepositsLendingWealth InsuranceFintech penetration278%83%78%1.21.21.2Exhibit 11-Fintech players outperform traditional banks on overall usage,but UI/UX arbitrage is closingNote 1:1=Poor;5=ExcellentNote 2:Q:Rate your primar

108、y fintech/traditional banks on the following factors(1=Poor,5=Excellent)Source:BCG SOFTU Survey(Oct-Nov 2022),BCG analysisRating of fintechs and banks on key dimensionsSecurityPromos/discountsAccess to additional financial servicesUsability/ease of useOnboarding/applicationFintechsBanks4.24.14.24.14

109、.14.34.13.74.23.6New to Bank Apps?Sign UpForgot Password?LOG INPasswordUsername or EmailWELCOME!PAYMENTBALANCEWaterElectricityGasXXXXXXmore ShoppingPhoneCredit CardInsuranceMortgageOther BillsBOSTON CONSULTING GROUP 18Given the relative penetration of fintech and banking products across demographics

110、,its important to consider how key product and customer experiences differ across key dimensions of ease of use,onboarding,security,promotions,and access to additional financial services.Exhibit 11.Fintech players have a slight edge over traditional banks in terms of overall usage.They also surpass

111、banks in providing financial incentives,such as promotions and discounts,as well as access to additional financial products through cross-selling and value-added services.While an edge in cross-selling is a source of competitive advantage that fintechs should aim to maintain,overreliance on incentiv

112、es could undermine the long-term view of the industry,and non-incentivized usage may be much lower for fintechs.Our research also indicates that the user interface and user experience gap between fintechs and banks is narrowing.Banks are catching up in customer experience metrics where fintechs had

113、previously outperformed them,such as seamless onboarding journeys.To preserve their lead over banks,fintechs need to adopt a more innovative approach to user-friendly delivery while reducing their reliance on incentives and product promotions.Exhibit 12-Consumer|Difficulty in choosing app,and concer

114、ns on cost and security are key barriers to fintech adoptionSource:BCG SOFTU Survey(Oct-Nov 2022),BCG analysis123Platform differentiation is crucial-crowded space means players need to build unique offerings in order to capture share of non-fintech usersFintechs need to provide more assurances on sa

115、fety and security,as trust remains a key concernacross age groups and anchoring on CX is no longer sufficientConcerns on cost remain top of mind for consumers but players will need to consider unit economic implications before reverting to price reductionsRankKey barriers to fintech adoption(by age

116、group)Key insights18-25 yearsToo many apps to choose fromAfraid of poor safety/securityHigher costs compared to banks26-30 yearsToo many apps to choose fromAfraid of poor safety/securityHigher costs compared to banks31-40 yearsToo many apps to choose fromHigher costs compared to banksDont trust fint

117、ech platforms40 years and olderToo many apps to choose fromAfraid of poor safety/securityDont know how to use/sign-up19 INDONESIAS FINTECH INDUSTRY IS READY TO RISEExhibit 13-Consumer|Primary motivation to shi to a fintech would be to have assurances on security,arrive at a one-stop shop and sustain

118、 financial advantagesSource:BCG SOFTU Survey(Oct-Nov 2022),BCG analysisKey levers to drive fintech adoption across age groupsSafeguards in place to keep customer funds secured(e.g.,insurance on investments)Assurance on securityof consumers want to have concrete assurances from fintechs on the safety

119、 and security of their assets40%of consumers put financial considerations as top of mind factor,want to see lower cost of services through FinTechs26%Attractive rates/financialsFinancial considerations top of mind as customers value lower fees/higher rates on depositsBuild a one-stop shopof consumer

120、s want their financial needs addressed in one app,and would be less inclined to shi to apps offering single product lines21%Consumers prefer to have one-stop-shop destination which combines various financial/lifestyle needsPAYMENTBALANCEWaterElectricityGasXXXXXXmore ShoppingPhoneCredit CardInsurance

121、MortgageOther BillsEncouraging new user adoption is a critical factor in fintech growth.Exhibit 12.Our research identifies three key barriers that must be addressed among retail customers.:Too many apps to choose from.Customers face initial challenges in selecting the appropriate platform to begin,w

122、ith a wide array of choices and lack of meaningful differentiation.Concerns over safety and security.Customers lack trust in non-traditional institutions,particularly when it comes to holding funds.Higher costs compared to banks.Customers associate fintechs with higher costs,and would prefer to stic

123、k to perceived cheaper alternatives provided by traditional players.In addition,to drive greater adoption,fintech companies must take into consideration the desires of their customers.According to our survey,consumers have three key aspirations:Assurance on security.40%of consumers would like to see

124、 concrete assurances on the safety of their funds.One-stop-shop.21%of customers want their financial needs addressed in a single app.Attractive financial incentives.26%of consumers want to see lower costs for services through fintechs.These findings illuminate some important imperatives for the futu

125、re growth of Indonesias fintech industry.Firstly,investing in platform safety and security should be a top priority to instill confidence in consumers and alleviate any apprehensions they may have regarding the trustworthiness of financial service providers.Secondly,fintech companies must adopt a mu

126、lti-product strategy and work towards offering a comprehensive range of financial services to cater to diverse customer needs.Lastly,consumers continue to expect attractive financial incentives from fintechs,and therefore there continues to be a play wherein fintechs can grow their user bases throug

127、h aggressive pricing.However,eventually fintechs will have to strike a balance between being attractive through incentives and maintaining sustainable unit economics.While low prices may make fintechs attractive to consumers,it is unlikely that such pricing strategies can be sustained in the long te

128、rm.BOSTON CONSULTING GROUP 20Deep Dive 1:Payments Powering AdoptionFintechs are now closing the gap in the volume and frequency of payments processed among consumers using both banks and fintechs for payments.Exhibit 14.The number of monthly payments processed by fintechs has now reached 90%that of

129、banks,while the volume of payments processed has reached 80%that of banks,for those customers who use both provider types.The rapidly accelerating adoption and acceptance of e-wallet and Quick Response Code Indonesian Standards(QRIS)payment methods by merchants in Indonesia has contributed to this n

130、arrowing gap.Banks still retain a slight lead on distribution of high-frequency and high-volume payments,however.The proportion of customers who undertake transactions over 10 times per month through bank accounts make up one quarter of bank account transactions,but just 20%of fintechs.The proportio

131、n of customers transacting over IDR1 million per month stood at 42%of bank accounts,and 30%for fintechs.E-wallet players continue to capture the highest usage for fintech payments,owing to widespread acceptance of these payment formats among merchants,backed by fine-tuned customer acquisition and re

132、tention models.Enabling smooth bank account transfers has emerged as the next competitive frontier in recent years.Players such as Oy!and Flip have embraced this as a core value proposition,and e-wallet players are also entering this space as customers continue to experience friction in using bank-b

133、randed apps for account transfers.Exhibit 14-Consumer|Among consumers using both banks and fintechs for payments,fintechs are closing gap in frequency and volume of processed transactionsTransaction frequency per monthTransaction volume per monthNote:1.Users that transact with both banks&fintechsSou

134、rce:BCG SOFTU Survey(Oct-Nov 2022),BCG analysisFintechs closing gap in payment frequencies and volumes processedwith banks holding slight lead on distribution of high-frequency and high-volume payments per monthProportion of frequency compared to payments through BanksProportion of volume compared t

135、o payments through Banks0.9x0.8x48%42%64%23%33%54%33%20%32%25%FinTech 1-6 IDR 10Mn5-1010Bank FinTech Bank 6%6%1%2%7%4%21 INDONESIAS FINTECH INDUSTRY IS READY TO RISEDeep Dive 2:Low Lending Penetration Offers Compelling OpportunityIn Indonesia,the market penetration of loan products remains low.Withi

136、n the penetrated market,traditional lenders remain the preferred channel for the majority of customers.However,the emergence of buy-now-pay-later(BNPL)has increased the reach of lending products in the country.Interestingly,fintech products dominate the BNPL space,with more than half of the responde

137、nts using fintech-only options,while roughly a quarter of respondents use both fintech platforms and traditional channels.Of the 21%of respondents using BNPL,more than half use fintech only,with roughly a quarter using both fintech platforms and traditional channels.In contrast,just 5%of total respo

138、ndents utilized fintech solutions for other loan products.However,while existing penetration for fintechs beyond BNPL is low,we see a significant opportunity for expansion for fintech players in other segments through disrupting traditional lenders which typically offer lower ease-of-use and limited

139、 flexibility.Source:BCG SOFTU Survey(Oct-Nov 2022),BCG analysis%of total respondentsBNPL/Credit Line has highest usage with 21%of consumers using the product in the last 12 months.except for BNPL/Credit Line,consumers primarily acquire loans through traditional channels.Exhibit 15-Consumer|Penetrati

140、on of loan products remains low;BNPL leading at 21%adoption;traditional lenders remain preferred channel for consumers12%5%4%21%3%8%12%1%2%7%9%0%4%4%0%2%2%0%BNPL/Credit LinePersonal LoanCredit CardAuto LoanMortgageFintech onlyFintech+TraditionalTraditional onlyFintech penetrationx%17%4%2%0%0%BOSTON

141、CONSULTING GROUP 22Deep Dive 3:Shifting Dynamics in Deposits and WealthIt is evident that traditional banks,which have established longstanding and trusted relationships with customers,will continue to play a crucial role in the financial industry.Most consumers still view banks as a preferred chann

142、el for both deposits as well as investments.When segmented by product and income,consumers tend to place more assets in banks,with the portfolio value of customers in banks being 2.3 times that of fintechs for interest-bearing deposits,1.7 times for mutual funds,and 2.6 times for Indonesian stocks.E

143、xhibit 16.While neobanks are catching up with banks in terms of fund transfer frequency and volume,the average deposit in banks is still 6.6 times that in neobanks.In order to compete with traditional players,neobanks need to explore new ways to attract and retain deposits.Exhibit 17.Fintechs and di

144、gital banks need to create an enticing proposition beyond offering a superior customer experience and attractive rates in order to capture a higher share of deposits.Although banks are preferred when it comes to traditional services,fintechs excel in areas such as cryptocurrency and foreign stock in

145、vestment where banks are more restricted by regulation.Exhibit 18.For example,banks are the preferred option for customers investing in conservative asset classes such as gold in wealth management.However,fintechs are currently the only channel for global stocks and cryptocurrencies due to regulator

146、y limitations,and thus are the only channel for investment in these asset classes.While traditional banks are well-positioned to challenge fintechs share in these neo-asset classes if regulations evolve,fintechs early advantage can lead to an enduring disproportionate share in these asset classes.Ex

147、hibit 16-Consumer|Consumers tend to place more assets comparatively with banks across the board when segmented by product&income 1.Compares average portfolio holding of consumers investing through both traditional players and FinTechs for the same asset classNote:Mass segment(IDR 3-5Mn monthly incom

148、e),Mass-affluent(IDR 5-10Mn monthly income),Affluent(IDR 10Mn and above monthly income)Source:BCG SOFTU Survey(Oct-Nov 2022),BCG analysisInvestment productComparison of portfolio value across asset classes(Traditional to Fintech)%OverallMassMass-affluentAffluentIndonesian stocksTraditional to Fintec

149、hTraditional to Fintech2.2XTraditional to Fintech1.6XTraditional to Fintech2.2X2.6XInterest-bearing deposits2.9X2.0X1.7X2.3X%Mutual funds2.1X1.7X1.3X1.7X23 INDONESIAS FINTECH INDUSTRY IS READY TO RISEConsumers today attribute their usage of wealthtech platforms primarily to ease-of-use and lower inv

150、estment costs.Exhibit 19.Nearly half of all consumers(49%)attribute their usage of wealthtech to its user-friendly experiences and simple-to-use features,which are often lacking in traditional core banking journeys.Lower investment costs also drive consumers to use wealthtech,as brokerage fees with

151、banks can be prohibitively expensive.Investment apps with zero or minimum brokerage fees have become increasingly popular due to consumers aversion to high fees associated with banks investment services.Interestingly,32%of consumers rate better safety and security as a key factor in their decision t

152、o use wealthtech platforms.This is noteworthy as banks are traditionally viewed as more secure institutions than fintech products.Despite this,the wealthtech segment has managed to build consumer confidence in their safety and security,which has contributed to their success.Exhibit 17-Consumer|Neoba

153、nks closing gap in share of fund transfers vs.banks,but need to find ways of attracting and retaining deposits1.Average deposit,fund transfer size/frequency comparison for consumers who deposit funds with both Neobanks and traditional banksNote:Mass segment(IDR 3-5Mn monthly income),Mass-affluent(ID

154、R 5-10Mn monthly income),Affluent(IDR 10Mn and above monthly income)Source:BCG SOFTU Survey(Oct-Nov 2022),BCG analysisMetricsAverage depositsFund transfer frequencyFund transfer volumeComparison of deposits,frequency,volume(Bank to Neobank)%Bank to NeobankOverallMassBank to Neobank15.3X1.3X1.0XBank

155、to NeobankMass-affluent4.3X0.9X1.2XBank to NeobankAffluent7.9X1.4X1.0X6.6X1.2X1.1XBOSTON CONSULTING GROUP 24As wealthtechs continue to grow,their focus must shift from primarily chasing user acquisitions to strategically prioritizing and increasing assets under management(AUM).To achieve this,platfo

156、rms must focus on developing features that encourage regular investments and change users inherent investment behavior.These features may include automated trading functions,analyst recommendations,and the ability to follow and copy the trades of successful users to guide decision making.By prioriti

157、zing such features,wealthtech platforms can drive user engagement,increase AUM,and ultimately achieve sustainable growth.Number of users using investment products by channel(banks vs fintech)Exhibit 18-Consumer|Traditional players remain preferred channel for gold,mutual funds and Indonesian stocksN

158、ote:Traditional players include banks,brokerage houses and wealth managementSource:BCG SOFTU Survey(Oct-Nov 2022),BCG analysis%usage channel for users investing in the specific asset class100%100%100%32%5%64%52%16%33%51%14%35%Fintech onlyBothTraditional onlyGoldMutual fundsStocks(Indonesian)Global s

159、tocksCryptocurrency NFTsTraditional asset classesNeo assets25 INDONESIAS FINTECH INDUSTRY IS READY TO RISE%Ranked as top 2 reasons by consumersTop reasons for using wealth-techs to investExhibit 19-Consumer|Low investment costs and better user experience are the biggest acquisition tools for wealth-

160、techsSource:BCG SOFTU Survey(Oct-Nov 2022),BCG analysis49%Easy touse45%Cheaper toinvest32%Better safety&security28%Access newinvestmentproducts22%Attractive promosBOSTON CONSULTING GROUP 26Fintech adoption among SME consumers is still in its early stages,especially beyond payments,creating significa

161、nt opportunities for lending,wealth,and deposit players to target untapped markets.Exhibit 20.Compared to the consumer market,fintech players have yet to fully penetrate the SME market,adoption rates in categories other than payments being below 10%.Even in payments,fintech penetration is only about

162、 a third of the overall base.Lending and fintech SaaS products have yet to significantly penetrate across key consumer-facing SME sectors.Exhibit 21.The lending sector offers the most consistent picture of low adoption,with a high of 23%in wholesale sectors,to lows of 3%in groceries.There are some m

163、ore encouraging signs in the software space,although adoption is concentrated around sectors with specialized software needs such as pharmacies,while sectors with B2B2C linkages such as wholesale,and groceries,continue to demonstrate large gaps with value to capture for SaaS players.The Voice of SME

164、s27 INDONESIAS FINTECH INDUSTRY IS READY TO RISEIn order to successfully expand in the SME space,fintech players need to rethink their value propositions and deploy tailored products and fundamentally different distribution strategies than those used in B2C verticals.The path to wider adoption is li

165、kely to be through wider adoption of digital payments and away from cash.Interventions should focus on digitizing consumers and SMEs in parallel,as both sides of this dynamic will need to be enabled to support and guide a transition from cash to digital payments.In lending,providers must innovate to

166、 overcome inherent risks with regard to lending to SMEs,particularly in less economically mature regions.In the fintech SaaS space,providers will need to educate SMEs on the potential benefits of fintech solution and actively encourage early engagement with products,particularly in online sales and

167、marketing,and accounting solutions.Exhibit 20-SME|SME remains potential white space for lending,wealth,deposit and insurance players to targetFintech penetrationCaptive opportunity for fintechs to serve businesses across use cases Source:BCG SOFTU Survey(Oct-Nov 2022),BCG analysisNo service usedFint

168、ech onlyFintech+TraditionalTraditional onlyFinancial service usage43%9%23%25%Receive payments(offline)79%6%13%Lending76%16%WealthDeposits83%11%Insurance77%22%1%4%2%1%4%4%SMEs remain underserved with captive opportunity for banks and fintechs alike.However,tapping into space requires tailored product

169、s and a fundamentally different distribution strategy compared to B2C32%7%8%5%1%Exhibit 21-SME|SaaS and lending remain underpenetrated across key consumer-facing SME sectors1.Number of SMEs using the product relative to total pool of SMEs within the sectorSource:BCG SOFTU Survey(Oct-Nov 2022),BCG an

170、alysisBanks still preferred for traditional products such as lending,with payments the most penetrated fintech product.Soware penetration concentrated around sectors with specialized soware needs(e.g.,pharma)while sectors with B2B2C linkages continue to show white space for SaaS players PaymentsLend

171、ingSowareProduct penetration among SMEs153%22%36%50%56%44%37%22%8%8%6%3%23%60%40%20%0%WholesaleGroceriesFood&BeveragesPharmaciesConsumer retail51%18%BOSTON CONSULTING GROUP 28Deep Dive 1:Powering a Payment Transition for SMESCash remains the most widely used method for offline payments to SMEs.Exhib

172、it 22.The early stages of digitalization efforts,particularly in tier 2 and 3 cities,have contributed to the continued use of cash.To facilitate a transition away from cash,it is essential to promote the adoption of digital payments.It is imperative that policies and interventions focus on digitizin

173、g both consumers and SMEs in tandem,as both parties must be empowered to facilitate a shift towards digital payments.In the online payments space,bank transfers and wallet/QRIS are the most frequently used methods for online sales at SMEs,while e-commerce platforms are gaining increasing popularity.

174、Although BNPL has been rapidly adopted in recent years,only 2%of consumers use this service for online channel sales.The top barriers limiting fintech adoption revolve around cost of service and security concerns.Exhibit 23.These remain top-of-mind for SMEs,with challenges around balancing price con

175、siderations with sustainability.Almost half(49%)of SMEs attribute higher costs of services compared to those offered by banks as the primary reason for not adopting fintech payment solutions,and 17%cite concerns around safety and security.This highlights important implications for fintechs,indicatin

176、g that encouraging a shift to fintech adoption will require players to address cost and security concerns as a priority.Focusing purely on costs can create added pressures,as fintechs need to ensure they maintain a sustainable cost model.Players need to actively show SMEs that potentially higher cos

177、tssetup costs,transaction fees on inbound payments,or similarcome with wider ecosystem benefits,such as a boost to sales or market potential.Exhibit 22-SME|Cash still king for offline payments to SMEs,while bank transfers and e-wallets account for largest payment method for online salesBank transfer

178、sWallet/QRISE-CommerceBNPLOthers38%37%20%4%2%Note:E-commerce refers to sales processed via stores in aggregator platforms(e.g.,Tokopedia)Source:BCG SOFTU Survey(Oct-Nov 2022),BCG analysisCashE-WalletDebit cardCredit CardQRIS38%21%20%11%9%Share of offline payments by method Share of payments methods

179、for online sales29 INDONESIAS FINTECH INDUSTRY IS READY TO RISEExhibit 23-SME|Costs and security continue to be top barriers to fintech adoption for SMEs addressing both will be key in driving the shiXxx=%selected by SMEs currently not adopting fintech services for outbound paymentsXxx=Ranking of fa

180、ctors which would motivate a shi to using fintech services for outbound paymentsNew to Bank Apps?Sign UpForgot Password?SING UPPasswordUsername or EmailWELCOME!20%OFF“Assurances on safety and security”“Lower cost than existing payment method”“Attractive sign-up promos123“Receiving payments through b

181、ank transfers are cheaper and more convenient”49%“Afraid of poor safety and security”17%“Dont know how to use or integrate FinTech payments with my business”7%PAYMENTBALANCEWaterElectricityGasXXXXXXmore ShoppingPhoneCredit CardInsuranceMortgageOther BillsSource:BCG SOFTU Survey(Oct-Nov 2022),BCG ana

182、lysisKey barriers to fintech adoption(SMEs who receive payments purely through traditional channels)Top levers to drive shi to fintech(SMEs who receive payments purely through traditional channels)BOSTON CONSULTING GROUP 30Deep Dive 2:Opportunities in the Lending LandscapeThe penetration of loan pro

183、ducts remains low for SMEsbusinesses that do consume loans predominantly utilize traditional channels.Exhibit 24.There is a significant opportunity for fintechs to create value by improving financial access for SMEs through expanding the penetration of lending products which currently stands at less

184、 than 15%across all loan products.To achieve this,fintechs must focus on adopting innovative approaches and use of alternative credit scoring techniques for lending to SMEs,particularly in tier 2 or 3 cities,where fragmented data currently hinders access to credit.Access to adjacent,complementary da

185、tapointseither through industry data sharing or from government bodies such as BPISwill be critical in driving financial inclusion.Lendtech platforms and regulators will need to collaborate to jointly drive this necessary data proliferation.Exhibit 24-SME|Penetration of loans remains low for SME,as

186、access to formal financing remains a key challenge faced by small businessesSecured loans most popular among SMEs,but penetration of lending products remain lowDespite rapid rise of lendtechs,long headways remain in driving mass financial inclusion to underserved SMEs%of total SMEsSource:BCG SOFTU S

187、urvey(Oct-Nov 2022),BCG analysisSecured loansUnsecured loansOverdra facilitiesInvoice financing13%10%7%4%31 INDONESIAS FINTECH INDUSTRY IS READY TO RISEExhibit 25-SME|Soware space continues to show white space as penetration remains low across services%of total SMEs:Soware services penetrationOnline

188、 sales and accounting services are leading categories,but penetration low across SaaS productsNote:Online selling and marketing refers to tools for selling via online channels(e.g.,store builders)Source:BCG SOFTU Survey(Oct-Nov 2022),BCG analysisOnline selling&marketingAccountingInventoryCollections

189、17%14%10%7%Tax6%Payroll5%Logistics5%Deep Dive 3:Fintech SAAS for SMES Continues to be NascentThe fintech software space continues to show whitespaces,as penetration remains low across all SME segments.Exhibit 25.Online sales and marketing and accounting lead the market for adoption,but penetration s

190、tands at less than 20%across even those leading categories.Our survey reveals that 30%of SMEs are willing to spend on SaaS services.Exhibit 26.Of these,micro-and small-sized enterprises make up 84%.Of the SMEs willing to spend on software solutions,more than six in ten of those businesses are willin

191、g to spend less than IDR 5 annually.These findings reveal that the appetite to spend on fintech SaaS services remains modest at best.To unlock demand,it will be crucial to educate SMEs on the benefits and efficiencies offered by these software solutions,particularly among smaller sized businesses.Th

192、is will require fintechs to enhance their outreach efforts by deploying larger salesforces and adopting tactical approaches,such as providing free trials,interactive demos,training,and support to entice hesitant SMEs.BOSTON CONSULTING GROUP 32Exhibit 26-SME|SMEs show willingness to spend on soware;w

193、ith tax related solutions being the most preferredSMEs were most willing to spend less than IDR 5m on soware servicesNote:1.Average spend is approximated from expenditure ranges supplied by respondentsSource:BCG SOFTU Survey(Oct-Nov 2022),BCG analysis Amount SMEs were willing to spend on soware per

194、yearUnwilling to spend on SaaS100%Willing to spend on SaaS70%30%100%62%10m22%15%80%concentrated around micro and small SMEsTax,online sales and logistics most popular SaaS products in terms of willingness to spendRanking willingness to spend on SaaS from recallOnline sales&marketingLogisticsAccounta

195、ncyInventory managementCollectionsTax123PayrollOthers4533 INDONESIAS FINTECH INDUSTRY IS READY TO RISEFrontier markets with deeper fintech adoption can offer valuable lessons to inform Indonesias fintech journey,and help guide an effective and sustainable future growth strategy.Through analyzing the

196、 successes of more established fintech ecosystems,such as India and the USA,Indonesia can learn how to effectively nurture its own fintech industry.Indias adoption of the UPI system provides a clear example of how integrated payment systems can facilitate seamless digital transactions and drive indu

197、stry growth.Furthermore,Indias digital lending and MSME financing growth highlight the potential of digital lending to support smaller businesses.Additionally,the US embedded finance ecosystem demonstrates the benefits that open banking solutions can offer,which could serve as early lessons for Indo

198、nesias SNAP implementation.By taking inspiration from these established fintech markets,Indonesia can chart a successful path for its own fintech future.Learnings from Frontier MarketsBOSTON CONSULTING GROUP 34Indias Unified Payments Interface(UPI)was first introduced in 2016 to enable real-time,int

199、er-bank payments across the financial ecosystem.UPI has been a remarkable success for India,with transactions valued at more than US$700 billion taking place by the first half of 2022.As of August 2022,UPI accounted for 70%of all digital payments,with the digitization of payments overall doubling ac

200、ross India since the launch of UPI.There are now more than 350 banks and fintech applications live on the UPI platform.Indias UPI system demonstrates that,with the right systems in place,players across tech,fintech,and traditional banks can all be winners:Indias UPI Offers Compelling LessonsUPI Pilo

201、t launched by National Payments Corporation of India(NPCI).Adoption accelerated when demonetization occurred in November 2016.2016Open API infrastructure enabled widespread adoption across 30+banks and over 50 fintech applications.2017Launch of UPI 2.0 to pre-authorize transactions and create recurr

202、ing transactions.2018Memorandum signed to introduce UPI-based QR payment system in 10 countries.2021customers and two billion transactions per month.TechGooglePay200+million 30 million users incorporate UPI in iMobile app.Traditional banksIcici Bank300+million registered users and three billion tran

203、sactions per month.Fintech PhonePe35 INDONESIAS FINTECH INDUSTRY IS READY TO RISEThe success of UPI offers compelling lessons for Indonesias financial ecosystem,as it looks towards the development and evolution of its own Integrated Payment Interface(IPI)and improved BI-FAST payment system infrastru

204、cture.Collaborative approach.The collaborative approach taken by the government,regulators,banks,and fintech companies in building the UPI ecosystem was critical to its success.As Indonesia looks to build its own payment infrastructure,the government must look to work closely with banks and fintech

205、players to create a unified platform that benefits all stakeholders.Interoperability.In India,the UPI interface can be used by all banks and fintech companies,regardless of their size.This has made it easier for customers to transact seamlessly across different platforms.Indonesia can learn from thi

206、s approach and create a unified platform that allows customers to transact across different banks and fintech companies.Low-cost infrastructure.UPI has been successful in India because it is a low-cost infrastructure that can be accessed by small merchants and individuals.Focus on user experience.Th

207、e UPI interface is user-friendly and simple,making it easy for people to use.Emphasis on security.UPI was built with a focus on robust security measures,including two-factor authentication,device binding,and transaction limits.As Indonesia builds out its payment infrastructure,there must be consider

208、ation given to customer protection and fraud prevention measures as account-to-account transactions offer new opportunities for fraud.The UPI story also carries many lessons for fintech players,especially in terms of new business models and new forms of monetization.With the adoption of a unified pa

209、yment paradigm,digital wallet players have the potential to create unique value propositions for their e-wallet offerings beyond the established payments space.This can involve expanding to multi-product lines that leverage merchant networks and datasets,such as utilizing transaction data for lendin

210、g or shopping data for monetization or insurance underwriting,and using merchants as distributors for financial services.An alternative option would be for wallet players to pivot to enable account-to-account transfers,which will require operators to focus on transaction-linked lending instead of de

211、pendency on merchant-discount rates(MDRs).A unified payment paradigm is also likely to have implications for neobanks and neo-acquirers,allowing for an expanded suite of services.Neobanks could become the primary transaction account for many users,by building seamless transaction experiences with lo

212、yalty initiatives upfront.Similarly,neo-acquirers will have the opportunity to grow and enable transaction-linked financial products for merchants.In conclusion,there are several new opportunities for monetization for fintech players,and it is important for them to remain open to exploration and sei

213、zing new opportunities.As the UPI example shows,as the payment ecosystem in Indonesia matures,numerous new possibilities for value creation will arise;fintechs must remain open and seize new opportunities to create value.Learnings from Indias MSME Lending and Account Aggregator Space India offers an

214、other valuable example for Indonesias fintech evolution,with learnings from innovation done by B2B e-commerce platforms to allow SMEs to easily access working capital and bridge the supply chain financing gap.The product construct used,the tight integration with B2B marketplaces and leveraging conse

215、nt-based open data ecosystems to drive SME financial inclusion will find multiple potential parallels for Indonesia.The B2B marketplace platforms(including players such as Udaan ad OfBusiness)give out terms of payment credit lines to SMEs to help complete marketplace transactions within their ecosys

216、tem.The SME then has a specific time period e.g.,60 days to pay off the loan.The credit lines are often pitched as a zero-fee payment product,with the credit cost forming part of the transaction price,similar to the BNPL solutions often seen in the B2C space.The credit line plays the dual role of dr

217、iving transaction conversion/user retention as well as monetization.The construct is like the line of credit that suppliers would often give to their large buyers,but now,super charged through a tech enabled model that gives access to much wider base of SMEs.A critical enabler for this model has bee

218、n the account aggregator framework setup by RBI which allows SMEs to give lenders access to not just their credit histories but a wider set of financial history data points through robust consent based mechanism.This has allowed lending approval rates to improve and enable platforms/lenders to reach

219、 a critical mass of SMEs to drive financial sustainability for this product line.Early trends on collections have been positive,even if it would take a few lending cycles for lenders to adjust their credit model and arrive at a true pricing-limit fit.In Indonesia,which has also seen rapid growth in

220、B2B focused platforms,this product construct is already seeing early traction with players like AgriAku and Bukuwarung.There are three key go-forward implications for players in the ecosystemGrowth opportunity for traditional banks:Outsized opportunity for traditional banks to leverage the funding c

221、ost advantage and capture a new growth market.In a B2B BNPL construct,every percentage point of cost can drive large impact on the profitability and scalability of the book.BOSTON CONSULTING GROUP 36Early adoption:Potential for SME focused platforms to include this construct early on in their produc

222、t journey,to drive stickiness and transactions.Collaborate on data:Opportunity for open banking and BaaS players to work together with regulators,banks to create the open data network(including leveraging BI-SNAP)to enable scalable credit decisioning.Lessons from BaaS Journeys in the USThe successfu

223、l deployment of BaaS and open banking models in the United States offers valuable insight for Indonesia,particularly as BI-SNAP kicks in.There are broadly two archetypes observed for BaaS or open banking providers:New-age digital connector:API aggregators that connect multiple financial institutions

224、 and provide standardized interface to access and integrate data with consent,charging a fee for every API call.Plaid is a prime example of this model,and hosts over 7,000 fintech solutions built into its platform,with over 12,000 financial institutions connecting to over 200 million customers.Plaid

225、 was valued at US$13.4 billion as of its 2021 funding round.Revived challenger banks:License-holding banks that partner with fintech players can provide a financial services backbone in areas such as loans and deposits,distributed by the fintech platform.These operators charge a combination of set u

226、p and infrastructure fees,backed by revenue-share agreements.Green Dota US-based fintech and bank holding companyis estimated to have reached 15%of all Americans through its embedded financial service products using this model.With the impending deployment of SNAP in Indonesia,the U.S.experience can

227、 provide valuable insights into the challenges and opportunities faced by players in the financial ecosystem.New SME SaaS plays:Potential for new SME SaaS players that can aggregate financial information and enable financial transactions with existing bank accounts,sidestepping the need to create ne

228、w accounts.SNAP will enable a new type of SME SaaS player to enter the market,able to aggregate financial information and enable financial transactions with existing bank accounts,sidestepping the need to create new accounts.Existing SaaS operators:Opportunity for existing SME SaaS players to integr

229、ate with existing financial institutions to improve their own service propositions e.g.,integrating with banks to do automated recon,tax filings etc.Traditional banks:Opportunity for traditional banks to leverage data from other financial platforms to deepen their understanding about customer prefer

230、ences and financial services usage,helping inform a path to adapt their own offerings to meet customer needs.The rise of API players in the finance spaceBrick,Ayoconnect as high-profile examplesas well as banks own BaaS plays will also shift industry dynamics.Niche fintechs:Niche fintech players can

231、 offer deposit and payment products that improve retention and data to expand lending opportunities.Large ecosystem players:Reduced regulatory requirements and improved speed-to-market for large commerce ecosystems to create embedded financial products Challenger banks:Challenger and tier-two banks

232、will have an opportunity to open up new modes of customer acquisition,offering a low-cost path to growthAcross the wider ecosystem,there will be a growing need to reconsider the norms and standards of responsible data ownership,systems to safely share and store customer data,and appropriate framewor

233、ks to prevent misuse.37 INDONESIAS FINTECH INDUSTRY IS READY TO RISEIndonesias vibrant fintech ecosystem is a sleeping giant with barely tapped potential.Realizing that opportunity could unlock significant value for ecosystem players,economies,and the customer base,boost financial resilience and enh

234、ance financial inclusion.Informing and steering a future path to sustainable growth will require deep ecosystem understanding,and careful consideration of the strategic route forward to maximize value and maintain competitiveness in this rapidly evolving space.That could,and should,be guided by key

235、learnings from successful implementations around the globe.Through our comprehensive research of financial ecosystems and interventions in markets around the world,we have identified critical imperatives for fintech players,incumbent operators,and regulators.Strategic imperatives for fintech players

236、Reorient tech for monetization.Driving monetization and improved unit economics will require a very different set of technology capabilities compared to those built by fintech players for user acquisition and rapid transaction growth.These new capabilities include,but are not limited to:Strategic Im

237、peratives for the Fintech EcosystemBOSTON CONSULTING GROUP 38 AI/ML models to drive cross-selling,hyper-personalization,and optimization of incentives Automation of manual tasks to improve cost structures Enhanced fraud models to prevent leakage Integration with multiple additional data sources to d

238、rive better risk managementGet the business and product strategy right and do it early.Serving all segments with all products wont work in Indonesias hyper-competitive banking space,and neither will serving niche customer segments with low-margin products.Fintech players will need to be clear on the

239、ir target segments,value propositions,and their path to profitability from a very early stage.This will require fintech players to build out key strategic understanding:Deep understanding of market landscape,customer segmentation,revenue,and profit pools Tailored products embedded deep into existing

240、 user flows(B2C)and business processes(B2B)Sophisticated what-if modelling to game out impact of business cycles on unit economics Strategic design of the operating model to align cost structures with planned scale Build the distribution and engagement model of the future.True customer acquisition c

241、ostswhich includes incentive costs to drive transactionsare becoming unsustainable,with companies relying on standard digital marketing and cashback or discount-based schemes.To win in this space,fintech players will need to:Build innovative partnerships that drive organic traffic Explore offline ne

242、tworks and distribution models Leverage social or viral campaigns,particularly in the B2C and at-scale B2B spaces Create smart and hyper-personalized gamification to drive engagement Consider compliance and governance as a capability.It is important to build a holistic approach towards regulatory co

243、mpliance and internal governance,rather than treating it as a bolt-on or afterthought to strategic business planning.Achieving this will require a proper regulatory strategy,the right governance structure,and an appropriate suite of technology and data tools and capabilities able to safeguard custom

244、ers and company interests against both internal and external risks.Potentially enter into opportunistic M&A for talent and skillset.Specialized talent in areas such as AI,data analytics,and risk management is increasingly important to scaling and maintaining superior products.Players should consider

245、 appropriate partnerships or corporate acquisitions to keep pace with the speed of change,minimize shortage of critical positions,and ensure a strategically aligned skills and talent base.This will require a clear and robust assessment of the current talent pool,and identification of gaps where addi

246、tional talent is required.A tailored approach in pursuing M&A should be leveraged to ensure prudent target-firm assessment and a seamless post-integration journey,considering areas such as cultural fit,operational synergies,and similar.Strategic imperatives for incumbentsStrategically designed partn

247、ership models.Banks will need to shift from exploratory and ad-hoc partnerships to a more strategic approach if they are to establish the right business models for this evolving financial landscape.This must be backed by organization-wide clarity on the priority segments and areas of partnerships,as

248、 well as leading and lagging performance metrics being targeted.This strategic shift will require:Early engagement of senior leadership Building partnership strategy as part of an overall organizational roadmap Deeper understanding of the fintech unit economics and the key enablers needed Transform

249、the operating model.Banks will need to change their people and process models,internal policies,and ways of working to capture value as partnerships develop across the value chainfrom external client acquisition to internal capability builds.This will necessitate:Defining the right operating and org

250、anizational structures,for example establishing the right teams to coordinate with partners Adapting critical business processes,such as adapting risk management processes with new credit scoring tools Aligning technology enablers and embedding them into existing toolsSeize the initiative.This perio

251、d of rapid growth and evolution represents a generational opportunity for incumbents to target and capture significant value from the persistent underbanked space in Indonesia.It also offers the chance to regain a lucrative user base from the 39 INDONESIAS FINTECH INDUSTRY IS READY TO RISEtechnology

252、 space,as fintech players have to temper their rapid growth as new regulations around network arrangements and interoperability come into force.This will require business strategies,technology enablers,and operational models to work together effectively and synergistically.Capturing the banking oppo

253、rtunity.With significant revenue and profit pools to be captured from BaaS,and growing appetite from fintechs to leverage ready-made banking solutions to expand services,incumbents need to ensure their APIs are ready to integrate with potential partners to seamlessly leverage shared data.This will r

254、equire significant effort to develop the right technology architecture necessary to connect and compete in an open finance ecosystemallocating dedicated resources to support testing,compliance review,and standards for data sharing.Regulatory frameworks for clarity.It is critical that incumbent opera

255、tors design for an agile and digital-ready workforce by institutionalizing digital governance,revamping support functions,and designing for next-generation technology and delivery.Senior leaders need to establish new ways of working,as companies embrace agile and adopt a test and learn culture to en

256、sure workforces can adjust speedily to changing priorities,while adopting new tools to deliver superior services.Regulatory enablersRegulatory frameworks for clarity.Startups continue to innovate at speed,in a landscape where consumer problems and solutions are ever-evolving.Prescriptive,rule-based

257、policies can limit these value-adding activities.Regulators have an opportunity to estabzlish strategically designed regulatory frameworks that minimize gray areas for startups,shifting towards principle-based regulations to ensure relevance and flexibility in the fast-changing environment.Forums fo

258、r collaboration.The last few years have highlighted the need,and the benefits,of regulators and fintech players working and interacting closely to create enabling structures for new business models.Efforts should be engaged to formalize these structures,build structured forums that provide equal and

259、 open access to all players,and also empower inter-regulator collaboration to help drive effective and sustainable ecosystem growth.Open and interoperable networks.Global exemplars such as UPI,as well as local innovations like QRIS,have shown the power of open networks to transform customer experien

260、ces.With upcoming innovations like SNAP and IPI,it is essential to establish governance that enables and ensures participation across industry stakeholders while driving consumer adoption to generate critical mass.Sandboxes to enable innovation.The success of regulatory sandbox programs across devel

261、oping markets has become a proven model for enabling controlled experimentation and nurturing innovation.Expanding sandbox access to early startups across all categories will be critical to accelerate pace of innovation.In addition,implementing a two-door policy where sub-optimal results can be easi

262、ly rolled back will allow regulators to control risk while widening room for additional experiments in the sandbox pipeline.These strategic recommendations provide a roadmap for achieving success in the financial services market,as industry players,government bodies,and regulators work towards stren

263、gthening the financial ecosystem in Indonesia,Southeast Asias largest economy.Ongoing innovation and dynamic customer habits will continue to transform the fintech ecosystem,meaning that an ability to adaptfor both operators individually and the ecosystem as a wholewill be critical to sustainable su

264、ccess.As Indonesias sleeping fintech giant continues to stir,the value that can be captured within this ecosystem is bound to increase.The key question is which of the incumbent operators and emerging fintechs will position themselves at the forefront of this financial evolution and emerge as leader

265、s.BOSTON CONSULTING GROUP 40Boston Consulting Group has an extensive financial industry practice built on leading global experience,including a recognized and respected history building partnerships across Southeast Asia.Our pioneering practice includes a fast-growing portfolio of fintech projects a

266、nd partners,working with both incumbent operators and ambitious emerging players to deliver high-impact intervention and transformation support.BCG combines cutting-edge technical and functional expertise in areas such as risk management,data science,analytics,and AI,backed by deep industry expertis

267、e and a multi-disciplinary team to deliver solutions through world-leading management consulting,technology and design,and corporate and digital ventures.We work in a uniquely collaborative model across the firm and throughout all levels of the client organization,fueled by the goal of helping our c

268、lients thrive.Our experience includes a diverse range of high-impact projects across Southeast Asia.BCGs extensive Southeast Asian practice also incorporates deep insights into the regional consumer,SME,and corporate landscape.As part of the survey for this report,we captured detailed data on the le

269、nding and investment patterns of both retail and SME customers,providing rich insight on needs,trends,and expectations across the region.We invite any interested parties to reach out to the authors directly if you are interested in accessing additional data on any of the topics or learnings highligh

270、ted in this report,or learning about other opportunities to partner with BCG to enhance your strategic business direction.How BCG can help6Built and launched multiple digital banks and lending propositions within six months of initiation,with positive unit economics(risk adjusted return)7End-to-end

271、design and app build of a retail wealthtech app achieving two million user acquisitions in one week 8Completed a digital wealth business build and launch for a leading diversified financial services company in India 9Drove integration of two Southeast Asian startups with US$10 billion valuation,work

272、ing across all integration planning efforts,including setting up of synergy workstreams,defining E2E operating model for joint holding company,and ensuring change management plan in place1Conceptualized and built industry-leading payments app in Southeast Asia that now boasts US$2 billion valuation

273、2Designed growth strategy for major regional fintech player to unlock super-app ecosystem with profitable growth 3Built automated ML-led pricing models for a leading APAC e-commerce platform with 5%revenue growth4End-to-end conceptualization and build of a personalization engine to drive cross-selli

274、ng for regional fintech player5Designed and built advanced risk management platform to drive neobank lending program with 50%to 60%improvement in non-performing loans41 INDONESIAS FINTECH INDUSTRY IS READY TO RISEAC Ventures(ACV)is an early-stage venture capital firm that helps fintech startups succ

275、eed in Indonesia and Southeast Asia.The firm provides a full-fledged value-creation suite that goes beyond capital,offering operational experience,industry knowledge,local networks,and resources to help companies accelerate growth.ACVs in-house team has extensive experience in building and scaling s

276、uccessful startups,which they use to help their portfolio companies navigate growth challenges.The teams expertise in fintech and related sectors,such as e-commerce and logistics,helps startups stay ahead of the curve.ACVs vast professional network of investors,regulators,and industry experts is inv

277、aluable for fintech startups.This network helps startups secure partnerships,navigate regulatory hurdles,and access new markets.ACV also provides resources such as talent,marketing support,and strategic guidance to help fintech startups achieve early scale.The firms team works closely with portfolio

278、 companies to identify opportunities for growth and develop strategies to capitalize on them.It has a deep understanding of the local market and is well-positioned to identify promising investment opportunities.It has a track record of successfully investing in Indonesian fintech startups,giving it

279、credibility with institutional investors looking to deploy capital in the region.ACV can help these investors identify promising opportunities,conduct due diligence,and provide ongoing support to their portfolio companies.The firm also offers its limited partners the chance to co-invest in elite fin

280、tech startups.Currently,ACV has over US$500 million in assets under management,invested across multiple funds,spanning a portfolio of more than 120 companies,including category-leading fintech names such as Xendit,KoinWorks,Stockbit,ALAMI,Payfazz,and more.The firm has a team of over 35 professionals

281、,led by Adrian Li,Michael Soerijadji,Helen Wong,and Pandu Sjahrir,with offices in Jakarta and Singapore.How AC Ventures can helpBOSTON CONSULTING GROUP 42MethodologyBCG combined a range of analysis techniques to inform this study,including qualitative analysis,quantitative analysis,and detailed cust

282、omer surveys.Together,the quantitative analysis complements our in-depth interviews to provide a comprehensive picture of the fintech landscape from both an industry and customer perspective.Qualitative:Qualitative assessments through interviews with fintech leadersQualitative research was conducted

283、 through in-depth interviews with C-level leaders in the fintech space to understand their perspectives on industry and regulatory trends within the landscape.Among the key topics discussed were strategic imperatives in todays business climate,key priorities and challenges for senior stakeholders,pa

284、rtnership and collaboration opportunities with traditional banks,and insights on upcoming regulatory changes.BCG and ACV interviewed over 20 senior leaders across sectors spanning from lending,payments,open banking,wealth to software,spanning startups of different stages of maturity.Quantitative:Qua

285、ntitative assessment through surveysQuantitative insights reflected in this report were gained through two comprehensive surveys targeted towards Indonesian consumers and SMEs respectively.The surveys sought to assess the usage of financial products by consumers and SMEs across Indonesia,while ident

286、ifying key learnings as to the types of channels(fintech vs.bank)used to procure financial services,platforms used,assessment of current platforms,product usage and barriers,and levers for fintech adoption.Consumer surveyOver 1,000 respondents across Indonesia participated in the consumer survey.Res

287、pondents were selected to capture a diverse range of age groups,wealth bands,occupation,and geographical areas.The consumer survey respondent pool is derived from the proportion of Indonesian population who are smartphone users.Additionally,respondents were selected to maintain a baseline threshold

288、of financial literacy,with all participants using at least one form of financial product to ensure relevance to our study.SME surveyOver 600 SME owners across sectors and regions in Indonesia,covering micro-,small-and medium-sized businesses,were covered by our survey.The SME survey respondent pool

289、is derived from an overall market size of 1520 million SMEs,reflective of the number of SMEs in Indonesia with a digital presence.Respondents were similarly selected to maintain a baseline threshold of financial literacy,with all SMEs surveyed using at least one form of financial product.43 INDONESI

290、AS FINTECH INDUSTRY IS READY TO RISEAbout the AuthorsSumit Kumar is a Managing Director and Partner at Boston Consulting Group(BCG),and the leader for BCGs Fintech,Payments&Blockchain practice in Asia Pacific.He can be contacted at .Hameer Chauhan is a Project Leader at Boston Consulting Group.He ca

291、n be contacted at .Shobhit Shubhankar is a Project Leader at Boston Consulting Group.He can be contacted at .Ignacio Oetama is a Senior Associate at Boston Consulting Group.He can be contacted at Adrian Li is Founder and Managing Partner at AC Ventures.He can be contacted at adrianacv.vc.Helen Wong

292、is a Managing Partner at AC Ventures.She can be contacted at helenacv.vc.ContributorsThe authors would like to thank Ernest Saudjana,Ching-Fong Ong,Haikal Siregar,Edwin Utama,Tushar Agarwal,Davids Tjhin,Yang Yu,Soumyadeep Majumdar,Sarat Nair,Kezia Saraswati,Samira Shihab,Valentine Hadeli,and Brena B

293、udiarti for their support in preparing this publication.In addition,the authors are grateful to Maha Dhurairaj,Fiona Ren,Rosabelle Sibarani,Leighton Cosseboom,and Annisa Bella for assistance in writing,editing,design,production,and marketing.Boston Consulting Group partners with leaders in business

294、and society to tackle their most important challenges and capture their greatest opportunities.BCG was the pioneer in business strategy when it was founded in 1963.Today,we work closely with clients to embrace a transformational approach aimed at benefiting all stakeholdersempowering organizations t

295、o grow,build sustainable competitive advantage,and drive positive societal impact.Our diverse,global teams bring deep industry and functional expertise and a range of perspectives that question the status quo and spark change.BCG delivers solutions through leading-edge management consulting,technolo

296、gy and design,and corporate and digital ventures.We work in a uniquely collaborative model across the firm and throughout all levels of the client organization,fueled by the goal of helping our clients thrive and enabling them to make the world a better place.AC Ventures(ACV)is a top Southeast Asian

297、 venture capital firm that invests in early-stage startups focused on Indonesia and ASEAN,with over US$500 million in assets under management.The firms mission is to empower entrepreneurs with more than just capital by combining operational experience,industry knowledge,deep local networks,and resou

298、rces.ACVs team has invested in over 120 tech companies in the region since 2012.With a team of more than 35 professionals led by Adrian Li,Michael Soerijadji,Helen Wong,and Pandu Sjahrir,it has offices in Jakarta and Singapore.For information or permission to reprint,please contact BCG at .To find the latest BCG content and register to receive e-alerts on this topic or others,please visit .Follow Boston Consulting Group on Facebook and Twitter.Boston Consulting Group 2023.All rights reserved.3/2345 INDONESIAS FINTECH INDUSTRY IS READY TO RISE

友情提示

1、下載報告失敗解決辦法
2、PDF文件下載后,可能會被瀏覽器默認打開,此種情況可以點擊瀏覽器菜單,保存網頁到桌面,就可以正常下載了。
3、本站不支持迅雷下載,請使用電腦自帶的IE瀏覽器,或者360瀏覽器、谷歌瀏覽器下載即可。
4、本站報告下載后的文檔和圖紙-無水印,預覽文檔經過壓縮,下載后原文更清晰。

本文(波士頓咨詢&AC Vventures:2023印尼金融科技行業報告(英文版)(48頁).pdf)為本站 (Yoomi) 主動上傳,三個皮匠報告文庫僅提供信息存儲空間,僅對用戶上傳內容的表現方式做保護處理,對上載內容本身不做任何修改或編輯。 若此文所含內容侵犯了您的版權或隱私,請立即通知三個皮匠報告文庫(點擊聯系客服),我們立即給予刪除!

溫馨提示:如果因為網速或其他原因下載失敗請重新下載,重復下載不扣分。
客服
商務合作
小程序
服務號
折疊
午夜网日韩中文字幕,日韩Av中文字幕久久,亚洲中文字幕在线一区二区,最新中文字幕在线视频网站