The fintech landscape in Indonesia continues to evolve at a remarkable pace, with a growing number of companies embracing sustainable business models and increasing operational efficiency. Thanks to the regulatory framework provided by the Financial Services Authority (OJK) and the enactment of the Financial Sector Development and Strengthening Law (UU P2SK), the industry is maturing into a more responsible and profitable sector. Companies are adopting governance, risk management, and compliance (GRC) principles, with many also exploring Environmental, Social, and Governance (ESG) criteria to tackle challenges and seize opportunities. This approach is strengthening fintech’s role in promoting financial inclusion and contributing to Indonesia’s economic growth.

According to the e-Conomy SEA 2024 report by Google, Temasek, and Bain & Co., Indonesia's digital economy reached a Gross Merchandise Value (GMV) of USD 90 billion in 2024, marking a 13% growth compared to the previous year. By 2030, this figure is expected to surge to between USD 200 billion and USD 360 billion. To further accelerate this growth, industry collaboration among fintech players, financial institutions, and the government is essential to foster business sustainability and enhance financial literacy.

On the occasion of National Fintech Day (11.11), which serves as the kickoff for National Fintech Month (BFN) 2024, Indonesia’s fintech ecosystem came together to push forward the country’s digital financial growth. AFTECH (Indonesian Fintech Association) partnered with OJK, AFPI (Indonesian Peer-to-Peer Lending Association), and AFSI (Indonesian Sharia Fintech Association), and was supported by Bank Indonesia (BI), to organize BFN 2024. This month-long initiative, running from November 11 to December 12, aims to accelerate digital finance adoption and introduce a range of fintech products and services to the Indonesian public.

The highlight of the event will be the 6th Indonesia Fintech Summit & Expo (IFSE) on November 12-13, 2024, at The Kasablanka Hall, Jakarta. This year’s theme, "Technology Convergence: Shaping The Future of Finance and Beyond," will bring together over 60 speakers across 25 conference sessions and showcase more than 50 fintech exhibitors. The event will also feature educational programs and entertainment through the INFINITY Stage, providing attendees with valuable insights into the fintech world.

During the kick-off event at Wayang Bistro, Jakarta, Hasan Fawzi, Head of the OJK’s Financial Sector Innovation and Digital Assets Supervision, emphasized the importance of ensuring that the rapid growth of digital finance delivers tangible benefits. He noted that OJK's regulatory framework is designed to not only support the fintech industry but also safeguard consumer protection while boosting national economic growth. He also highlighted the upcoming launch of an Innovation Center based on a pentahelix model that will facilitate collaboration among the government, industry players, academia, and media to support the growth of innovative financial solutions.

Pandu Sjahrir, Chairman of AFTECH, reaffirmed the association’s commitment to collaborating with regulators such as OJK, BI, and the government to promote responsible fintech innovation. AFTECH is leading the charge for BFN 2024 to introduce various fintech business models to the public through educational webinars, promotional programs, and incentives from top fintech companies. This collaboration aims to further enhance financial inclusion and literacy across Indonesia.

AFSI’s Chairman, Ronald Yusuf Wijaya, echoed this sentiment, noting that collaboration is critical for the development of the fintech ecosystem, especially within the realm of Islamic fintech. Throughout BFN, AFSI will focus on 27 educational programs and 4 initiatives to strengthen the Islamic digital finance ecosystem, including discussions with global blockchain and cryptocurrency leaders on the potential of Web3 to expand sharia-compliant financial products.

AFPI Secretary-General, Tiar Karbala, also emphasized the importance of consumer protection and financial education in supporting the industry’s growth. He noted that BFN 2024 provides an important platform for educating the public about digital financial services while encouraging trust in these offerings. AFPI believes that collaboration with OJK, AFTECH, and AFSI will play a crucial role in achieving broader financial inclusion in Indonesia.

The success of BFN 2024 is evident in the participation of 74 fintech companies and 20 media partners, who are actively contributing to more than 85 promotional programs, including cashback offers, discounts, giveaways, and job opportunities through the Fintech Virtual Job Fair. Additionally, more than 113 educational and literacy activities are scheduled during the month.

The 6th IFSE and BFN 2024 will also introduce the Anak Fintech Indonesia (AFIN) mascot, along with a digital campaign to encourage the public to embrace fintech and contribute to its growth. The goal is to raise awareness and understanding of fintech, allowing individuals to make informed decisions and leverage digital financial products to improve their daily lives and support the digitalization of Indonesia’s MSMEs.