Financial technology (fintech) companies have rapidly grown in Indonesia, offering a multitude of innovative apps and services. Such services transform the way consumers manage their finances. The country's fintech industry has offered a wide range of options that provide fast, convenient and affordable financial solutions which range from e-wallets to P2P lending.

Indonesia has become a hub for fintech innovation due to a large young population familiar with technology. Statistics Indonesia (BPS) revealed its 2020 Population Census that the number of Generation Z reached 75.49 million people, or 27.94% of Indonesia's total population of 270 million. The second most dominant population is the millennial generation with 69.38 million people or 25.87%.

10 most popular apps & services

1. Xendit

Xendit is a Jakarta-based fintech company that provides payment and financial services to businesses in Southeast Asia. It offers a range of services including online payment processing, virtual cards and business loans.

It also provides excellent customer support and a range of integrations with popular e-commerce platforms, making it an attractive option for small and medium-sized businesses. Its popularity in Indonesia due to its simple and intuitive interface, low transaction fees, and focus on security. The majority of its users are young entrepreneurs.

Active users: 3,500

2. Ajaib

Ajaib is an Indonesian robo-advisor and investment platform that offers a user-friendly and accessible way for consumers to invest in the stock market and other financial products. It provides personalized investment portfolios, real-time market data, and a user-friendly interface.

Its popularity in Indonesia is due to its user-friendly and low minimum investment requirement, making it accessible to a wider range of consumers. It also offers a variety of investment options, including stocks, mutual funds and bonds, and provides educational resources to help users learn about investing. More than 81% of investors in Ajaib are Gen-Z and Millennials.

Active users: around 4.22 million

3. Kredivo

Kredivo is an Indonesian fintech company offering a digital credit line to consumers for online shopping. Users can make purchases and pay later with flexible installment options. It assesses users' creditworthiness in real-time using advanced algorithms and provides instant approval or rejection.

Its fast and convenient service allows consumers to make purchases without having to pay upfront. The majority of its users are millennials.

Active users: around 7 million

4. OVO

OVO is a mobile wallet in Indonesia offering payment services, top-ups, bill payments, transfers and cashback rewards. It is widely accepted and offers a user-friendly interface and secure platform.

Its popularity in Indonesia comes from its broad acceptance, attractive rewards and seamless integration with merchants. The majority of its users are from Gen Z to millennials.

Active users: around 20.8 million

5. Gopay

GoPay is a mobile wallet and payment platform in Indonesia that offers a range of financial services, including mobile top-ups, bill payments and digital transfers. It also offers attractive rewards and promotions as well as encourage users to make more purchases through the app. GoPay also provides cashback rewards for users who purchase through the app.

It is popular in Indonesia due to its broad acceptance among merchants, making it a convenient option for daily transactions, user-friendly interface and seamless integration with various merchants. The majority of its users are Gen-Z and millennials.

Active users: 29.2 million

6. DANA

Dana is a digital wallet and financial services provider established in 2017 in Indonesia. It enables users to perform various transactions, such as sending money, paying bills and making e-commerce transactions.

Merchants can easily onboard and benefit from wide integration options, as Dana supports the national QR Indonesia Standard (QRIS) network and the national open API payments standards (BI-SNAP).

Since launching its app in 2018, Dana boasts over 115 million users in Indonesia and averages over 10 million transactions per day. The majority of its users are Gen-Z and millennials.

Active users: 115 millions

7. Pintu

Pintu, a beginner-friendly digital asset trading and investment app, was launched in April 2020. It offers the ability to buy and sell over 50 cryptocurrencies, with a user-friendly interface, educational resources, and robust security measures.

The app has been downloaded by more than 4 million users, becoming one of the most popular crypto trading apps in Indonesia, based on Data.ai. The majority of its users are millennials.

Active users: 790,000

8. Flip

Flip is an Indonesian payment platform founded in 2015. It provides domestic and overseas transfers, financial management for businesses and other services. The company aims to offer "fair, low-cost financial transactions from anywhere to anyone".

The key offerings include P2P online payments with transfers to over 100 domestic banks, e-wallet top-ups and business solutions. It also enables users to send money to over 45 countries and offers enterprise payment transfer services.

According to Flip, it has served over 10 million individuals and hundreds of businesses of various sizes. The company provides disbursement and remittance services such as payroll for employees, customer refunds, payments to suppliers and international transfers. The majority of its users are millennials.

Active users: 10 millions

9. Pluang

Pluang is an investment and micro-saving app founded in 2019 that allows users to invest in stocks, cryptocurrencies, gold, mutual funds, and other asset classes.

It has a unique advantage through its deep integration with regional super apps such as Gojek, Dana, Tokopedia and Bukalapak. The integration has helped the company to gain over 4 million registered users in just three years.

The company plans to use the funding to enhance its technology and expand its asset offerings and to extend its app and services to key international markets. The majority of its users are millennials.

Active users: 3.5 million

10. INDODAX

INDODAX is a one of the largest cryptocurrency exchange platform based in Indonesia that was established in 2014 with a user-friendly interface, educational resources and supports multiple payment options.

It offers a platform for users to buy, sell, and trade a wide range of cryptocurrencies including Bitcoin, Ethereum, etc.

It is also a secure and reliable platform for users to buy, sell and trade cryptocurrencies. The majority of its users are millennials.

Active users: around 5 million

Risks of fintech

There are some obstacles and risks that potentially arise in fintech. They include:

• credit risk
• insufficient technology
• misuse of funds
• misuse of user/consumer data
• money laundering
• disruption to monetary stability

Therefore, in addition to the need for comprehensive regulation, supervisory aspects by the Financial Services Authorities (OJK) are urgently needed to make fintech a part of the financial services sector.