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MOVING TOWARDS A NEW ERA IN
MOVING TOWARDS
A NEW
ERA
IN

INDONESIA'S

FINANCIAL

INDUSTRY

FINTECH

REPORT

2019

© NOV 2019

MOVING TOWARDS A NEW ERA IN INDONESIA'S FINANCIAL INDUSTRY FINTECH REPORT 2019 © NOV 2019
MOVING TOWARDS A NEW ERA IN INDONESIA'S FINANCIAL INDUSTRY FINTECH REPORT 2019 © NOV 2019
PREFACE Fintech Report is DSResearch's annual report to provide updates on the financial technology industry

PREFACE

Fintech Report is DSResearch's annual report to provide updates on the financial technology industry in Indonesia.

In this report, we focus on:

industry in Indonesia. In this report, we focus on: 1. The fintech industry dynamics and its

1. The fintech industry dynamics and its ecosystem overview in 2019.

2. Industry perspectives towards fintech growth, trends, and regulations in 2019

3. Public acceptance of usage & attitude by fintech products.

4. Prospective strategy of fintech in upcoming years

Fintech has evolved in significant ways and continuously become more mature at an accelerated pace over the course of 2019. This year, the demand of fintech products had grown rapidly and achieved mass adoption to people’s lifestyle. With big developments ranging from the rise of fintech products awareness up to fintech’s impact on national GDP has become another big year for fintech.

Fintech Report 2019 is based on a nationwide survey encompassing responses from 1500 people in nationwide. Questions sought to yield perspectives of usage and attitude in public acceptance towards fintech products and also exploring the emergence of growth and trends in the financial industry. It sheds light on the impact which fintech ecosystem will have on all the stakeholders, the challenges and concerns that all sectors will face, and the emergence of new businesses and monetization models in this space.

This report is conducted by DSResearch and supported by BRI & BRI Ventures to gain more insights on fintech’s overview in 2019.

is conducted by DSResearch and supported by BRI & BRI Ventures to gain more insights on
Bank Rakyat Indonesia (BRI) is one of the largest state-owned banks in Indonesia. It’s founded

Bank Rakyat Indonesia (BRI) is one of the largest state-owned banks in Indonesia. It’s founded in Purwokerto, Central Java, by Raden Bei Aria Wirjaatmadja on December 16, 1895. The strength of BRI lies in serving the segment of micro and small medium enterprises.

BRI’s vision is to provide financial services to all Indonesians nationwide, including the remote areas. To realize this, it needs to be supported by sufficient infrastructure, including network of branches and branchless agent throughout the archipelago. As the market keep growing, along with its commitment, BRI keeps innovating to provide the best services to its customers.

Getting through digital era, BRIAPI, a BRI’s product, serves to enable third parties to use Bank BRI’s financial service functions or features into their platforms in a secure and safe manner. With BRIAPI implementation, Bank BRI is the first bank with open API system in Indonesia that has ISO 27001 and OJK certification. BRIAPI is expected to link Bank BRI and ever-growing startup industry, in particular to extend digital collaboration in realizing a super ecosystem to accelerate financial inclusion and to bring ease of access of financial services to society. With this, we believe, “No one left behind!”

to society. With this, we believe, “No one left behind!” BRI Ventures is the Corporate Venture

BRI Ventures is the Corporate Venture Capital arm from Bank BRI, the largest bank in Indonesia. It is established to accelerate innovation and give support to Bank BRI by investing in high-growth companies with strong digital ecosystem-enablement angle.

Supported by the network and reach of its holding company, BRI Ventures is uniquely positioned in the market to help entrepreneurs get a strong local presence, by building its business with real value creation, and eventually drive Indonesia’s digital economy.

local presence, by building its business with real value creation, and eventually drive Indonesia’s digital economy.
CONTENTS 01 04 PREFACE 01 PART PART 1 1 CONTENTS 03 INTRODUCTION 08 PART 2

CONTENTS

01

04

PREFACE

01

PART PART 1 1

CONTENTS

03

INTRODUCTION

08

PART 2

INDUSTRY PERSPECTIVES

GROWTH AND TREND INDUSTRY DYNAMICS REGULATIONS IN 2019 FINTECH FUNDING

45

PART 4

PROSPECTIVE STRATEGY

FINTECH IN (NEAR) FUTURE IMPACT ON ECONOMY GROWTH

09

10

11

13

48

47

FINTECH ECOSYSTEM IN INDONESIA

15

05

PART 3

PUBLIC PERSPECTIVES

DEMOGRAPHY BANKED AND UNBANKED SOCIETY FINTECH'S PUBLIC PERCEPTION FINTECH PRODUCTS' AWARENESS AND USAGE

48

CLOSING

REMARKS

16

18

19

21

UNBANKED SOCIETY FINTECH'S PUBLIC PERCEPTION FINTECH PRODUCTS' AWARENESS AND USAGE 48 CLOSING REMARKS 16 18 19
05
05
05 PARTPARTPART 111 INTRODUCTION 04

PARTPARTPART 111

INTRODUCTION

05 Fintech Ecosystem in Indonesia The financial technology (fintech) in Indonesia offers a broad variety
05
Fintech Ecosystem in Indonesia
The financial technology (fintech) in Indonesia offers a broad variety of financial services, including
transaction settlement, capital raising, investment management, fundraising and distribution insur-
ance, market support, equity crowdfunding, and other financial support and service activities. This
year, the scene is still highlighted by lending and payment companies.

The OJK (Indonesia’s financial services authority) has listed more than 100 licensed fintech lending companies as of early this year, and the number is expected to grow throughout the year.

OJK also maintains various services related to digital insurance, investment, and crowdfunding; while payment and remittance are regulated by Bank Indonesia.

The e-money apps are currently super popular to facilitate many payment activities, from shopping, entertainment, to transportation. The introduction of QRIS to unify mobile payment transaction in 2020 will play a bigger role to shift Indonesia to be a cashless society.

We have witnessed OVO, a leading payment company, to be the first unicorn startup coming from fintech vertical. We expect some lending companies to follow in the near future.

In the bigger picture, 99 million unbanked people, according to the e-Conomy SEA 2019 by Google, Temasek and Bain & Company, is a huge opportunity for digital financial services to help the govern- ment in financial inclusion issue. The research also shows the projected growth in digital financial services in the region.

SEA Consumer Payments (GTV, $B)

2019 22B 600B 1.400B e-Wallets Digital Payments Consumer Payments 114B 1.100B 2.300B 2025 114B 1,100B
2019
22B
600B
1.400B
e-Wallets
Digital Payments
Consumer Payments
114B
1.100B
2.300B
2025
114B
1,100B
2,300B
13%
28%
Digital Digital Remittance Remittance
11B
28B
(Flows, (Flows, $B) $B)
3%
8%
Digital Digital Lending Lending
23B
110B
(Loan (Loan Book, Book, $B) $B)
3%
11%
Digital Digital Investments Investments
10B
75B
(AUM, (AUM, $B) $B)
4%
9%
Digital Digital Insurance Insurance
2B
8B
2019
2025
(GWP, (GWP, $B) $B)

source: e-Conomy SEA 2019

06 Fintech is considered to be as a result of the massively developed information and
06
Fintech is considered to be as a result of the massively developed information and communication
technology infrastructures in the country during the last decade. Currently only around 60 percent
of Indonesia’s adult population have conventional banking accounts, while around 130 million
Indonesians use mobile phones to access the Internet.

This gap obviously encourages startup entrepreneurs to take advantage of those untapped opportunities. Initially, the emerging fintech business was expected to be an initiative capable of harmonizing financial inclusion in Indonesia through expanding access, reducing costs, and increasing efficiency. Slowly, fintech appears and currently are considered to be commonly following this disruptive pattern. They come with products and services that continuously improved and expanded beyond their scope.

There are some slightly different data, but both show the large amount of fintech transactions in Indonesia, at around US$15 billion in 2017. Of that number, most of them are engaged in the payment sector, followed by investment and lending.

TYPE OF FINTECH

100 %

Total (US$15 Billion)

Payment

Investment

   

Others

 
17 % 16 %
17 % 16 %

17

%

17 % 16 %

16

%

Point of Sales (PoS)

Crowd

   

Lending

32

%

11 %

32 % 11 % funding 9 % 15 %

funding

9 %

funding 9 %
32 % 11 % funding 9 % 15 %

15

%

source: Indonesia Fintech Association (2017)

Fintech, especially lending, has been arguably the fastest growing sector in recent years. The Indonesian Finan- cial Services Authority (OJK) recorded the total financing channeled by technology-based lending service providers as US$951 million in the first three quarters of 2018, and projects the total loan figure to grow to US$2 billion by the end of 2019. Among the startups that received massive investments in 2018, three belong to this sector. These include FinAccel (Kredivo) with US$30 million in Series B funding, C88 with US$28 million Series C round, and Moka with US$24 million in Series C funding.

Aside from P2P lending, digital payment services also hold promise in Indonesia. A study by MDI Ventures and Mandiri Capital entitled “Mobile Payments in Indonesia: Race to Big Data Domination” predicts that the mobile payment market will reach US$30 billion in total gross transaction value by 2020, and reach a compound annual growth rate of 158% for the period between 2016 and 2020.

07 “Fintech is generally carried out by startup companies, although this is not always the
07
“Fintech is generally carried out by startup companies, although this is not
always the case. In addition, not infrequently large companies, including
conventional banking and financial services, also invest in existing fintech
businesses. Thus, while the technology provides the opportunity to
disrupt the market, we have to question the potential for fintech to really
fundamentally change the business and economic landscape.”

— Riemer et al., 2017

The main sectors exposed to this risk at the moment are financing and funding. It might not be surprising if conventional banking will eventually only be a kind of ‘cashier’, while other products and services are offered by fintech due to their flexibility and efficiency in operational activities.

In 2019, fintech is expected to remain at the forefront of Indonesia’s digital industry, with the potential of collaborations with financial institutions. Fintech players will also need to form partnerships with merchants of various sizes, from small and medium enterprises (SMEs) to big businesses, to facilitate wider adoption. Insurance and wealth management also hold potential for fintech applications, as many Indonesians currently do not have insurance coverage of any form.

Fintech ecosystem itself has been growing massively this year. OVO has emerged as the first unicorn among fintech companies. Some other players, like Akulaku, Kredivo, and Modalku also have high valua- tions at more than US$100 million. That indicates optimism and trust from investors about the potential of the industry landscape. Signals of collaboration between players, traditional and digital, are becoming apparent today — fintech acts to educate the market, unbankable society about various financial products.

In addition to OJK, Bank Indonesia is also being a key regulator in the ecosystem. It initiates QRIS (Quick-Re- sponse Code Indonesia Standard) as a first step to create synergies among digital payment platforms. This policy allows one access code to receive payments from various types of registered applications.

payment platforms. This policy allows one access code to receive payments from various types of registered

PARTPARTPART 222

INDUSTRY

PERSPECTIVES

PARTPARTPART 222 INDUSTRY PERSPECTIVES 08
09 Growth and Trend Fintech represents the collision of two worlds and the evolution of
09
Growth and Trend
Fintech represents the collision of two worlds and the evolution of the use of technology in financial
services. Financial services and technology are locked in a firm embrace, and with this union comes
both disruption and synergies. Fintech ecosystem continued to mature at an accelerated pace over the
year. With big developments ranging from the rise of open banking, increasing regulatory clarity and
maturation of AI and blockchain, 2019 promises to be another big year for fintech.

Fintech has improved and expanded its offerings around the world, but also how it has spurred change across the entire financial services industry. FinTech strives to make financial services more accessible for both consumers and businesses. By connecting customers to a digital world, Fintech enhances their experiences, making them efficient, economical, and frictionless.

2019 marked a watershed moment for the industry, with the once clear distinction between fintechs and financial services proper now blurred significantly. Virtually every incumbent financial institution (FI) is now looking inward and engaging in an innovation drive, spurred on by competition from fintechs. As such, incumbents are now actively investing in, acquiring, and collaborating with their fintech rivals.

There are several CVCs, because of the nature of the banks as their parent companies, are focusing to invest in fintech-related startups. BRI Ventures, launched this year with $250 million fund, are currently into fintech, fintech enabler, and digital ecosystem. Nicko Widjaja, BRI Ventures’ CEO, said, “In BRI, there are two divisions to handle synergy with startups, one division [Digital Center of Excellence] is specifically tasked for fintech. Bank needs to be part of fintech ecosystem. Collaborate to speed up or expedite innovation.”

Eddi Danusaputro, Mandiri Capital’s CEO, investment arm of Bank Mandiri, added, “The recent addi- tion of OVO into unicorn status means fintech as a vertical has reached a higher value [in valuation]. Fintech has central position to facilitate other sector in the ecosystem.”

Danusaputro acknowledges that payment and lending are more advanced, in terms of impact to society
Danusaputro acknowledges that payment and lending are more advanced, in terms of impact to
society and the number of big-valuation startups, compared to other sub sectors. However, Widjaja
believes they need to put value over valuation to build digital nation.
2017
2018
2019
Fintech’s New Player
P2P Lending
19 Player
61 Player
47 Player*
Digital Payment
6 Player
8 Player
4 Player*
Fintech Investments
(DSResearch)
26 transactions
14 transactions
22 transactions*
Disclosed only
$176.7 million
$182.3 million
$99 million*
P2P Lending Statistics (OJK)
Total Loan Disbursed
Rp22.6 trillion
Rp60.4 trillion*
4.3 million accounts
14.3 million accounts*
Number of Borrowers
*data per September 2019
10
10

Industry Dynamics

Lending Players (Licensed by OJK)

Starting this year, OJK has begun releasing "business licenses" for fintech lending in Indonesia. Previously, OJK only gave a status of "registered and supervised" for players who operate online loan services. Business licenses will increase the credibility of each company as a provider because various administrative requirements must be met, related to compliance with customer service to the security system.

As of September 2019, 13 fintech lending players obtain business licenses and registered status. 144 others are already registered.

and registered status. 144 others are already registered. Fintech Lending Players Obtained Business Licenses and

Fintech Lending Players

Obtained Business Licenses and Registered Status by OJK

Obtained Business Licenses and Registered Status by OJK Danamas https://p2p.danamas.co.id PT Pasar Dana Pinjaman

Danamas

https://p2p.danamas.co.id

PT Pasar Dana Pinjaman

Investree

https://www.investree.id

PT Investree Radhika

Jaya

Investree https://www.investree.id PT Investree Radhika Jaya KIMO http://kimo.co.id PT Creative Mobile Adventure

KIMO

http://kimo.co.id PT Creative Mobile Adventure

Tokomodal

https://www.tokomodal.co.id PT Toko Modal Mitra Usaha

https://www.tokomodal.co.id PT Toko Modal Mitra Usaha KTA Kilat https://www.pendanaan.com PT Pendanaan Teknologi

KTA Kilat

https://www.pendanaan.com PT Pendanaan Teknologi Nusa

Kilat https://www.pendanaan.com PT Pendanaan Teknologi Nusa KlikACC https://klikacc.co.id PT Aman Cermat Cepat Kredit

KlikACC

https://klikacc.co.id PT Aman Cermat Cepat

Kredit Pintar

http://kreditpintar.co.id PT Kredit Pintar Indonesia

Amartha

https://amartha.com PT Amartha Mikro Fintek

Amartha https://amartha.com PT Amartha Mikro Fintek UangTeman https://uangteman.com PT Digital Alpha Indonesia

UangTeman

https://uangteman.com PT Digital Alpha Indonesia

UangTeman https://uangteman.com PT Digital Alpha Indonesia Maucash https://maucash.id PT Astra Welab Digital Artha

Maucash

https://maucash.id PT Astra Welab Digital Artha

Dompet Kilat

https://www.dompetkilat.co.id PT Indo Fin Tek

Dompet Kilat https://www.dompetkilat.co.id PT Indo Fin Tek Modalku https://modalku.co.id PT Mitrausaha Indonesia Grup

Modalku

https://modalku.co.id PT Mitrausaha Indonesia Grup

Tek Modalku https://modalku.co.id PT Mitrausaha Indonesia Grup Finmas https://www.finmas.co.id PT Oriente Mas Sejahtera

Finmas

https://www.finmas.co.id PT Oriente Mas Sejahtera

11 Payment Players (Licensed by BI) Bank Indonesia is responsible for overseeing fintech players related
11
Payment Players (Licensed by BI)
Bank Indonesia is responsible for overseeing fintech players related to e-money, e-wallet, or market support
systems. This year there are only 4 new e-money players who get licenses.

1. New E-Money License

new e-money players who get licenses. 1. New E-Money License Ottocash PT Transaksi Artha Gemilang E-money

Ottocash

PT Transaksi Artha Gemilang

E-money Issuer

License Ottocash PT Transaksi Artha Gemilang E-money Issuer LinkAja PT Fintek Karya Nusantara E-money Issuer 2.

LinkAja

PT Fintek Karya Nusantara

E-money Issuer

2. Registered Companies

Karya Nusantara E-money Issuer 2. Registered Companies TADA PT Aksi Prima Pratama Payment System WalePay PT

TADA

PT Aksi Prima Pratama

Payment System

Companies TADA PT Aksi Prima Pratama Payment System WalePay PT Walepay Finansial Teknologi Payment System

WalePay

PT Walepay Finansial Teknologi

Payment System

System WalePay PT Walepay Finansial Teknologi Payment System LiquidNet PT Liquid Artha Nusantara Supporting System IJOY

LiquidNet

PT Liquid Artha Nusantara

Supporting System

System LiquidNet PT Liquid Artha Nusantara Supporting System IJOY PT Ijoy Yoro Kobi Payment System OnePay

IJOY

PT Ijoy Yoro Kobi

Payment System

Supporting System IJOY PT Ijoy Yoro Kobi Payment System OnePay PT Digital Karya Bangsa Supporting System

OnePay

PT Digital Karya Bangsa

Supporting System

System OnePay PT Digital Karya Bangsa Supporting System Zipay PT Max Interactives Tecnologies E-money Issuer PACCash

Zipay

PT Max Interactives Tecnologies

E-money Issuer

System Zipay PT Max Interactives Tecnologies E-money Issuer PACCash PT Sarana Pactindo E-money Issuer LaborPay PT

PACCash

PT Sarana Pactindo

E-money Issuer

E-money Issuer PACCash PT Sarana Pactindo E-money Issuer LaborPay PT First Global Data Indonesia Payment System

LaborPay

PT First Global Data Indonesia

Payment System

LaborPay PT First Global Data Indonesia Payment System Cash Cash Pro PT Digital Kuantum Teknologi Market

Cash Cash Pro

PT Digital Kuantum Teknologi

Market Provisioning

ADAPAY

PT Barcode Integrasi Indonesia

Payment System

Provisioning ADAPAY PT Barcode Integrasi Indonesia Payment System So Cash PT Socash Software Services Supporting System

So Cash

PT Socash Software Services

Supporting System

12 Regulations in 2019 1. QR Code Indonesia Standard
12
Regulations in 2019
1. QR Code Indonesia Standard

Bank Indonesia initiated the QR Code Indonesia Standard (QRIS) as a digital transformation of the payment system in Indonesia in Peraturan Bank Indonesia (PBI) No. 21/18/PADG/2019. This regularity was also released to accelerate the development of the economy and digital finance. From the merchant's point of view, this standardization allows them to provide only one QR Code and it can accept any payment apps.

There are four parties involved technically in the implementation of QRIS, as follows:

technically in the implementation of QRIS, as follows: 01 Information System Service Providers; Bank or
01
01

Information System Service Providers; Bank or non-bank institution conducting payment system service.

QRIS is also expected to present advantag- es for end users, especially related to flexi- bility in choosing alternative sources of funds or payment instruments — the

02
02

Switching Institutions; An institution that organizes switching in the National Payment Gate (Gerbang Pembayaran Nasional - GPN).

transaction is limited to a maximum of 2 million Rupiah for each payment. For industry players, it's intended to support interconnection and

03
03

Merchant Aggregators; In charge of acquiring merchants and forwarding the proceeds of transactions through collaboration with payment system providers.

interoperability, minimizing fragmentation — this mechanism accommodates two business use cases, Merchant Present Mode (MPM) and Customer Presented

04
04

National Merchant Repositories; A system for administering merchant data.

Mode (CPM). In the MCM method, merchants display QR codes for payment to users. While on CPM, the user presents the code for the merchant to scan.

2. Fintech Association

This year the Asosiasi Fintech Pendanaan Bersama Indonesia (AFPI) has been inaugurated as an official organi- zation for p2p lending companies. One of the agreement points said that every company is required to register as a member of the association. The association will also carry out oversight and regulatory functions to its members; it includes maintaining the stabilization of business growth.

AFPI has planned annual work agendas. The first program is an internal certification of business processes and customer service. That was prepared to improve the quality of lending services among the presence of new- comers in the sector. They will also develop data centers to facilitate innovations related to management and credit risk assessment.

OJK also appointed the Indonesian Fintech Association (Asosiasi Fintech Indonesia - AFTECH) as the official orga- nization organizing Digital Financial Innovations (Inovasi Keuangan Digital - IKD). The aim is to build supervision of fintech service providers with new business models that have not been accommodated by regulations. So far, only two types of fintech have been regulated, p2p lending and equity crowdfunding.

13 Fintech Funding As of early November 2019, there are 22 announced funding rounds for
13
Fintech Funding
As of early November 2019, there are 22 announced funding rounds for fintech startups with a shy of $100
million in total disclosed amount. It’s almost half of last year’s number (a total of $182 million). Koinworks and
Kredivo, both are fintech lending companies, dominate the funding scene this year.
 

2019

   

January

   
   
   
   
   

KoinWorks

Dana Cita

Ajaib

Series ASeed Funding Seed Funding

Seed FundingSeries A Seed Funding

Seed FundingSeries A Seed Funding

$13.6 millionUndisclosed $2.1 million

Undisclosed$13.6 million $2.1 million

$2.1 million$13.6 million Undisclosed

February

 

April

 
$2.1 million February   April   Akseleran Series A $2.5 million Chaslez Series A Undisclosed

Akseleran

Series Amillion February   April   Akseleran $2.5 million Chaslez Series A Undisclosed     May

$2.5 millionFebruary   April   Akseleran Series A Chaslez Series A Undisclosed     May  

  April   Akseleran Series A $2.5 million Chaslez Series A Undisclosed     May  

Chaslez

Series AApril   Akseleran Series A $2.5 million Chaslez Undisclosed     May      

Undisclosed  Akseleran Series A $2.5 million Chaslez Series A     May        

   

May

   
   
   
   
   

Lubna

Aino

Stockbit

Seed FundingSeed Funding Series A

Seed FundingSeed Funding Series A

Series ASeed Funding Seed Funding

UndisclosedUndisclosed Undisclosed

UndisclosedUndisclosed Undisclosed

UndisclosedUndisclosed Undisclosed

Series A Undisclosed Undisclosed Undisclosed Alami Qoala Gradana Seed Funding Seed Funding
Series A Undisclosed Undisclosed Undisclosed Alami Qoala Gradana Seed Funding Seed Funding
Series A Undisclosed Undisclosed Undisclosed Alami Qoala Gradana Seed Funding Seed Funding

Alami

Qoala

Gradana

Seed FundingSeed Funding Pre-Series A

Seed FundingSeed Funding Pre-Series A

Pre-Series ASeed Funding Seed Funding

Undisclosed$1.5 million Undisclosed

$1.5 millionUndisclosed Undisclosed

UndisclosedUndisclosed $1.5 million

     

July

June

     
      July June       KoinWorks Series B $ 16.2 million Kredivo Series

KoinWorks

Series B      July June       KoinWorks $ 16.2 million Kredivo Series B Undisclosed

$ 16.2 millionUndisclosed       July June       KoinWorks Series B Kredivo Series B Undisclosed

      July June       KoinWorks Series B $ 16.2 million Kredivo Series

Kredivo

Series B      July June       KoinWorks Series B $ 16.2 million Kredivo Undisclosed

Undisclosed      July June       KoinWorks Series B $ 16.2 million Kredivo Series

14 August UangTeman Series B $5 million September Julo Crowde Kredivo Venture Debt Series A
14
August
UangTeman
Series B
$5 million
September
Julo
Crowde
Kredivo
Venture Debt
Series A
Pre-Series A
$20 million
$10 million
$1 million
UangMe
Pluang
Seed Funding
Series A
$24 million
$3 million
November
KoinWorks
Amartha
Series B
Series B
Undisclosed
Undisclosed

StageSeries A $24 million $3 million November KoinWorks Amartha Series B Series B Undisclosed Undisclosed Fund

FundSeries A $24 million $3 million November KoinWorks Amartha Series B Series B Undisclosed Undisclosed Stage

PARTPARTPART 333

PUBLIC

PERSPECTIVES

PARTPARTPART 333 PUBLIC PERSPECTIVES 15
16 Demography To understand better about public perspective on Fintech and its products, DSResearch conducted
16
Demography
To understand better about public perspective on Fintech and its products, DSResearch
conducted an online survey involving 1500 respondents nationwide.

Gender

59.3%

involving 1500 respondents nationwide. Gender 5 9 . 3 % 40.7% Age Group 19.1% < 20
involving 1500 respondents nationwide. Gender 5 9 . 3 % 40.7% Age Group 19.1% < 20
involving 1500 respondents nationwide. Gender 5 9 . 3 % 40.7% Age Group 19.1% < 20

40.7%

1500 respondents nationwide. Gender 5 9 . 3 % 40.7% Age Group 19.1% < 20 y.o

Age Group

19.1%

nationwide. Gender 5 9 . 3 % 40.7% Age Group 19.1% < 20 y.o 50.7% 20

< 20 y.o

50.7%

20 - 29 y.o

24.5%

30 - 39 y.o

4.7%

< 20 y.o 50.7% 20 - 29 y.o 24.5% 30 - 39 y.o 4 . 7

40 - 49 y.o

1.1%

20 - 29 y.o 24.5% 30 - 39 y.o 4 . 7 % 40 - 49

> 50 y.o

SEC (Monthly Household Expenditure)

A

(> Rp 5 mill.)

B

(Rp2,5 - 5 mill.)

C1

(Rp1,75 - 2,5 mill.)

C2

(< Rp1,75 mill.)

25.8%

A (> Rp 5 mill.) B (Rp2,5 - 5 mill.) C1 (Rp1,75 - 2,5 mill.) C2

14.3%Expenditure) A (> Rp 5 mill.) B (Rp2,5 - 5 mill.) C1 (Rp1,75 - 2,5 mill.)

A (> Rp 5 mill.) B (Rp2,5 - 5 mill.) C1 (Rp1,75 - 2,5 mill.) C2

1.0%

58.9%

17 Cities
17
Cities
JABODETABEK SURABAYA 3.4% BANDUNG 6.3%
JABODETABEK
SURABAYA
3.4%
BANDUNG
6.3%
MEDAN 2.3% BALIKPAPAN 0.5% MAKASSAR 0.9% OTHERS 69.5% 17.1%
MEDAN
2.3%
BALIKPAPAN
0.5%
MAKASSAR
0.9%
OTHERS
69.5%
17.1%
18 Banked and Unbanked Society Ease of financial access is one of the needs in
18
Banked and Unbanked Society
Ease of financial access is one of the needs in supporting economic activities. Bankable can be interpreted
as 'Customer who meets the requirements of the Bank', where intended to meet the requirements of the
bank are individuals both as debtor customers, as well as savings or deposit customers, or the wider com-
munity who need banking services.

6.3%

I'm actively use more than 3 bank account

6.3% I'm actively use more than 3 bank account 17.9% I'm not actively using any bank

17.9%

I'm not actively using any bank accounts

n=1500
n=1500

6.2%

I'm actively use 3 bank accounts

accounts n=1500 6.2% I'm actively use 3 bank accounts 21.5% I'm actively use 2 bank accounts

21.5%

I'm actively use 2 bank accounts

3 bank accounts 21.5% I'm actively use 2 bank accounts 48.0% I'm actively use 1 bank

48.0%

I'm actively use 1 bank account

3.5%

I'm actively use more than 3 mobile banking apps 39.2% 12.5% I'm actively use 2
I'm actively use more
than 3 mobile banking apps
39.2%
12.5%
I'm actively use
2 mobile banking app
n=1500
3.5%
I'm actively use
3 mobile banking app
41.3%
I'm actively use
1 mobile banking app

I'm not actively using any mobile banking apps

It’s revealed that more than 80% of people have been actively use bank accounts. Surprisingly, only 60% have been using mobile banking apps. Smartphone penetration is one of the factors why the technology industry is getting bigger, but it doesn’t give much effects, yet, on digital literacy of using mobile banking apps.

19
19

Fintech's Public Perception

In terms of financial services, Fintech appears as a financial service innovation aimed at simplifying the process so as to facilitate the public to gain access to financial products and improve financial literacy. The emergence of fintech is expected to be a solution to financial inclusion and increase the number of people exposed to financial services (bankable).

I'm quite aware about FINTECH

I'm really aware about FINTECH

8.3%
8.3%
47.5%
47.5%

I'm not really aware about FINTECH

22.8%
22.8%
21.4%
21.4%

I'm slightly aware of FINTECH

[n=1500]

In regard to survey result, almost 50% people aren’t really aware about FINTECH at first impression. The gaps of understanding of male and female can be seen by gender breakdown, while more than 60% male aren’t really aware about FINTECH. Moreover, those who belongs to age group of 20 ~ 29 y.o and SEC of B class consider to be more aware about FINTECH perception.

20 By Age Group Breakdown [n=1500]
20
By Age Group Breakdown [n=1500]

I'm really aware about FINTECH

I'm quite aware about FINTECH

I'm slightly aware of FINTECH

I'm not really aware about FINTECH

13.7% 54.0% 26.6% 5.6% 0.0% 7.3% 51.8% 34.2% 5.3% 1.5% 5.9% 53.9% 33.0% 5.6% 1.6%
13.7%
54.0%
26.6%
5.6%
0.0%
7.3%
51.8%
34.2%
5.3%
1.5%
5.9%
53.9%
33.0%
5.6%
1.6%
31.6%
48.1%
15.7%
3.8%
0.8%

< 20 y.053.9% 33.0% 5.6% 1.6% 31.6% 48.1% 15.7% 3.8% 0.8% 20~29 y.0 30~39 y.o 40~49 y.o >

20~29 y.05.6% 1.6% 31.6% 48.1% 15.7% 3.8% 0.8% < 20 y.0 30~39 y.o 40~49 y.o > 50

30~39 y.o1.6% 31.6% 48.1% 15.7% 3.8% 0.8% < 20 y.0 20~29 y.0 40~49 y.o > 50 y.o

40~49 y.o48.1% 15.7% 3.8% 0.8% < 20 y.0 20~29 y.0 30~39 y.o > 50 y.o By SEC

> 50 y.o15.7% 3.8% 0.8% < 20 y.0 20~29 y.0 30~39 y.o 40~49 y.o By SEC (Monthly Household

By SEC (Monthly Household Expenditure) Breakdown [n=1500]

59.8% 60.9% 57.0% 50.8% 40.3% 34.2% 26.8% 18.8% 18.7% 12.8% 8.9% 8.5% 0.6% 1.7% 0.0%
59.8%
60.9%
57.0%
50.8%
40.3%
34.2%
26.8%
18.8%
18.7%
12.8%
8.9%
8.5%
0.6%
1.7%
0.0%
0.3%

I'm really aware about FINTECH

I'm quite aware about FINTECH

I'm slightly aware of FINTECH

> Rp5 mill.quite aware about FINTECH I'm slightly aware of FINTECH Rp2.5 - 5 mill. Rp1.75 - 2.5

Rp2.5 - 5 mill.FINTECH I'm slightly aware of FINTECH > Rp5 mill. Rp1.75 - 2.5 mill. < Rp1.75 mill.

Rp1.75 - 2.5 mill.slightly aware of FINTECH > Rp5 mill. Rp2.5 - 5 mill. < Rp1.75 mill. I'm not

< Rp1.75 mill.slightly aware of FINTECH > Rp5 mill. Rp2.5 - 5 mill. Rp1.75 - 2.5 mill. I'm

I'm not really aware about FINTECH

21 Fintech Products' Awareness and Usage Fintech has been used for many of the newest
21
Fintech Products' Awareness and Usage
Fintech has been used for many of the newest technological developments - from payment apps like
GoPay or Kredivo to P2P Lending. Combining the latest technological developments with financial
services or applications, fintech has helped businesses - largely start-ups - disrupt the industry and
provide better financial services to businesses and individuals alike. Fintech aims to improve the delivery
of financial services and make them more accessible to the public.

Many fintech products are designed to connect consumers' finances with technology for ease of use, although the term is also applied to business-to-business (B2B) technologies as well. Fintech has made inroads with dozens of applications and has changed the way consumers access their finances.

DSResearch had conducted online public surveys to figure out how’s the usage and attitude of current market in understanding more on fintech products. Here are some results:

more on fintech products. Here are some results: 82.7% Digital Wallet 40.0% Online Multifinance Crowdfunding

82.7%

Digital Wallet

40.0%products. Here are some results: 82.7% Digital Wallet Online Multifinance Crowdfunding 17.3% 62.4% Investment

Online Multifinance

Crowdfundingresults: 82.7% Digital Wallet 40.0% Online Multifinance 17.3% 62.4% Investment 39.1% Insurtech 6.9% Remittance n=787

17.3%

62.4%Digital Wallet 40.0% Online Multifinance Crowdfunding 17.3% Investment 39.1% Insurtech 6.9% Remittance n=787 Paylater

Investment

39.1%Online Multifinance Crowdfunding 17.3% 62.4% Investment Insurtech 6.9% Remittance n=787 Paylater 56.7% 21.5% Lending

Insurtech

6.9%Crowdfunding 17.3% 62.4% Investment 39.1% Insurtech Remittance n=787 Paylater 56.7% 21.5% Lending P2P Business

Remittance

n=787

Paylater17.3% 62.4% Investment 39.1% Insurtech 6.9% Remittance n=787 56.7% 21.5% Lending P2P Business 4.4% Don’t Know

56.7%

21.5%39.1% Insurtech 6.9% Remittance n=787 Paylater 56.7% Lending P2P Business 4.4% Don’t Know More than 80%

Lending

P2P Business

4.4%Remittance n=787 Paylater 56.7% 21.5% Lending P2P Business Don’t Know More than 80% people aware about

Don’t Know

More than 80% people aware about Digital wallet, Investment, and Paylater as fintech products. It proves that people consider it as popular financial products when it’s related with technology. It accounts for 82.7% of people who are aware of digital wallet, 62.4% who are aware of investment, and 56.7% who are aware of paylater.

aware of investment, and 56.7% who are aware of paylater. 79.9% Digital Wallet Online Multifinance 12.0%

79.9%

Digital Wallet

Online Multifinanceand 56.7% who are aware of paylater. 79.9% Digital Wallet 12.0% 6.2% Lending P2P Business 31.5%

12.0%

6.2%of paylater. 79.9% Digital Wallet Online Multifinance 12.0% Lending P2P Business 31.5% Investment Insurtech 11.8% 3.3%

Lending

P2P Business

31.5%Wallet Online Multifinance 12.0% 6.2% Lending P2P Business Investment Insurtech 11.8% 3.3% Never use n=747 30.9%

Investment

Insurtech12.0% 6.2% Lending P2P Business 31.5% Investment 11.8% 3.3% Never use n=747 30.9% Paylater Crowdfunding 8.2%

11.8%

3.3%6.2% Lending P2P Business 31.5% Investment Insurtech 11.8% Never use n=747 30.9% Paylater Crowdfunding 8.2% 2.4%

Never use

n=747

30.9%6.2% Lending P2P Business 31.5% Investment Insurtech 11.8% 3.3% Never use n=747 Paylater Crowdfunding 8.2% 2.4%

Paylater

Crowdfunding12.0% 6.2% Lending P2P Business 31.5% Investment Insurtech 11.8% 3.3% Never use n=747 30.9% Paylater 8.2%

8.2%

2.4%Lending P2P Business 31.5% Investment Insurtech 11.8% 3.3% Never use n=747 30.9% Paylater Crowdfunding 8.2% Remittance

Remittance

 
 
 
 
 
 
 
 
 
  By Gender Breakdown [n=747]   22   Digital Wallet Paylater Investment     78.7%
  By Gender Breakdown [n=747]   22   Digital Wallet Paylater Investment     78.7%
  By Gender Breakdown [n=747]   22   Digital Wallet Paylater Investment     78.7%
  By Gender Breakdown [n=747]   22   Digital Wallet Paylater Investment     78.7%
  By Gender Breakdown [n=747]   22   Digital Wallet Paylater Investment     78.7%
  By Gender Breakdown [n=747]   22   Digital Wallet Paylater Investment     78.7%
  By Gender Breakdown [n=747]   22   Digital Wallet Paylater Investment     78.7%
  By Gender Breakdown [n=747]   22   Digital Wallet Paylater Investment     78.7%
  By Gender Breakdown [n=747]   22   Digital Wallet Paylater Investment     78.7%
  By Gender Breakdown [n=747]   22   Digital Wallet Paylater Investment     78.7%
  By Gender Breakdown [n=747]   22   Digital Wallet Paylater Investment     78.7%
  By Gender Breakdown [n=747]   22   Digital Wallet Paylater Investment     78.7%
  By Gender Breakdown [n=747]   22   Digital Wallet Paylater Investment     78.7%
  By Gender Breakdown [n=747]   22   Digital Wallet Paylater Investment     78.7%
  By Gender Breakdown [n=747]   22   Digital Wallet Paylater Investment     78.7%
  By Gender Breakdown [n=747]   22   Digital Wallet Paylater Investment     78.7%
  By Gender Breakdown [n=747]   22   Digital Wallet Paylater Investment     78.7%
  By Gender Breakdown [n=747]   22   Digital Wallet Paylater Investment     78.7%
  By Gender Breakdown [n=747]   22   Digital Wallet Paylater Investment     78.7%
  By Gender Breakdown [n=747]   22   Digital Wallet Paylater Investment     78.7%
  By Gender Breakdown [n=747]   22   Digital Wallet Paylater Investment     78.7%
  By Gender Breakdown [n=747]   22   Digital Wallet Paylater Investment     78.7%
  By Gender Breakdown [n=747]   22   Digital Wallet Paylater Investment     78.7%
  By Gender Breakdown [n=747]   22   Digital Wallet Paylater Investment     78.7%
  By Gender Breakdown [n=747]   22   Digital Wallet Paylater Investment     78.7%
  By Gender Breakdown [n=747]   22   Digital Wallet Paylater Investment     78.7%
  By Gender Breakdown [n=747]   22   Digital Wallet Paylater Investment     78.7%
  By Gender Breakdown [n=747]   22   Digital Wallet Paylater Investment     78.7%
  By Gender Breakdown [n=747]   22   Digital Wallet Paylater Investment     78.7%
  By Gender Breakdown [n=747]   22   Digital Wallet Paylater Investment     78.7%
  By Gender Breakdown [n=747]   22   Digital Wallet Paylater Investment     78.7%
  By Gender Breakdown [n=747]   22   Digital Wallet Paylater Investment     78.7%
  By Gender Breakdown [n=747]   22   Digital Wallet Paylater Investment     78.7%

By Gender Breakdown [n=747]

 
By Gender Breakdown [n=747]   22
By Gender Breakdown [n=747]   22
By Gender Breakdown [n=747]   22
By Gender Breakdown [n=747]   22
By Gender Breakdown [n=747]   22
By Gender Breakdown [n=747]   22
By Gender Breakdown [n=747]   22
By Gender Breakdown [n=747]   22
By Gender Breakdown [n=747]   22
By Gender Breakdown [n=747]   22
By Gender Breakdown [n=747]   22
By Gender Breakdown [n=747]   22

22

22
22
22
22
22
22
22
22
22
22
22
22
By Gender Breakdown [n=747]   22
By Gender Breakdown [n=747]   22
By Gender Breakdown [n=747]   22
By Gender Breakdown [n=747]   22
By Gender Breakdown [n=747]   22
By Gender Breakdown [n=747]   22
 
 
 
 
 
 

Digital Wallet

Paylater

Investment

Digital Wallet Paylater Investment
Digital Wallet Paylater Investment
Digital Wallet Paylater Investment
Digital Wallet Paylater Investment
   

78.7%

 

31.1%

 

29.1%

 
 

81.6%

 

30.7%

   

33.2%

 

Online Multifinance

Insurtech

Crowdfunding

 

14.4%12.3% 8.4%

12.3%14.4% 8.4%

8.4%14.4% 12.3%

8.9%11.1% 7.9%

11.1%8.9% 7.9%

7.9%8.9% 11.1%

P2P Business Lending

8.4% 8.9% 11.1% 7.9% P2P Business Lending 6.7% 5.4% By SEC Breakdown [n=747] Insurtech Crowdfunding

8.4% 8.9% 11.1% 7.9% P2P Business Lending 6.7% 5.4% By SEC Breakdown [n=747] Insurtech Crowdfunding

6.7%

5.4%

By SEC Breakdown [n=747]

Insurtech

Crowdfunding

13.3% 8.7%

13.3%

13.3% 8.7%

8.7%

11.6%

8.6%

8.2%

4.1%

0.0%

0.0%

Don’t know

11.6% 8.6% 8.2% 4.1% 0.0% 0.0% Don’t know 3.2% 3.5% Remittance 2.8% 1.9% Male Female Digital

11.6% 8.6% 8.2% 4.1% 0.0% 0.0% Don’t know 3.2% 3.5% Remittance 2.8% 1.9% Male Female Digital

3.2%

3.5%

Remittance 2.8% 1.9%
Remittance
2.8%
1.9%

Male

0.0% 0.0% Don’t know 3.2% 3.5% Remittance 2.8% 1.9% Male Female Digital Wallet 78.0% 80.0% 84.9%

Female

Digital Wallet

3.2% 3.5% Remittance 2.8% 1.9% Male Female Digital Wallet 78.0% 80.0% 84.9% 100.0% Investment 0.0% 32.8%

78.0%

80.0%

84.9%

2.8% 1.9% Male Female Digital Wallet 78.0% 80.0% 84.9% 100.0% Investment 0.0% 32.8% 30.9% 31.5% Paylater
2.8% 1.9% Male Female Digital Wallet 78.0% 80.0% 84.9% 100.0% Investment 0.0% 32.8% 30.9% 31.5% Paylater
2.8% 1.9% Male Female Digital Wallet 78.0% 80.0% 84.9% 100.0% Investment 0.0% 32.8% 30.9% 31.5% Paylater

100.0%

Investment

Female Digital Wallet 78.0% 80.0% 84.9% 100.0% Investment 0.0% 32.8% 30.9% 31.5% Paylater 34.9% 30.5% 21.9%

0.0%

32.8%

30.9%

31.5%

Paylater 34.9% 30.5% 21.9%
Paylater
34.9%
30.5%
21.9%

0.0%

Online Multifinance

Paylater 34.9% 30.5% 21.9% 0.0% Online Multifinance 4.1% 12.4% 13.3% 0.0% Remittance 2.5% 2.3% 2.7% 0.0%

4.1%

12.4%

13.3%

0.0%

Remittance 2.5% 2.3% 2.7%
Remittance
2.5%
2.3%
2.7%

0.0%

P2P Business Lending

5.8% 7.0% 2.7% 0.0% Don't know 3.3% 3.5% 2.7%
5.8%
7.0%
2.7%
0.0%
Don't know
3.3%
3.5%
2.7%

0.0%

> Rp5 mill.7.0% 2.7% 0.0% Don't know 3.3% 3.5% 2.7% 0.0% Rp2.5 - 5 mill. Rp1.75 - 2,5

Rp2.5 - 5 mill.0.0% Don't know 3.3% 3.5% 2.7% 0.0% > Rp5 mill. Rp1.75 - 2,5 mill. < Rp1.75

Rp1.75 - 2,5 mill.know 3.3% 3.5% 2.7% 0.0% > Rp5 mill. Rp2.5 - 5 mill. < Rp1.75 mill. Digital

< Rp1.75 mill.2.7% 0.0% > Rp5 mill. Rp2.5 - 5 mill. Rp1.75 - 2,5 mill. Digital wallet leads

Digital wallet leads as the most used fintech products over 2019. It achieve almost 80% users nationwide. Followed by gender breakdown’s rank, it can be found that top 3 products’ used by male are Digital wallet (78.7%), Investment (33.2%) and Paylater (31.1%), and a bit different ranks with top 3 fintech products used by female, those are Digital wallet (81.6%), Paylater (30.7%) and Investment (29.1%). Investment products attracts more for male rather than female. Besides that, based on SEC breakdown’s rank, it’s quite attractive when comparing Insurtech and P2P Lending, which B class segmentation prefer to use P2P Lending, while A and C1 class segmentation prefer to use Insurtech.

 
 
 
 
 
 
 
 
 
  74.3%   23           n=747       9 . 8
  74.3%   23           n=747       9 . 8
  74.3%   23           n=747       9 . 8
  74.3%   23           n=747       9 . 8
  74.3%   23           n=747       9 . 8
  74.3%   23           n=747       9 . 8
  74.3%   23           n=747       9 . 8
  74.3%   23           n=747       9 . 8
  74.3%   23           n=747       9 . 8
  74.3%   23           n=747       9 . 8
  74.3%   23           n=747       9 . 8
  74.3%   23           n=747       9 . 8
  74.3%   23           n=747       9 . 8
  74.3%   23           n=747       9 . 8
  74.3%   23           n=747       9 . 8
  74.3%   23           n=747       9 . 8
  74.3%   23           n=747       9 . 8
  74.3%   23           n=747       9 . 8
  74.3%   23           n=747       9 . 8
  74.3%   23           n=747       9 . 8
  74.3%   23           n=747       9 . 8
  74.3%   23           n=747       9 . 8
  74.3%   23           n=747       9 . 8
  74.3%   23           n=747       9 . 8
  74.3%   23           n=747       9 . 8
  74.3%   23           n=747       9 . 8
  74.3%   23           n=747       9 . 8
  74.3%   23           n=747       9 . 8
  74.3%   23           n=747       9 . 8
  74.3%   23           n=747       9 . 8
  74.3%   23           n=747       9 . 8
  74.3%   23           n=747       9 . 8
  74.3%   23           n=747       9 . 8

74.3%

 
74.3%   23
74.3%   23
74.3%   23
74.3%   23
74.3%   23
74.3%   23
74.3%   23
74.3%   23
74.3%   23

23

23
23
23
23
23
23
23
23
23
74.3%   23
74.3%   23
74.3%   23
74.3%   23
     
     
     
     
     
     
     
     
     
 
 
 
 
 
 
 
  n=747  

n=747

 
  n=747  
  n=747  
 
 
 
 

9.8%

 

6.8%

 
  4.7% 1 . 9 % 1 . 1 % 0.8% 0.1%
  4.7% 1 . 9 % 1 . 1 % 0.8% 0.1%

4.7%

4.7%

1.9%

1 . 9 %

1.1%

1 . 1 %

0.8%

0.1%

Digital

Paylater

Investment

P2P Personal

Insurtech

Online

Crowdfunding

Remittance

Wallet

Lending

Multifinance

7 out of 10 people have seen Digital Wallet at most during 2019. Digital wallets will likely become rich marketing platforms with the capability to drive in-store traffic and sales, as well as result in higher conversion rates that could overtake mobile coupons. More compelling features within wallets will also fuel consumers to use them more frequently. According to the study, Digital Wallets: Service Provider Analysis, Market Opportunities & Forecasts 2019-2024, strongest growth is expected to come through online payments for remote purchases. The study argued that increases here would be driven by a greater volume of transactions conducted via stored credentials.

51.5%

23.2%

10.7%
10.7%

4.7%

3.5%

3.1%

stored credentials. 51.5% 23.2% 10.7% 4 . 7 % 3.5% 3.1% 1.5% n=747 0 . 1

1.5%

n=747credentials. 51.5% 23.2% 10.7% 4 . 7 % 3.5% 3.1% 1.5% 0 . 1 % Digital

0.1%

Digital

Investment

Pay later

Insurtech

P2P Personal

Online

Crowdfunding

Remittance

Wallet

Lending

Multifinance

Still, in terms of intention to use fintech products in next year, Digital Wallet leads the orders with percentage of 51.5%. The high rate of mobile devices usage in Indonesia drives reason towards many companies take advantage of this device as a media in electronic payment transactions. In general, the use of mobile devices to facilitate consumer payments to merchants in e-commerce transactions are using the concept of e-wallet and known as a digital wallet.

Trusted Products

Suitable to people needs

Functional

Easy to be used

Alternative of financial services

Saving time

Detail information of products

Complete product's option

Popular products

People recommendation

product's option Popular products People recommendation 68.7% 67.2% 64.7% 63.9% 62.5% 78.0% n=722 48.8%
product's option Popular products People recommendation 68.7% 67.2% 64.7% 63.9% 62.5% 78.0% n=722 48.8%

68.7%

option Popular products People recommendation 68.7% 67.2% 64.7% 63.9% 62.5% 78.0% n=722 48.8% 30.6%
option Popular products People recommendation 68.7% 67.2% 64.7% 63.9% 62.5% 78.0% n=722 48.8% 30.6%
option Popular products People recommendation 68.7% 67.2% 64.7% 63.9% 62.5% 78.0% n=722 48.8% 30.6%
option Popular products People recommendation 68.7% 67.2% 64.7% 63.9% 62.5% 78.0% n=722 48.8% 30.6%

67.2%

64.7%

63.9%

62.5%

78.0%

n=72268.7% 67.2% 64.7% 63.9% 62.5% 78.0% 48.8% 30.6% 28.9% 16.1% People recommendation doesn’t

68.7% 67.2% 64.7% 63.9% 62.5% 78.0% n=722 48.8% 30.6% 28.9% 16.1% People recommendation doesn’t

48.8%

30.6%

28.9%

16.1%64.7% 63.9% 62.5% 78.0% n=722 48.8% 30.6% 28.9% People recommendation doesn’t indicate much impacts for

People recommendation doesn’t indicate

much impacts for people to use fintech

products. It’s only shown with less than 20% users consider these factor.

24 Not suitable to market needs Unpotential n=722 55.6% 22.2% advantages No Untrusted 22.2% recommendation
24
Not suitable
to market needs
Unpotential
n=722
55.6%
22.2%
advantages
No
Untrusted
22.2%
recommendation
22.2%
Products
from others
Not easy to
understand the
products
Religious
14.8%
11.1%
issues
Unimpressive
Unpopular
11.1%
7.4 %
products
products
Less product’s
Incomplete
3.7%
3.7%
variant
product’s
information

More than 50% people consider that current products still doesn’t suitable to market needs. Since this background derives, it could be a good signal for fintech players to boost up how their products could fulfill market demands and increase more users in upcoming years.

Attractive

promotions

Guaranteed

security of

Personal data

Provide suitable

products

Clear and

informative

product’s

information

51.9% 48.1% 40.7% 37.0%
51.9%
48.1%
40.7%
37.0%

Provide

interesting

products

Provides products that are easy to use

Availability

of promotions

products that are easy to use Availability of promotions 29.6% 29.6% 29.6% Provide varied products Popular
products that are easy to use Availability of promotions 29.6% 29.6% 29.6% Provide varied products Popular

29.6%

that are easy to use Availability of promotions 29.6% 29.6% 29.6% Provide varied products Popular brand
that are easy to use Availability of promotions 29.6% 29.6% 29.6% Provide varied products Popular brand

29.6%

that are easy to use Availability of promotions 29.6% 29.6% 29.6% Provide varied products Popular brand
that are easy to use Availability of promotions 29.6% 29.6% 29.6% Provide varied products Popular brand

29.6%

Provide varied

products

Popular brand

ambassador

Provide unique

products

products Popular brand ambassador Provide unique products n=722 11.1% 11.1% 7.4% Attractive promotions will

n=722

11.1%

11.1%

7.4%

Attractive promotions will become the main points where potential users could be interested to use fintech products. However, brand ambassador doesn’t share much impacts to boost up usership fintech products.

25 Insurtech Insurtech refers to the use of technology innovations designed to squeeze out savings
25
Insurtech
Insurtech refers to the use of technology innovations designed to squeeze out savings and efficiency from
the current insurance industry model. Insurtech is a combination of the words “insurance” and “technology,”
inspired by the term fintech. This approach does, of course, result in some people paying more than they
should be based on the basic level of data used to group people. Among other things, insurtech is looking to
tackle this data and analysis issue head-on. Insurtech will continue to optimise the insurance industry by
improving insurance products, enhancing service compatibility and lowering regulatory costs. In these ways,
insurtech will construct a rich and resourceful "new insurance" ecosystem.
a rich and resourceful "new insurance" ecosystem. Top 10 insurtech sites / apps awareness [n=308] Axa.co.id

Top 10 insurtech sites / apps awareness [n=308]

Axa.co.id Allianz.co.id 42.2% 3.6% 59.7% 37.3% 89.6% 85,1%
Axa.co.id
Allianz.co.id
42.2%
3.6%
59.7%
37.3%
89.6%
85,1%
iFwd.co.id 1.9% 32.5% 45.1%
iFwd.co.id
1.9%
32.5%
45.1%

RajaPremi

37.3% 89.6% 85,1% iFwd.co.id 1.9% 32.5% 45.1% RajaPremi 39.3% PasarPolis Manulife.co.id 1.0% 2.6%   4.9%

39.3%

89.6% 85,1% iFwd.co.id 1.9% 32.5% 45.1% RajaPremi 39.3% PasarPolis Manulife.co.id 1.0% 2.6%   4.9%

PasarPolis

iFwd.co.id 1.9% 32.5% 45.1% RajaPremi 39.3% PasarPolis Manulife.co.id 1.0% 2.6%   4.9% 22.7%

Manulife.co.id

1.0%

2.6%

2.6%

 

4.9%

22.7%

2.0%

22.7%

1.0% 2.6%   4.9% 22.7% 2.0% 22.7% Asuransiku.id 0.0% 51.0% AturDuit 38.3% Zurich.co.id 0.0%

Asuransiku.id

0.0%

51.0%  4.9% 22.7% 2.0% 22.7% Asuransiku.id 0.0% AturDuit 38.3% Zurich.co.id 0.0% 31.2% 50.6% Jagadiri

4.9% 22.7% 2.0% 22.7% Asuransiku.id 0.0% 51.0% AturDuit 38.3% Zurich.co.id 0.0% 31.2% 50.6% Jagadiri

AturDuit

22.7% 2.0% 22.7% Asuransiku.id 0.0% 51.0% AturDuit 38.3% Zurich.co.id 0.0% 31.2% 50.6% Jagadiri 15.9% 32.8%

38.3%

Zurich.co.id 0.0% 31.2% 50.6%
Zurich.co.id
0.0%
31.2%
50.6%
0.0% 51.0% AturDuit 38.3% Zurich.co.id 0.0% 31.2% 50.6% Jagadiri 15.9% 32.8% Top of Mind Awareness Unaided

Jagadiri

AturDuit 38.3% Zurich.co.id 0.0% 31.2% 50.6% Jagadiri 15.9% 32.8% Top of Mind Awareness Unaided Awareness Total

15.9%

32.8%

Top of Mind Awareness38.3% Zurich.co.id 0.0% 31.2% 50.6% Jagadiri 15.9% 32.8% Unaided Awareness Total Awareness AXA leads as the

Unaided Awareness31.2% 50.6% Jagadiri 15.9% 32.8% Top of Mind Awareness Total Awareness AXA leads as the most

Total AwarenessJagadiri 15.9% 32.8% Top of Mind Awareness Unaided Awareness AXA leads as the most popular insurtech

AXA leads as the most popular insurtech with percentage of 89.6% in total awareness. It defines that AXA dominates the proportion of people who have seen or heard of insurtech in public’s topic. However, when it’s mentioned about insurtech at people’s top of mind, Manulife comes up to top three among other insurtechs.

26 Top 10 insurtech sites / apps used in 2019 [n=219]
26
Top 10 insurtech sites / apps used in 2019 [n=219]

Allianz.co.id

Axa.co.id

RajaPremi

Zurich.co.id

 

36.9%

 

33.7%

 

21.2%

 

13.1%

  36.9%   33.7%   21.2%   13.1% Asuransiku.id AturDuit Jagadiri PasarPolis  
  36.9%   33.7%   21.2%   13.1% Asuransiku.id AturDuit Jagadiri PasarPolis  
  36.9%   33.7%   21.2%   13.1% Asuransiku.id AturDuit Jagadiri PasarPolis  
  36.9%   33.7%   21.2%   13.1% Asuransiku.id AturDuit Jagadiri PasarPolis  

Asuransiku.id

AturDuit

Jagadiri

PasarPolis

   

15.4%

   

10.5%

   

11.4%

 

11.8%

 
 
 

Futuready

Asura.co.id

   

9.2%

   

9.83%

By Age Group Breakdown [n=219]

9.2%     9.83% By Age Group Breakdown [n=219] Allianz.co.id 32.1% 31.3% 30.8% 46.2% 21.4% 32.7%

Allianz.co.id

  9.83% By Age Group Breakdown [n=219] Allianz.co.id 32.1% 31.3% 30.8% 46.2% 21.4% 32.7% 38.5% 23.1%
  9.83% By Age Group Breakdown [n=219] Allianz.co.id 32.1% 31.3% 30.8% 46.2% 21.4% 32.7% 38.5% 23.1%

32.1%

31.3%

By Age Group Breakdown [n=219] Allianz.co.id 32.1% 31.3% 30.8% 46.2% 21.4% 32.7% 38.5% 23.1% Axa.co.id 25.0%
By Age Group Breakdown [n=219] Allianz.co.id 32.1% 31.3% 30.8% 46.2% 21.4% 32.7% 38.5% 23.1% Axa.co.id 25.0%

30.8%

46.2%

21.4% 32.7% 38.5% 23.1% Axa.co.id 25.0% 25.2% 15.4% RajaPremi 23.1% 21.4% 19.0% 9.4% Asuransiku.id 15.4%
21.4%
32.7%
38.5%
23.1%
Axa.co.id
25.0%
25.2%
15.4%
RajaPremi
23.1%
21.4%
19.0%
9.4%
Asuransiku.id
15.4%
3.6%
13.6%
15.4%
Zurich.co.id
7.7%
Asuransiku.id 15.4% 3.6% 13.6% 15.4% Zurich.co.id 7.7% 3.6% 8.8% 17.9% PasarPolis 7.7% 3.6% 12.2% 10.3%
Asuransiku.id 15.4% 3.6% 13.6% 15.4% Zurich.co.id 7.7% 3.6% 8.8% 17.9% PasarPolis 7.7% 3.6% 12.2% 10.3%
3.6% 8.8% 17.9% PasarPolis 7.7% 3.6% 12.2% 10.3% Jagadiri 30.8% 0.0% 9.5% AturDuit 12.8 %
3.6%
8.8%
17.9%
PasarPolis
7.7%
3.6%
12.2%
10.3%
Jagadiri
30.8%
0.0%
9.5%
AturDuit
12.8 %
23.1%
0.0%
13.6%
7.7%
Asura.co.id
7.7%
15.4%
Futuready
10.3% Jagadiri 30.8% 0.0% 9.5% AturDuit 12.8 % 23.1% 0.0% 13.6% 7.7% Asura.co.id 7.7% 15.4% Futuready
10.3% Jagadiri 30.8% 0.0% 9.5% AturDuit 12.8 % 23.1% 0.0% 13.6% 7.7% Asura.co.id 7.7% 15.4% Futuready
 
 
 
 
 
 
 
 
 
  By SEC Breakdown [n=219]   27     37.8% 13.3% 11.8%       38.2%
  By SEC Breakdown [n=219]   27     37.8% 13.3% 11.8%       38.2%
  By SEC Breakdown [n=219]   27     37.8% 13.3% 11.8%       38.2%
  By SEC Breakdown [n=219]   27     37.8% 13.3% 11.8%       38.2%
  By SEC Breakdown [n=219]   27     37.8% 13.3% 11.8%       38.2%
  By SEC Breakdown [n=219]   27     37.8% 13.3% 11.8%       38.2%
  By SEC Breakdown [n=219]   27     37.8% 13.3% 11.8%       38.2%
  By SEC Breakdown [n=219]   27     37.8% 13.3% 11.8%       38.2%
  By SEC Breakdown [n=219]   27     37.8% 13.3% 11.8%       38.2%
  By SEC Breakdown [n=219]   27     37.8% 13.3% 11.8%       38.2%
  By SEC Breakdown [n=219]   27     37.8% 13.3% 11.8%       38.2%
  By SEC Breakdown [n=219]   27     37.8% 13.3% 11.8%       38.2%
  By SEC Breakdown [n=219]   27     37.8% 13.3% 11.8%       38.2%
  By SEC Breakdown [n=219]   27     37.8% 13.3% 11.8%       38.2%
  By SEC Breakdown [n=219]   27     37.8% 13.3% 11.8%       38.2%
  By SEC Breakdown [n=219]   27     37.8% 13.3% 11.8%       38.2%
  By SEC Breakdown [n=219]   27     37.8% 13.3% 11.8%       38.2%
  By SEC Breakdown [n=219]   27     37.8% 13.3% 11.8%       38.2%
  By SEC Breakdown [n=219]   27     37.8% 13.3% 11.8%       38.2%
  By SEC Breakdown [n=219]   27     37.8% 13.3% 11.8%       38.2%
  By SEC Breakdown [n=219]   27     37.8% 13.3% 11.8%       38.2%
  By SEC Breakdown [n=219]   27     37.8% 13.3% 11.8%       38.2%
  By SEC Breakdown [n=219]   27     37.8% 13.3% 11.8%       38.2%
  By SEC Breakdown [n=219]   27     37.8% 13.3% 11.8%       38.2%
  By SEC Breakdown [n=219]   27     37.8% 13.3% 11.8%       38.2%
  By SEC Breakdown [n=219]   27     37.8% 13.3% 11.8%       38.2%
  By SEC Breakdown [n=219]   27     37.8% 13.3% 11.8%       38.2%
  By SEC Breakdown [n=219]   27     37.8% 13.3% 11.8%       38.2%
  By SEC Breakdown [n=219]   27     37.8% 13.3% 11.8%       38.2%
  By SEC Breakdown [n=219]   27     37.8% 13.3% 11.8%       38.2%
  By SEC Breakdown [n=219]   27     37.8% 13.3% 11.8%       38.2%
  By SEC Breakdown [n=219]   27     37.8% 13.3% 11.8%       38.2%
  By SEC Breakdown [n=219]   27     37.8% 13.3% 11.8%       38.2%

By SEC Breakdown [n=219]

 
By SEC Breakdown [n=219]   27
By SEC Breakdown [n=219]   27
By SEC Breakdown [n=219]   27
By SEC Breakdown [n=219]   27
By SEC Breakdown [n=219]   27
By SEC Breakdown [n=219]   27
By SEC Breakdown [n=219]   27
By SEC Breakdown [n=219]   27
By SEC Breakdown [n=219]   27
By SEC Breakdown [n=219]   27
By SEC Breakdown [n=219]   27
By SEC Breakdown [n=219]   27

27

27
27
27
27
27
27
27
27
27
27
27
27
By SEC Breakdown [n=219]   27
By SEC Breakdown [n=219]   27
By SEC Breakdown [n=219]   27
By SEC Breakdown [n=219]   27
By SEC Breakdown [n=219]   27
By SEC Breakdown [n=219]   27
 
 
 
 
  37.8% 13.3% 11.8%  
 

37.8%

  37.8% 13.3% 11.8%  
13.3% 11.8%

13.3%

11.8%

 
  37.8% 13.3% 11.8%  
  37.8% 13.3% 11.8%  
  37.8% 13.3% 11.8%  
  37.8% 13.3% 11.8%  
   

38.2%

 
    38.2%  
    38.2%  

Allianz.co.id

 

26.7%

PasarPolis

6.7%

  43.3% 9.1% 6.7% 17.8%
 

43.3%

  43.3% 9.1% 6.7% 17.8%
9.1% 6.7%
9.1%
6.7%

17.8%

 

29.0%

 
 

33.3%

Jagadiri

   

Axa.co.id

    33.3% Jagadiri     Axa.co.id RajaPremi Asuransiku.id Zurich.co.id 22.2% 19.9% 26.7%

RajaPremi

33.3% Jagadiri     Axa.co.id RajaPremi Asuransiku.id Zurich.co.id 22.2% 19.9% 26.7% 20.0% 12.9%
Asuransiku.id
Asuransiku.id

Zurich.co.id

    Axa.co.id RajaPremi Asuransiku.id Zurich.co.id 22.2% 19.9% 26.7% 20.0% 12.9% 16.7% 16.7% 12.9% 3.3%
22.2% 19.9% 26.7% 20.0% 12.9% 16.7% 16.7% 12.9% 3.3%
22.2%
19.9%
26.7%
20.0%
12.9%
16.7%
16.7%
12.9%
3.3%

> Rp5 mill.

Rp2.5 - 5 mill.20.0% 12.9% 16.7% 16.7% 12.9% 3.3% > Rp5 mill. 16.7% 7.5% 10.0% AturDuit 15.6% 7.0% Asura.co.id

16.7% 7.5% 10.0% AturDuit 15.6% 7.0% Asura.co.id 10.0% 10.0% 9.7% 3.3% Futuready
16.7%
7.5%
10.0%
AturDuit
15.6%
7.0%
Asura.co.id
10.0%
10.0%
9.7%
3.3%
Futuready
7.0% Asura.co.id 10.0% 10.0% 9.7% 3.3% Futuready Rp1.75 - 2.5 mill. 36.9% people have been used

Rp1.75 - 2.5 mill.

36.9% people have been used Allianz along this year. Followed by Axa with percentage of 33.7% and RajaPremi with percentage of 21.2%. Among those new insurtech sites / apps, RajaPremi leads the usership ranks instead of Asuransiku.id, PasarPolis, etc. According to demography breakdown of age group, it can be inferred that there are slightly differences of sites / apps usage among the groups. Younger age and 30 - 39 y.o groups prefer to use Allianz, 20 - 29 y.o groups prefer to use Axa, and older group of 40 - 49 y.o prefer to use Jagadiri. Moreover, based on SEC breakdown, B and C1 segmentation rather to use Axa, while A segmentation rather to use Allianz.

People Recommendation

34.1%

34.1%

Detail information of products

67.0%

Easy to be used

75.9%

Saving time

79.5%

Trusted products

81.8%

Complete product’s option

65.9%

Functional

73.9%

Popular products

59.1%

Suitable to people needs

81.8%

Alternative of financial services

73.9%

people needs 81.8% Alternative of financial services 73.9% n=219 Strong consideration by trusted products and its

n=219

Strong consideration by trusted products and its suitability to people needs are mostly chosen by insurtech products which shown by percentage of 81.8%. It pictures how trusted products and suitability to market needs are what people might be looking for when searching for insurtech.

28 Equity Crowdfunding Recently, equity crowdfunding is the new way for everyday investors, workers, and
28
Equity Crowdfunding
Recently, equity crowdfunding is the new way for everyday investors, workers, and the millennial
generation, to invest in early-stage and growth-stage businesses. It’s a variation on the crowdsource
model that allows the general public to purchase shares in an existing business or a startup.

Crowdfunding involves funding a project with relatively modest contributions from a large group of individuals, rather than seeking substantial sums from a small number of investors, as has traditionally been the case for businesses funded with venture capital (VC) or other private equity. Equity-based campaigns are typically used to launch a startup or to provide funds for a new business venture for an established company.

HOW EQUITY CROWDFUNDING WORKS

1
1
Company approaches crowdfunding platform 3 Crowd funds company
Company approaches
crowdfunding platform
3
Crowd funds company
2
2

Platform approves business

4
4

Crowd has equity in company

29 Top Equity Crowdfunding sites / apps awareness [n=136]
29
Top Equity Crowdfunding sites / apps awareness [n=136]
29 Top Equity Crowdfunding sites / apps awareness [n=136] Indiegogo Crowdfunder Kolase ModalSaham 8.1% 32.4% 66.2%

Indiegogo

Equity Crowdfunding sites / apps awareness [n=136] Indiegogo Crowdfunder Kolase ModalSaham 8.1% 32.4% 66.2% 16.2% 27.9%

Crowdfunder

sites / apps awareness [n=136] Indiegogo Crowdfunder Kolase ModalSaham 8.1% 32.4% 66.2% 16.2% 27.9% 64.0%

Kolase

sites / apps awareness [n=136] Indiegogo Crowdfunder Kolase ModalSaham 8.1% 32.4% 66.2% 16.2% 27.9% 64.0% 20.6%

ModalSaham

awareness [n=136] Indiegogo Crowdfunder Kolase ModalSaham 8.1% 32.4% 66.2% 16.2% 27.9% 64.0% 20.6% 27.9% 62.5%

8.1%

[n=136] Indiegogo Crowdfunder Kolase ModalSaham 8.1% 32.4% 66.2% 16.2% 27.9% 64.0% 20.6% 27.9% 62.5% 0.7%

32.4%

[n=136] Indiegogo Crowdfunder Kolase ModalSaham 8.1% 32.4% 66.2% 16.2% 27.9% 64.0% 20.6% 27.9% 62.5% 0.7% 0.7%

66.2%

16.2% 27.9% 64.0% 20.6% 27.9% 62.5% 0.7% 0.7% 48.5% Top of Mind Awareness
16.2%
27.9%
64.0%
20.6%
27.9%
62.5%
0.7%
0.7%
48.5%
Top of Mind Awareness
27.9% 62.5% 0.7% 0.7% 48.5% Top of Mind Awareness Greenfund Alumnia.id Santara Symbid 0.0% 0.0% 26.5%

Greenfund

62.5% 0.7% 0.7% 48.5% Top of Mind Awareness Greenfund Alumnia.id Santara Symbid 0.0% 0.0% 26.5% 0.0%

Alumnia.id

0.7% 48.5% Top of Mind Awareness Greenfund Alumnia.id Santara Symbid 0.0% 0.0% 26.5% 0.0% 0.0%

Santara

48.5% Top of Mind Awareness Greenfund Alumnia.id Santara Symbid 0.0% 0.0% 26.5% 0.0% 0.0% 26.5%

Symbid

0.0%

0.0%

26.5%

26.5%

0.0%

0.0%

26.5%

26.5%

Symbid 0.0% 0.0% 26.5% 0.0% 0.0% 26.5% 18.4% 20.6% 22.8% 0.0% 0.7% 0.7 % Unaided Awareness

18.4%

20.6%

22.8%

0.0%

0.7%

0.7 %

Unaided Awareness

18.4% 20.6% 22.8% 0.0% 0.7% 0.7 % Unaided Awareness Total Awareness When people talk about general

Total Awareness

When people talk about general crowdfunding platforms in Indonesia, one name always pops up as top-of-mind. As one of the first companies to implement such a concept in the market, Kitabisa has acquired enough mindshare to be the go-to crowdfunding platform in the country.

In its development, crowdfunding is divided into four types. Kitabisa belongs to donation crowdfunding, while our focus is on equity crowdfunding.

Indiegogo, Crowdfunder and Kolase becomes top-of-mind for equity crowdfunding in nationwide during 2019. It can be shown that their percentages are slightly different among each other. Furthermore, equity crowdfunding market has been growing more than 60% of public awareness among those who aware of equity crowdfunding existence.

30 Top equity crowdfunding sites / apps used in 2019 [n=86]
30
Top equity crowdfunding sites / apps used in 2019 [n=86]

Crowdfunder

 

ModalSaham

Greenfund

 

30.9%

 

38.7%

 

27.2%

Greenfund   30.9%   38.7%   27.2% Indiegogo Kolase   Alumnia.id   24.3%
Greenfund   30.9%   38.7%   27.2% Indiegogo Kolase   Alumnia.id   24.3%
Greenfund   30.9%   38.7%   27.2% Indiegogo Kolase   Alumnia.id   24.3%

Indiegogo

Kolase

 

Alumnia.id

 

24.3%

   

23.5%

   

17.6%

Santara
Santara
Santara  
 
 

Symbid

 
 

5.9%

 

0.7%

Crowdfunder manage its position become the most used equity crowdfunding sites / apps in 2019. Next, ModalSaham & Greenfund also establish their position which accounts for 28.7% and 27.2%. Amidst of top 5 equity crowdfunding sites / apps recently used, there’s only slight differences in user- ship percentage. It declares the competitive usage of its functional towards public demand.

People Recommendation

24.6%

24.6%

Detail information of products

67.2%

Easy to be used

70.5%

Saving time

77.0%

Trusted products

82.0%

Complete product’s option

65.6%

Functional

78.7%

Popular products

55.7%

55.7%

Suitable to people needs

85.2%

Alternative of financial services

75.4%

people needs 85.2% Alternative of financial services 75.4% n=86 At least 8 out of 10 people

n=86

At least 8 out of 10 people agree that equity crowdfunding sites have to be suitable to people needs as well as has to be trusted for their image in users. Still, people recommendation doesn’t give much effect how public use crowdfunding sites / apps. There are several reasons why people use equity crowdfunding sites / apps.

31 Digital Wallet
31
Digital Wallet

Digital wallet is also called as e-wallet. As simplify, it’s a transformation in the way people pay for things. An E-wallet needs to be linked with the individual’s bank account to make payments. Digital wallets often have many more functions, including person-to-person (P2P) payments and other payment methods, balance-inquiry and reporting functions, support of loyalty programs (rewards, coupons), and other functions.

FUNCTIONS OF DIGITAL WALLET

Interaction

Information

Security,

Shopping

Customer

alternatives

Access

Payment and

Relationship

Financial Services

Building

Social media

Web/App Search

In-store/

Promotions,

Loyalty program

Proximity NFC

digital coupons

 

Mapping-Directions

In-app/Mobile web

Ticketing -

Targeted

Text Message

entertaintment,

advertising

travel,

 

sports events

 

In-store navigation,

Access control- security-account management, Identity storage (National ID cards, etc.)

Transport-

Location

Email

product discovery

parking,

based marketing

transit tolls

Voice

Shopping companion -price comparison, product information, shopping list

Mobil banking,

Gift cards,

 

financial services,

vouchers

P2P payments

Source: Aite Group

32 Top 10 digital wallet awareness [n=651]
32
Top 10 digital wallet awareness [n=651]
32 Top 10 digital wallet awareness [n=651] OVO Gopay Dana LinkAja DOKU Paytren Jenius 37.0% 89.6%

OVO

32 Top 10 digital wallet awareness [n=651] OVO Gopay Dana LinkAja DOKU Paytren Jenius 37.0% 89.6%

Gopay

32 Top 10 digital wallet awareness [n=651] OVO Gopay Dana LinkAja DOKU Paytren Jenius 37.0% 89.6%

Dana

LinkAja32 Top 10 digital wallet awareness [n=651] OVO Gopay Dana DOKU Paytren Jenius 37.0% 89.6% 99.5%

DOKU 10 digital wallet awareness [n=651] OVO Gopay Dana LinkAja Paytren Jenius 37.0% 89.6% 99.5% 15.2% 85.4%

digital wallet awareness [n=651] OVO Gopay Dana LinkAja DOKU Paytren Jenius 37.0% 89.6% 99.5% 15.2% 85.4%

Paytren

wallet awareness [n=651] OVO Gopay Dana LinkAja DOKU Paytren Jenius 37.0% 89.6% 99.5% 15.2% 85.4% 98.5%

Jenius

37.0%
37.0%
37.0%

37.0%

37.0%
37.0%
37.0%
37.0%
37.0%

89.6%

99.5%

15.2%
15.2%
15.2%

15.2%

15.2%
15.2%
15.2%
15.2%
15.2%

85.4%

98.5%

30.7%DOKU Paytren Jenius 37.0% 89.6% 99.5% 15.2% 85.4% 98.5% 77.7% 98.3% 3.4% 61.1% 84.6% 9.1% 24.9%

Paytren Jenius 37.0% 89.6% 99.5% 15.2% 85.4% 98.5% 30.7% 77.7% 98.3% 3.4% 61.1% 84.6% 9.1% 24.9%
Paytren Jenius 37.0% 89.6% 99.5% 15.2% 85.4% 98.5% 30.7% 77.7% 98.3% 3.4% 61.1% 84.6% 9.1% 24.9%
Paytren Jenius 37.0% 89.6% 99.5% 15.2% 85.4% 98.5% 30.7% 77.7% 98.3% 3.4% 61.1% 84.6% 9.1% 24.9%
Paytren Jenius 37.0% 89.6% 99.5% 15.2% 85.4% 98.5% 30.7% 77.7% 98.3% 3.4% 61.1% 84.6% 9.1% 24.9%

77.7%

98.3%

3.4%

3.4%
3.4%
3.4%
3.4%
3.4%

61.1%

84.6%

99.5% 15.2% 85.4% 98.5% 30.7% 77.7% 98.3% 3.4% 61.1% 84.6% 9.1% 24.9% 0.5% 4.5% 0.2% 7.5%

9.1%

15.2% 85.4% 98.5% 30.7% 77.7% 98.3% 3.4% 61.1% 84.6% 9.1% 24.9% 0.5% 4.5% 0.2% 7.5% 58.8%

24.9%

85.4% 98.5% 30.7% 77.7% 98.3% 3.4% 61.1% 84.6% 9.1% 24.9% 0.5% 4.5% 0.2% 7.5% 58.8% 56.1%

0.5%

98.5% 30.7% 77.7% 98.3% 3.4% 61.1% 84.6% 9.1% 24.9% 0.5% 4.5% 0.2% 7.5% 58.8% 56.1% 55.3%

4.5%

30.7% 77.7% 98.3% 3.4% 61.1% 84.6% 9.1% 24.9% 0.5% 4.5% 0.2% 7.5% 58.8% 56.1% 55.3% 0.5%

0.2%

30.7% 77.7% 98.3% 3.4% 61.1% 84.6% 9.1% 24.9% 0.5% 4.5% 0.2% 7.5% 58.8% 56.1% 55.3% 0.5%

7.5%

77.7% 98.3% 3.4% 61.1% 84.6% 9.1% 24.9% 0.5% 4.5% 0.2% 7.5% 58.8% 56.1% 55.3% 0.5% 12.4%

58.8%

56.1%

55.3%

0.5% 12.4% Sakuku 0.5% 9.5% iSaku 34.4% 0.5% 2.3% Uangku 29.2% Top of Mind Awareness
0.5%
12.4%
Sakuku
0.5%
9.5%
iSaku
34.4%
0.5%
2.3%
Uangku
29.2%
Top of Mind Awareness

53.6%

Unaided Awareness0.5% 2.3% Uangku 29.2% Top of Mind Awareness 53.6% Total Awareness With the continual campaign of

Total Awareness29.2% Top of Mind Awareness 53.6% Unaided Awareness With the continual campaign of cashless transactions, more

With the continual campaign of cashless transactions, more usage of digital wallets are getting increased, These percentage is an attempt on how the digital wallet can increase their user’s aware- ness base. Within 2019, OVO, GoPay and DANA have all made moves in the “digital wallet” arena with percentage of more than 90%.

Top 10 digital wallet used in 2019 [n=651] [n=651]

more than 90%. Top 10 digital wallet used in 2019 [n=651] Gopay 83.3% OVO 81.4% D

Gopay

83.3%

83.3%
90%. Top 10 digital wallet used in 2019 [n=651] Gopay 83.3% OVO 81.4% D a n

OVO

81.4%

81.4%

Dana

68.2%

68.2%
used in 2019 [n=651] Gopay 83.3% OVO 81.4% D a n a 68.2% DOKU Jenius Paytren

DOKU

Jenius

Paytren

Gopay 83.3% OVO 81.4% D a n a 68.2% DOKU Jenius Paytren LinkAja 53.0% iSaku  

LinkAja

53.0%

53.0%
OVO 81.4% D a n a 68.2% DOKU Jenius Paytren LinkAja 53.0% iSaku   19.7%  

iSaku

 

19.7%

 

16.7%

13.2%

12.1%

 
 
 

Sakuku

Uangku

 

10.3%

 

6.3%

33 By Gender Breakdown [n=651] 82.3% 82.8% Gopay OVO 84.5% 79.5% 54.4% 67.6% Dana LinkAja
33
By Gender Breakdown [n=651]
82.3%
82.8%
Gopay
OVO
84.5%
79.5%
54.4%
67.6%
Dana
LinkAja
51.1%
69.1%
23.1%
14.7%
DOKU
Jenius
15.1%
19.4%
12.1%
Paytren
10.7%
iSaku
14.7%
14.0%
Male
Sakuku
8.6%
Uangku
6.4%
Female
12.6%
6.1%

More than 80% people have been used GoPay and OVO with competitive percentage of its usage. GoPay and OVO puts their position still in first and second in terms of usership of digital wallet in 2019. By exploring demography sections, it’s quite compelling that male prefer to use OVO rather than GoPay, while female prefer to use GoPay rather than OVO with slight differences in its usership percentages.

People Recommendation

15.4%

15.4%

Detail information of products

51.3%

Easy to be used

68.3%

Saving time

66.2%

Trusted products

81.6%

Complete product’s option

32.8%

Functional

72.9%

Popular products

30.5%

Suitable to people needs

72.2%

Alternative of financial services

67.3%

people needs 72.2% Alternative of financial services 67.3% n=651 Consideration to use digital wallet are mostly

n=651

Consideration to use digital wallet are mostly based on its trust on the image of the product itself. Seeking into each products’ user, DOKU user tend to use it because its suitability to people’s needs. As information, DOKU is connected to more than 20 banks and financial institutions in Indonesia, giving merchants a compre- hensive payment method, ranging from credit card payments, bank transfer, e-Wallet also offline payments at selected convenience stores. Therefore, DOKU might be one of various options within digital wallet which perfectly conform to people essentials.

34 Investment Investment platform accommodates the user's need to allocate funds to buy several types
34
Investment
Investment platform accommodates the user's need to allocate funds to buy several types of commodities,
such as gold, mutual funds, stocks or term loans. Some services integrate themselves with popular sites like
an online marketplace or digital wallet, to gain higher traction.

In addition to the transaction element, investment apps in general also provide market education and analy- sis channels. Investment commodities have dynamic fluctuations. Currently many apps can be used to help investment activities. This section will explain the most popular services based on certain criteria.

explain the most popular services based on certain criteria. Top 10 investment awareness [n=486] Bareksa Tanamduit

Top 10 investment awareness [n=486]

on certain criteria. Top 10 investment awareness [n=486] Bareksa Tanamduit Bibit E-mas Ajaib 9.1% 34.8% 61.9%

Bareksa

criteria. Top 10 investment awareness [n=486] Bareksa Tanamduit Bibit E-mas Ajaib 9.1% 34.8% 61.9% 1.9% 19.5%

Tanamduit

Top 10 investment awareness [n=486] Bareksa Tanamduit Bibit E-mas Ajaib 9.1% 34.8% 61.9% 1.9% 19.5% 55.4%

Bibit

Top 10 investment awareness [n=486] Bareksa Tanamduit Bibit E-mas Ajaib 9.1% 34.8% 61.9% 1.9% 19.5% 55.4%

E-mas

investment awareness [n=486] Bareksa Tanamduit Bibit E-mas Ajaib 9.1% 34.8% 61.9% 1.9% 19.5% 55.4% 10.9% 30.2%

Ajaib

9.1% 34.8% 61.9% 1.9% 19.5% 55.4% 10.9% 30.2% 49.9% 4.7% 7.2% 47.9% 6.4% 19.3% 47.3%
9.1%
34.8%
61.9%
1.9%
19.5%
55.4%
10.9%
30.2%
49.9%
4.7%
7.2%
47.9%
6.4%
19.3%
47.3%
12.3% 14.8% Invisee 5.1% 23.9% 23.6% Bukalapak Reksadana/ 18.5% 23.3% Emas 23.0% 0.6% 1.9% 18.2%
12.3%
14.8%
Invisee
5.1%
23.9%
23.6%
Bukalapak
Reksadana/
18.5%
23.3%
Emas
23.0%
0.6%
1.9%
18.2%
Stockbit
1.0%
1.6%
RaizInvest
17.5%

Top of Mind Awareness0.6% 1.9% 18.2% Stockbit 1.0% 1.6% RaizInvest 17.5% Unaided Awareness Total Awareness 41.1% Almost 62% people

Unaided Awareness1.0% 1.6% RaizInvest 17.5% Top of Mind Awareness Total Awareness 41.1% Almost 62% people acknowledge Bareksa

Total AwarenessRaizInvest 17.5% Top of Mind Awareness Unaided Awareness 41.1% Almost 62% people acknowledge Bareksa as first

41.1%

Almost 62% people acknowledge Bareksa as first investment sites / apps in terms of total awareness among others. Besides, people also recognize BukaEmas / BukaReksa and Tokopedia ReksaDana / Emas as one of top 10 investment sites / apps, while it’s only part of features on the e-commerce sites.

while it’s only part of features on the e-commerce sites. Top 10 investment used in 2019

Top 10 investment used in 2019 [n=379]

30,7%

25.4% 20.9% 14.6% 18.6% 15.0%
25.4%
20.9%
14.6%
18.6%
15.0%

7.6%

6.8% 6.6%
6.8%
6.6%

6.3%

E-mas Bareksa Invisee Tanamduit Bibit Ajaib Pluang RaizInvest Kelola Stockbit
E-mas
Bareksa
Invisee
Tanamduit
Bibit
Ajaib
Pluang
RaizInvest
Kelola
Stockbit
35 By SEC Breakdown [n=747] 18.7% 31.0% 30.3% E-mas 31.4% 24.0% 19.2% Bareksa 35.6% Invisee
35
By SEC Breakdown [n=747]
18.7%
31.0%
30.3%
E-mas
31.4%
24.0%
19.2%
Bareksa
35.6%
Invisee
26.7%
17.8%
18.7%
18.1%
19.4%
13.3%
13.3%
19.9%
Tanamduit
Bibit
13.3%
8.9%
11.1%
Ajaib
9.7%
11.0%
9.7%
5.9%
5.9%
5.2%
Pluang
6.7%
RaizInvest
Kelola
6.7%
6.7%
8.4%
5.9%
> Rp5 mill.
Rp2.5 - 5 mill.
Rp1.75 - 2.5 mill.
Stockbit
2.2%

E-mas acquire more than 30% usership on investment sites / apps. With classification of SEC breakdown, it can be inferred that C1 class choose Invisee more than others which accounts for 35.6%, while A and B class choose E-mas which accounts for 31.0% and 31.4% respectively.

According to company data, Bareksa currently has approximately 750,000 users in total, with almost 100% growth this year (as of November 2019). Meanwhile, as of now e-mas has been downloaded by 350,000 users. On average, the monthly active users reach 150,000 users. Until November 2019, user growth has reached 25% year-on-year.

36 Online Multifinance Online multifinance is a type of short-term borrowing where a lender will
36
Online Multifinance
Online multifinance is a type of short-term borrowing where a lender will extend high-interest credit
based on a borrower’s income and credit profile. Its principal is typically a portion of a borrower’s next
paycheck. These loans charge high-interest rates for short-term immediate credit. These loans are also
called cash advance loans or check advance loans.

These fintech product have a simple application process. User only provide their identification, banking, and other details, and once approved, receive their loan funds either right away or within 24 hours. The business explains its service as offering a much-needed option to people who can use a little help from time to time. The company makes money through upfront loan fees and interest charges on existing loans.

upfront loan fees and interest charges on existing loans. Top 10 Online Multifinance awareness [n=343] Akulaku

Top 10 Online Multifinance awareness [n=343]

loans. Top 10 Online Multifinance awareness [n=343] Akulaku 8.8% 16.7% 86.0% 29.2% 36.3% 84.0% 0.9% 2.9%

Akulaku

8.8% 16.7% 86.0% 29.2% 36.3% 84.0% 0.9% 2.9% 51.3%
8.8%
16.7%
86.0%
29.2%
36.3%
84.0%
0.9%
2.9%
51.3%

UangTeman

7.0% 12.0%
7.0%
12.0%

43.7%

36.3% 84.0% 0.9% 2.9% 51.3% UangTeman 7.0% 12.0% 43.7% Kredivo Home Credit 0.0% TunaiKita Tunaiku 38.4%

Kredivo

84.0% 0.9% 2.9% 51.3% UangTeman 7.0% 12.0% 43.7% Kredivo Home Credit 0.0% TunaiKita Tunaiku 38.4% 0.3%

Home Credit

0.0%2.9% 51.3% UangTeman 7.0% 12.0% 43.7% Kredivo Home Credit TunaiKita Tunaiku 38.4% 0.3% 1.8% 27.1% Kreditmu

TunaiKita

7.0% 12.0% 43.7% Kredivo Home Credit 0.0% TunaiKita Tunaiku 38.4% 0.3% 1.8% 27.1% Kreditmu Dana Bijak

Tunaiku

38.4% 0.3% 1.8% 27.1%
38.4%
0.3%
1.8%
27.1%
Home Credit 0.0% TunaiKita Tunaiku 38.4% 0.3% 1.8% 27.1% Kreditmu Dana Bijak 1.2% 3.5% 48.1% 11.4%

Kreditmu

0.0% TunaiKita Tunaiku 38.4% 0.3% 1.8% 27.1% Kreditmu Dana Bijak 1.2% 3.5% 48.1% 11.4% 20.5% 47.8%

Dana Bijak

1.2% 3.5%
1.2%
3.5%

48.1%

11.4% 20.5%
11.4%
20.5%

47.8%

8.1% 1.8% 32.4%
8.1% 1.8%
8.1%
1.8%

32.4%

RupiahCepat

8.1% 1.8% 32.4%
8.1% 1.8%
8.1%
1.8%

32.4%

Julo

Top of Mind Awareness32.4% RupiahCepat 8.1% 1.8% 32.4% Julo Unaided Awareness Total Awareness The growth in online

Unaided Awareness8.1% 1.8% 32.4% Julo Top of Mind Awareness Total Awareness The growth in online multifinance market

Total Awareness32.4% Julo Top of Mind Awareness Unaided Awareness The growth in online multifinance market is poised

The growth in online multifinance market is poised to witness accelerated growth owing to increased awareness among the public regarding the lower rates of interests and greater transparency offered by lending platforms, as compared to financial institutions.

In 2019, Kredivo and Akulaku competes each other in gaining more than 80% public awareness in terms of online multifinance.

than 80% public awareness in terms of online multifinance. Top 10 Online Multifinance used in 2019

Top 10 Online Multifinance used in 2019 [n=330]

65.9%

63.0%

30.6% 27.1%
30.6%
27.1%
19.8% 16.9%
19.8%
16.9%

15.2%

[n=330] 6 5 . 9 % 63.0% 30.6% 27.1% 19.8% 16.9% 15.2% 1 3 . 7

13.7%

11.1%

10.2%

30.6% 27.1% 19.8% 16.9% 15.2% 1 3 . 7 % 11.1% 10.2% Akulaku Kredivo Home Kreditmu
Akulaku Kredivo Home Kreditmu Dana Bijak UangTeman TunaiKita Tunaiku RupiahCepat Julo Credit
Akulaku Kredivo Home Kreditmu Dana Bijak UangTeman TunaiKita Tunaiku RupiahCepat Julo Credit
Akulaku Kredivo Home Kreditmu Dana Bijak UangTeman TunaiKita Tunaiku RupiahCepat Julo Credit
Akulaku Kredivo Home Kreditmu Dana Bijak UangTeman TunaiKita Tunaiku RupiahCepat Julo Credit
Akulaku Kredivo Home Kreditmu Dana Bijak UangTeman TunaiKita Tunaiku RupiahCepat Julo Credit
Akulaku Kredivo Home Kreditmu Dana Bijak UangTeman TunaiKita Tunaiku RupiahCepat Julo Credit
Akulaku Kredivo Home Kreditmu Dana Bijak UangTeman TunaiKita Tunaiku RupiahCepat Julo Credit
Akulaku Kredivo Home Kreditmu Dana Bijak UangTeman TunaiKita Tunaiku RupiahCepat Julo Credit
Akulaku Kredivo Home Kreditmu Dana Bijak UangTeman TunaiKita Tunaiku RupiahCepat Julo Credit
Akulaku Kredivo Home Kreditmu Dana Bijak UangTeman TunaiKita Tunaiku RupiahCepat Julo Credit

Akulaku

Kredivo

Home

Kreditmu

Dana Bijak

UangTeman

TunaiKita

Tunaiku

RupiahCepat

Julo

Credit

37 By Gender Breakdown [n=330] 68.2% 68.2% 61.3% Kredivo 55.6% Akulaku 25.4% 31.3% 38.0% Kreditmu
37
By Gender Breakdown [n=330]
68.2%
68.2%
61.3%
Kredivo
55.6%
Akulaku
25.4%
31.3%
38.0%
Kreditmu
21.1%
Home Credit
Akulaku 25.4% 31.3% 38.0% Kreditmu 21.1% Home Credit Dana Bijak TunaiKita RupiahCepat 21.9% 16.9% 15.4% 14.8%

Dana Bijak

25.4% 31.3% 38.0% Kreditmu 21.1% Home Credit Dana Bijak TunaiKita RupiahCepat 21.9% 16.9% 15.4% 14.8% 11.9%

TunaiKita

38.0% Kreditmu 21.1% Home Credit Dana Bijak TunaiKita RupiahCepat 21.9% 16.9% 15.4% 14.8% 11.9% 9.9%

RupiahCepat

21.9% 16.9% 15.4% 14.8% 11.9% 9.9%
21.9%
16.9%
15.4%
14.8%
11.9%
9.9%
RupiahCepat 21.9% 16.9% 15.4% 14.8% 11.9% 9.9% UangTeman Tunaiku Julo 17.4% 16.2% 13.9% 13.4%

UangTeman

21.9% 16.9% 15.4% 14.8% 11.9% 9.9% UangTeman Tunaiku Julo 17.4% 16.2% 13.9% 13.4% 10.9%

Tunaiku

21.9% 16.9% 15.4% 14.8% 11.9% 9.9% UangTeman Tunaiku Julo 17.4% 16.2% 13.9% 13.4% 10.9% 9.2% Male

Julo

16.9% 15.4% 14.8% 11.9% 9.9% UangTeman Tunaiku Julo 17.4% 16.2% 13.9% 13.4% 10.9% 9.2% Male
16.9% 15.4% 14.8% 11.9% 9.9% UangTeman Tunaiku Julo 17.4% 16.2% 13.9% 13.4% 10.9% 9.2% Male
16.9% 15.4% 14.8% 11.9% 9.9% UangTeman Tunaiku Julo 17.4% 16.2% 13.9% 13.4% 10.9% 9.2% Male

17.4%

16.2%

13.9%

13.4%

10.9%

9.2%

Julo 17.4% 16.2% 13.9% 13.4% 10.9% 9.2% Male Female Akulaku achieve highest percentage in terms of

Male

Julo 17.4% 16.2% 13.9% 13.4% 10.9% 9.2% Male Female Akulaku achieve highest percentage in terms of
Julo 17.4% 16.2% 13.9% 13.4% 10.9% 9.2% Male Female Akulaku achieve highest percentage in terms of

Female

Akulaku achieve highest percentage in terms of online multifinance usership in 2019. Akulaku still becomes strong competitor with Kredivo. It reveals that Akulaku and Kredivo become powerful players in P2P Personal Lending this year. Deep dive more into gender breakdown, female users tend to use Kreditmu, while male users tend to use Home Credit first.

People Recommendation

21.1%

21.1%

Detail information of products

64.4%

Easy to be used

64.4%

Saving time

63.3%

Trusted products

72.7%

Complete product’s option

42.2%

42.2%

Functional

62.2%

Popular products

48.9%

48.9%

Suitable to people needs

77.8%

Alternative of financial services

70.0%

Functional 62.2% Popular products 48.9% Suitable to people needs 77.8% Alternative of financial services 70.0% n=330

n=330

38 P2P Lending When it comes to crowd-based funding, online venues that cater to individuals
38
P2P Lending
When it comes to crowd-based funding, online venues that cater to individuals have attracted
most of the attention. This is not surprising given that the alternative finance models that have
accounted for the largest share of activity in recent years are peer-to-peer (P2P) consumer lend-
ing platforms. But what many people might not realize is that alternative business funding
volumes have also been growing rapidly.

From the borrower’s perspective, approaching a P2P lending platform for a loan is much like applying with any other business lender. They’ll ask about business turnover, profits and trading history. They’ll want to see bank statements and filed accounts, and plans for the money.

statements and filed accounts, and plans for the money. Top 10 P2P Lending awareness [n=254] 16.1%

Top 10 P2P Lending awareness [n=254]

16.1% 30.3% 52.8% 4.3% 19.3% 51.2% 4.3% 26.4% 47.2% 11.8% 31.9% 46.1% 10.2% 16.5% 35.4%
16.1%
30.3%
52.8%
4.3%
19.3%
51.2%
4.3%
26.4%
47.2%
11.8%
31.9%
46.1%
10.2%
16.5%
35.4%
4.3% 26.4% 47.2% 11.8% 31.9% 46.1% 10.2% 16.5% 35.4% Koinworks investree Modalku Amartha Akseleran ModalRakyat

Koinworks

47.2% 11.8% 31.9% 46.1% 10.2% 16.5% 35.4% Koinworks investree Modalku Amartha Akseleran ModalRakyat Danamas

investree

11.8% 31.9% 46.1% 10.2% 16.5% 35.4% Koinworks investree Modalku Amartha Akseleran ModalRakyat Danamas Mekar.id

Modalku

Amartha

10.2% 16.5% 35.4% Koinworks investree Modalku Amartha Akseleran ModalRakyat Danamas Mekar.id Taralite Asetku 0.4%

Akseleran

16.5% 35.4% Koinworks investree Modalku Amartha Akseleran ModalRakyat Danamas Mekar.id Taralite Asetku 0.4% 2.4%

ModalRakyat

Koinworks investree Modalku Amartha Akseleran ModalRakyat Danamas Mekar.id Taralite Asetku 0.4% 2.4% 32.3% 13.8%

Danamas

investree Modalku Amartha Akseleran ModalRakyat Danamas Mekar.id Taralite Asetku 0.4% 2.4% 32.3% 13.8% 26.0%

Mekar.id

Modalku Amartha Akseleran ModalRakyat Danamas Mekar.id Taralite Asetku 0.4% 2.4% 32.3% 13.8% 26.0% 26.0% 0.0%

Taralite

Amartha Akseleran ModalRakyat Danamas Mekar.id Taralite Asetku 0.4% 2.4% 32.3% 13.8% 26.0% 26.0% 0.0% 0.4%

Asetku

0.4% 2.4% 32.3% 13.8% 26.0% 26.0%
0.4%
2.4%
32.3%
13.8%
26.0%
26.0%

0.0%

0.4% 20.9% 0.8% 1.2% 15.7% 12.6% 15.0% 15.0%
0.4%
20.9%
0.8%
1.2%
15.7%
12.6%
15.0%
15.0%

Top of Mind Awareness0.0% 0.4% 20.9% 0.8% 1.2% 15.7% 12.6% 15.0% 15.0% Unaided Awareness Total Awareness KoinWorks is one

Unaided Awareness0.8% 1.2% 15.7% 12.6% 15.0% 15.0% Top of Mind Awareness Total Awareness KoinWorks is one of

Total Awareness12.6% 15.0% 15.0% Top of Mind Awareness Unaided Awareness KoinWorks is one of leading Indonesian Fintech

KoinWorks is one of leading Indonesian Fintech Lending company, provides online P2P Lending services with innovative machine learning, connecting Lenders & Borrowers into an online platform. Lenders can start lending with as low as IDR 100,000 and Borrowers can apply for a loan online with low monthly interest rate. It’s proved by almost 80% public awareness.

KoinWorks are having its closely competitive positioning with Investree which accounts for 52.8% and 51.2%. Amartha put their positioning in 4th place after Modalku.

39 Top 10 P2P Lending used in 2019 [n=254] 29.9% 22.0% 20.5% 16.5% 12.2% 10.6%
39
Top 10 P2P Lending used in 2019 [n=254]
29.9%
22.0%
20.5%
16.5%
12.2%
10.6%
10.2%
9.4%
7.9%
5.9%
Koinworks
Investree
Modalku
Amartha
ModalRakyat
Danamas
Akseleran
Mekar.id
Taralite
Asetku