Fintech growth outpaces regulation in Indonesia

Significance E-payment transaction volumes have risen dramatically as more people shop online and embrace non-cash payments. Moreover, fintechs are expanding into new segments of the financial services market such as crowdfunding and insurance. The future growth and resilience of this ecosystem depend on updating the regulatory and data protections framework, which is underway. Impacts Legislation on cross-institution and cross-border data sharing would be crucial to boost public confidence in fintechs. Continued growth of fintechs will increase the demand for cybersecurity services. Tier 2 cities will become increasingly important digital markets.