Indonesia’s financial technology sector is one of the most dynamic and competitive in the world, as evidenced by the emergence of four unicorn companies – start-ups valued at over $1bn – and one decacorn, valued at over $10bn. These new tech giants include one digital payment firm, OVO, while the rest offer a number of integrated payment options in e-commerce, ride hailing and delivery services, and travel bookings. Surrounding them is a fast-growing ecosystem that is helping expand financial inclusion to previously underserved segments of the population. Investment comes from a range of domestic and international sources, both public and private. Global backers, including Google and China’s Ant Financial, have entered into joint ventures in Indonesia.
This chapter contains interviews with Reynold Wijaya, CEO and Co-Founder, Modalku; and Vincent Iswara, CEO, DANA.